4 Updates to Avoid Upscale kitchen remodel
Cost of upscale kitchen remodel: $81,552
Average resale value: $69,194
Percentage of cost recovered: 84.8%
Best return: 136.1% in Seattle
Worst return: 46.2% in Burlington, Vt.
A top-of-the-line kitchen with commercial grade appliances, stone countertops, and custom cabinets will set you back over $80,000 and you won’t be getting that investment back at resale, unless you’re in a high cost area where that price tag is relatively small compared to your total home price, like Los Angeles, New York, San Francisco or Seattle.
When you go high-price, be careful not to go too high style. "I have a client that put in black lacquer kitchen cabinets with black granite countertops," says Mark Riley, president of Mark P. Riley Luxury Real Estate Group, Sarasota, Fla. "The kitchen looks pretty cool, but it only appeals to one in a hundred buyers. White cabinets with that black granite would appeal to many more buyers."
National averages courtesy of Remodeling Magazine's 2005 Cost vs. Value Report. © 2005 Hanley Wood, LLC. Reproduced by permission. Republication or dissemination of the is expressly prohibited without the written permission of Hanley Wood, LLC. "Cost vs. Value" is a registered trademark of Hanley Wood LLC. Unauthorized use is prohibited.
