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I own a small (450 sq ft) 1 BR in Brooklyn Heights with a 4′x4′ kitchen and a 4′x6′ bathroom. Both need to be remodeled, but they are so small that I am hesitant to spend more than I may get in return. Does anyone have any rules of thumb about how much you usually need to spend in order to see a solid return on your investment (for instance if it costs me $8-10k to renovate, will I be able to get $16-20k more for my place?) I realize this is kind of vague, but I have no clue how much is too much or too little for renovation.

Thanks for your help and ideas!!