High-end kitchen and bath renovations just aren’t boosting a home’s value the way they used to. Sellers who succumbed to home over-improvement syndrome are feeling the pain.
NEW YORK (CNNMoney.com) — The granite countertop’s glory days might be over.
During the housing boom, updating a kitchen with high end materials like cherry wood cabinets and a Viking stove was a sure bet to boost a home’s value. Homeowners often recovered about 80% of the cost when the house was later sold.
But with so much more inventory on the market for buyers to choose from, they just aren’t as impressed with the bells and whistles. Now most upscale renovations are returning less than 70% of their cost, according to a recent survey from the National Association of Realtors (NAR) and Remodeling magazine.