Five years ago many homeowners would do extensive, extravagant remodels to their homes, but rarely did they think of how it would impact their bottom line. Now a-days people are spending more time at home but not interested in doing year long remodels that cost a fortune. Instead they are opting for smaller, quicker updates that are easier on the wallet and less obtrusive to their living environment. I have posted many remodeling projects here on the blog and I always get emails from readers curious about the investment. Is it really worth the cost, especially if you plan to move, and what are things that should be considered?
How much money are you willing to spend? This is a big question. Often homeowners will come to me either unprepared to answer this question, or they will answer incorrectly fearful that I might use all of it. Unfortunately folks, I will. That’s exactly what a budget is for. If you allocate “x” amount of dollars for a remodel, use all of it. Otherwise, you are squeezing blood from stones and it is going to show in the results, decreasing the value drastically. Most homeowners undershoot the budget by a long shot. Where they get there info I will never know, but the AVERAGE bath remodel is $20K and the average Kitchen remodel is $30K. Does that mean a remodel isn’t for you if you don’t have that much? Sometimes, but if you are willing to do some serious leg work small changes can make a big impact to the over look and resale of your home, ultimately adding value.
Before and after
You know the saying ” You can have two, but not not all three: Time, budget, or quality” Something will have to be sacrificed. That doesn’t mean you are eliminating the potential value of your investment. But be smart with how you spend your dollars. Always remember that remodels are for personal enjoyment first, and then investment value second. Don’t over do your investment by going too high, and don’t shoot your investment in the foot for going too low. I see this all the time. A million dollar home with garage cabinets in the master bathroom IS NOT a sound investment. If you cannot do everything at once, do it in stages. Every dollar you spend to appropriately update your space will typically have a return value twice what you put into it.
In todays market value comes in many different forms. It could be hard cash in your hands when you sell, but it could also mean your house functions better to your lifestyle, makes life easier, or sells quicker than the neighbors. In short, remodels are always a great investment and people tend to live better in environments that are functional and aesthetically pleasing.
Have you done a remodel before? What did you love most and most about it?
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