Kitchen Overhaul: Value Boosts and Final TallyJoan Fanganello and Eddy Koss approached their 1950's ranch home with a maximum budget of $20,000. Their outdated kitchen was easily the smartest place to invest their money. By performing the construction themselves and making sound material selections, they came out with money to spare.
While kitchens are good candidates to upgrade, they're easily the most disruptive to lifestyle. While a kitchen undergoes construction, there's no dishwasher, no dish sink, no stovetop and other sacrifices--all requiring a lot of improvisation and patience. Expect a budget increase to cover the cost of eating away from home.
Eddy and Joan gained equity by correcting other detractors outside their kitchen, including the removal of unused satellite dish in the back yard. They also hit pay dirt when they discovered a healthy hardwood floor underneath the carpet in their main room. Exposing hardwood floors is a no-brainer when it comes to instantly boosting perceived home value.
Here's how the kitchen overhaul faired as an investment:Final Tally:
countertops = $2,400
appliances = $4,000
cabinets = $5,400
tile = $1,600
lighting = $785
TOTAL = $15,485
realtor's estimated value increase = $29,500
total cost of material = $15,485
net return on investment = $14,015
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