Remodeling Successfully And Recouping Your Investment
What are the most frequent questions homeowners ask when planning to remodel? How much should we invest in remodeling and what should we do first? Along with that, every homeowner is concerned about if and when they will recoup their remodeling investment. To address the issue of how much is too much to invest in remodeling, ask yourself why you’re contemplating remodeling. Are you remodeling for resale reasons only, for your own use or both? If you are remodeling for resale only, a Realtor can give you a comparison value of other homes in the neighborhood and advise you on the value of your home. With this information you can determine how much you want to invest based on the length of time you plan to stay in your home. Annually, The National Association of Realtors and Remodeling magazine conduct “The Cost vs. Value” report based on feedback from realtors and a appraisers in 60 residential markets. This report states that when selling a home 1 year after the remodel is complete the homeowners can recoup between 88.3 and 103.3% of their investment depending on the area that is remodeled. The chart below shows the areas that deliver the best returns.
Annually, The National Association of Realtors and Remodeling magazine conduct “The Cost vs. Value” report based on feedback from realtors and a appraisers in 60 residential markets. This report states that when selling a home 1 year after the remodel is complete the homeowners can recoup between 88.3 and 103.3% of their investment depending on the area that is remodeled. The chart below shows the areas that deliver the best returns.
| Minor Kitchen Remodel |
Under $14,000 |
96.4% |
| Major Kitchen Remodel |
Over $42,000 |
88.3% |
| Minor Bath Remodel |
Under $10,000 |
103.3% |
| Major Bath Remodel |
Over $23,000 |
98.5% |
Remodeling to increase the value or improve the appearance of your home starts with curb appeal. Is your home as well or better groomed as the rest of the neighborhood? Does the roof need repair? Does the exterior need paint? Do your windows seal properly? Is the outdoor lighting updated? Many homeowners make the mistake of remodeling the inside before attending to needed exterior repairs that may be detrimental to the interior of their home. It is wise to have exterior coverings inspected before starting your interior project. After the exterior inspection is complete the interior plans can be developed. A designer’s ability to visualize the potential of your home can help you design a plan that both enhance its features and reflect your personality and style.
It’s important that your designer and contractor have a good working relationship and communicate well for your project to move smoothly. They will work together to obtain the cost for your project and set a time line. Be prepared to move off site if necessary or remove all your personal items from the work area to ensure that the project can start on time. Work with both the designer and contractor to make as many design and selection decisions as possible before the project start date. Change orders slow down the work and cost more money. Staying on schedule is another component in avoiding cost overruns.
Any room with cabinets has to be precisely scheduled but kitchen remodels are usually the most complex of jobs. Cabinets are the first selections to concentrate on when remodeling a kitchen or bath. Designing a kitchen usually take 2 to 3 weeks before cabinets can be ordered. Once ordered they can take 4 to 6 weeks or longer from order date to delivery date. Rough electric and plumbing along with drywall, painting and flooring must be completed before cabinet installation. The finish work is scheduled after cabinet installation. Countertops and back splash materials are measured and ordered, finish electric and plumbing are completed and appliances and fixtures are installed. If any component of a kitchen remodel is off schedule the whole job is off schedule.Working with a good project manager makes a big difference in the success of a project but you are a key ingredient also. If decisions are made in a timely manner the project manager and you will be happy with the results.
