Really I just wanted to use the word quagmire.
No...seriously.
The wife and I are contemplating a kitchen remodel...well actually we're past contemplating. We bought the house with the intention of remodeling the kitchen.
We've met with four different contractors and gotten 4 estimates all around the same price. More than we want to spend but still likely not unreasonable.
We are concerned that if we spend all this money ~$30k that we don't know how it will effect the value of the house. Will it raise the value or will the value be based on property values in the area for a 3 br/2bath house? Since we purchased and since we're in LA where home prices are constantly rising we already have enough equity to pay for it and then some but if/when prices do settle and go down will we still be sitting on a house with a new kitchen and better value that we had before the remodel?
What's your experience with this?
As far as things bottoming out...well...I do believe it will happen but when I have no idea. For the bottom to drop in the LA housing market there would have to be a drop in demand or a marked increase in supply. Neither of those seem to be happening...despite all indicators.
knock on wood.
Thanks!
