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If you view the renovations from a Real Estate/Reselling standpoint, the kitchen is the best investment in my opinion. Followed by bathrooms. Kitchens have sold homes. If that is your goal, start there. Good Luck!
I would like to add that it doesn't always take a major renovation in a kitchen to make it more desirable. Sometimes things as simple as adding a backsplash and re-facing the cabinets or painting them can freshen it up just enough to add value and make it more desirable to potential buyers.
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