Kitchen remodeling often doesn’t pay for itself in a higher sale price. The amount the people in the article paid is between “minor” and “midrange,” so maybe they’d expect 70% ROI, unless they were bringing a 1990s kitchen into the current century:
National minor kitchen remodel ROI
ROI: 81.1 percent
Average cost: $21,198
Return: $17,193
National midrange major kitchen remodel ROI
ROI: 59 percent
Average cost: $63,829
Return: $37,637
It depends. My house was 168,000 in 2010. Kitchen remodel was 20K(done in 2015). House is worth 345K today.
Hmmm... those are interesting statistics.
“...so maybe they’d expect 70% ROI...”
Dad is not the jerk. It’s his money.
And Mom is only enabling the daughter’s bad decisions at this point.
Unless daughter is getting a technical degree likely to result in a job paying enough to reimburse any loans (including the parents’), the kitchen is probably the better investment.
At least it would go into the cost basis of the house.
Yeah but maybe they wanted a nicer kitchen?
The one we have now is decent and workable but I’d have zero qualms about dumping a pile of money into if we were sure we’d stay here longer
Ina previous home I built for us the kitchen was a major focus and would have cost 80k+ plus if we hadn’t built most of it ourselves and it was worth every penny and bit of time is worked so well