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2002 Cost vs. Value Report
Kitchen remodel The kitchen is “the big thing that sells homes,” says Sacramento, Calif., salesperson Tamara Dawn, drawing on 23 years’ experience selling new and existing homes. This year’s “Cost vs. Value Report” offers two gut-and-replace kitchen remodels: a midrange project priced at $43,213 and an upscale kitchen—the same size, but with different components—at $70,368.
Salespeople and appraisers say the return on the upscale project will be greater than the return on the midrange (80 percent versus 67 percent, respectively). As Dawn points out, upscale features are now almost a requirement in upper-tier homes. “Granite countertops may cost $5,000 more than the alternative,” Dawn observes, “but they can add $20,000 to the asking price because of the perception about the quality of the home.” PROJECT DESCRIPTIONS MIDRANGE Update an outmoded 200-square-foot kitchen by designing and installing a functional layout of new cabinets, laminate countertops, and a standard double-tub stainless-steel sink with standard single-lever faucet. Include energy-efficient wall oven, cooktop, ventilation system, built-in microwave, dishwasher, garbage disposal unit, and custom lighting. Add new resilient floor. Finish with painted walls, trim, and ceiling. Include 30 linear feet of semicustom grade wood cabinets, including a 3-by-5-foot island.
UPSCALE Update a similar kitchen with 30 linear feet of custom cherry cabinets, granite countertops, and an imported ceramic tile backsplash. Include a built-in refrigerator, cooktop, and 36-inch commercial grade range and vent hood; warming drawer, trash compactor, and microwave-and-convection-oven combination; high-end undermount sink, designer faucets, and water filtration system. Add new general and task lighting, including low-voltage under-cabinet lights. Install cork flooring with cherry trim.
| | MIDRANGE | UPSCALE | | Market | Job
Cost | Resale
Value | Cost
Recouped | Job
Cost | Resale
Value | Cost
Recouped | | National Average | $43,213 | $28,760 | 67% | $70,368 | $56,137 | 80% | | Atlanta | 41,201 | 36,220 | 88 | 68,181 | 66,818 | 98 | | Boston | 45,931 | 43,292 | 94 | 73,075 | 84,676 | 116 | | Buffalo, N.Y. | 42,398 | 21,258 | 50 | 69,449 | 43,420 | 63 | | Chicago | 47,348 | 40,486 | 86 | 74,443 | 58,501 | 79 | | Cincinnati | 42,505 | 23,867 | 56 | 69,701 | 44,960 | 65 | | Cleveland | 44,546 | 30,418 | 68 | 71,715 | 45,840 | 64 | | Columbus, Ohio | 42,364 | 16,618 | 39 | 69,675 | 38,218 | 55 | | Dallas | 40,472 | 21,250 | 53 | 67,696 | 49,250 | 73 | | Denver | 40,943 | 19,157 | 47 | 67,904 | 41,893 | 62 | | Detroit | 44,499 | 22,938 | 52 | 71,837 | 42,633 | 59 | | Houston | 41,547 | 26,800 | 65 | 68,722 | 46,000 | 67 | | Indianapolis | 42,564 | 18,000 | 42 | 69,760 | 42,000 | 60 | | Kansas City, Mo. | 42,528 | 22,250 | 52 | 69,629 | 40,413 | 58 | | Los Angeles area | 45,746 | 45,903 | 100 | 73,157 | 86,348 | 118 | | Los Angeles | 46,175 | 60,109 | 130 | 73,402 | 120,876 | 165 | | Orange County, Calif. | 45,317 | 31,696 | 70 | 72,911 | 51,820 | 71 | | Miami | 40,261 | 23,815 | 59 | 67,467 | 47,500 | 70 | | Milwaukee | 44,516 | 30,484 | 68 | 71,618 | 55,638 | 78 | | Minneapolis | 47,561 | 36,083 | 76 | 74,705 | 62,550 | 84 | | New Orleans | 39,609 | 27,315 | 69 | 66,660 | 45,749 | 69 | | New York area | 45,105 | 40,345 | 89 | 72,179 | 68,549 | 95 | | Passaic, N.J. | 46,250 | 31,450 | 68 | 73,207 | 51,500 | 70 | | Nassau-Suffolk, N.Y. | 45,785 | 38,657 | 84 | 72,736 | 69,647 | 96 | | Fairfield-New Haven, Conn. | 43,280 | 50,928 | 118 | 70,593 | 84,500 | 120 | | Norfolk, Va. | 38,008 | 22,200 | 58 | 65,082 | 45,000 | 69 | | Orlando, Fla. | 39,907 | 16,364 | 41 | 67,001 | 43,645 | 65 | | Philadelphia | 45,111 | 41,022 | 91 | 72,272 | 69,454 | 96 | | Phoenix | 41,715 | 18,500 | 44 | 68,692 | 38,000 | 55 | | Pittsburgh | 43,594 | 23,700 | 54 | 70,707 | 47,500 | 67 | | Portland, Ore. | 43,237 | 27,667 | 64 | 69,954 | 48,333 | 69 | | Providence, R.I. | 43,759 | 24,400 | 56 | 71,154 | 47,700 | 67 | | Sacramento, Calif. | 45,625 | 24,200 | 53 | 73,340 | 62,000 | 85 | | Salt Lake City | 39,930 | 18,100 | 45 | 67,160 | 33,600 | 50 | | St. Louis | 44,338 | 28,916 | 65 | 71,468 | 50,042 | 70 | | San Antonio | 40,366 | 18,300 | 45 | 67,687 | 50,551 | 75 | | San Diego | 44,971 | 31,250 | 69 | 72,333 | 60,750 | 84 | | San Francisco area | 48,495 | 46,806 | 97 | 75,856 | 91,174 | 120 | | San Francisco | 48,495 | 44,600 | 92 | 75,856 | 91,400 | 120 | | Oakland, Calif. | 48,495 | 49,012 | 101 | 75,856 | 90,948 | 120 | | Seattle | 45,445 | 34,600 | 76 | 72,693 | 68,585 | 94 | | Tampa, Fla. | 38,794 | 23,400 | 60 | 66,222 | 47,000 | 71 | | Washington, D.C., area | 40,415 | 26,692 | 66 | 67,503 | 57,574 | 85 | | Washington, D.C. | 42,118 | 46,667 | 111 | 69,139 | 93,333 | 135 | | Baltimore | 40,374 | 17,408 | 43 | 67,569 | 44,640 | 66 | | Richmond, Va. | 38,754 | 16,000 | 41 | 65,800 | 34,750 | 53 |
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