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Real estate editor Maryann Haggerty and columnist Elizabeth Razzi respond to a question adapted from a recent online chat.
Fairfax: If you had only enough money to put in hardwood floors on your main level or to redo your kitchen, which would you do to add value to your home?
Maryann Haggerty: The classic answer here is "kitchen." It's the area of the home where upgrades are most likely to add value. But your question raises another: Should you even consider spending on a house now?
Elizabeth Razzi: You would be a brave soul to sign a remodeling contract at a time when credit is hard to get and investment statements are hard to look at. But if you've got the dough, and you have good prospects for keeping your job, you'll find it much easier than usual to get a contractor's attention. But don't do the work with an eye solely toward resale value. Make the improvements that will make the home more comfortable and useful for you. Improvements, even on gorgeous kitchens, rarely recover their full cost when you sell the home.
The next Real Estate Live chat will be 1 p.m. Friday.
