Remodeling Magazine has an annual “Cost vs Value Report” which shows exterior and replacement projects that bring the biggest return. This data is collected on a national level and, of course, there are local variances. In our areas … Chatham, Summit, Short Hills, Madison … the prime items to upgrade or update in our homes are still kitchens and baths.

What may be surprising to some is that a “minor” upgrade to a kitchen or bath will net a larger return than a full renovation. If you’ve a 1950’s kitchen, a full renovation may be very appropriate but if you have an 80’s kitchen, usually the most cost effective and worthwhile work is fairly, well, “minor”.

What, you ask, is “minor”? Usually that entails new counters (yes, granite is the baseline these days), appliances (still stainless steel), floor (wood or tile), hardware, sink/faucet, perhaps backsplash and of course, always, a fresh coat of paint. According to Remodeling Magazine, this “minor kitchen remodel” should cost approximately $23,694 in New York. They also estimate the recouped cost to be 95.6%.

I disagree with this. I find that when showing moderate houses to buyers, say in the $700-800,000 range in Summit, NJ, and one has an 80’s kitchen with green formica counters, white 15 year old appliances, and all of the wonderful 1980’s decorator touches versus one with “minor renovations” as described above, the price is generally at least $30-50,000 more. The large spread is based a lot on the factors, some of which is supply & demand, quality of the basics and layout, etc.

Interestingly, wood window replacement scored very high in recouped value for our area … 104.6%!

For expert real estate advice for Chatham, Madison, Morristown, Summit, New Providence, Millburn and Short Hills in NJ or for a copy of the complete article as reprinted in Realtor Magazine, call me at 201-960-2090 or email me at Trish@BestNJHomes.com.