According to Remodeling Magazine's
2004 Cost vs. Value Report, the best home remodeling investment you can make is
a minor kitchen remodel. This is the expected return upon resale of your home, but you must also consider how much more functional, attractive, and enjoyable your kitchen will be.
|Minor Kitchen Remodel
|Major Kitchen Remodel
If you are interested in the entire report, here is the link:
Cost vs. Value Report
GMAC Mortgage, in their
Additions That Add Value brochure, states, "To ensure that you are making a solid investment, add the
cost of your proposed project to a current appraisal or
market value analysis of your home. Your total investment
should be no more than 20% of the average home values
in your neighborhood."
A good rule of thumb according to the National Kitchen
Association is that if you do not spend more than
10% of the value of your home on a kitchen remodel, you can expect to
receive ninety percent of your investment back.
Since cabinet refacing often costs less than a "major" kitchen
remodeling project, your return on investment may well exceed the cost of
the refacing project itself.