Kitchen Remodel Appraisal Value. A high appraisal value can save you on mortgage insurance, net you more cash in a refinance or finalize a sale. A 50k kitchen renovation in toronto may have a reciprocal value, but in rural ontario it may only be worth 50 percent of the cost.
Don’t expect to get optimum return on a $65,000 kitchen if the home is valued at $300,000. Making structural or design improvements, such as building additions or finishing raw space, will add value for a longer time frame than, say, updates to kitchens and bathrooms or technological. First and foremost, homeowners should remember that appraisers do not simply add the cost of renovations to the value of a home.
Renovation pros and cons also apply when it comes to home appraisals.
When home sellers order an appraisal, i offer a free service advising them on which remodels will increase their sales prices the most for the least money. A major, upscale kitchen remodel or a master suite addition are highly coveted by many home buyers. One additional bright spot is that in most cases, less is more. When home sellers order an appraisal, i offer a free service advising them on which remodels will increase their sales prices the most for the least money.
