Chief Prognosticator

Say Good-bye to Granite Countertops?

When I saw that headline at CNN Money, I just had to read the article. Like many homeowners, I want to both maximize the value of my home and to “live the good life”. Granite countertops seem to be a big part of both. In my new house, I was really excited that Silestone countertops were included. That saved me a $5000 renovation down the road. So what’s the deal with the article? Well basically it says that in previous years (say 1995-2005) a kitchen remodel job would return you about 90% on your investment. That means if you spent $40,000 on a new kitchen, you’d get to enjoy it as long as you lived there and then see your home value go up about $36,000 when it came time to sell. Nice, huh? That’s called “Having your cake and eating it too (off of granite countertops)”.  But now, thanks to the downturn in the market, you might only see a 70% return on that investment, or in this case, $28,000 back. Will this really mean the end of the fancy kitchen? No way! But it is something to think about before you spend more money than you have on that remodel project.