The housing market is in a slump, which means this is the best time to remodel your home with an eye towards increasing its resale value, or you could remodel your home to simply enjoy it more!Â What is the return for remodeling?Â Thinking of revamping that old kitchen, updating your bathroom, adding an addition, re-doing the exterior, or making your home more energy efficient?
In real estate transactions, the â€œcost that can be recoupedâ€ for any given remodeling or renovation project depends upon on a variety of factors.Â These factors could include:Â what the condition of the rest of your home may be, the value of similar homes near- by, and the rate at which property values are changing in the surrounding area.Â A homeâ€™s urban, suburban, or rural setting can also affect the value, as well as the availability and cost of new and existing homes in the immediate vicinity.Â It is important to determine the return on your renovation investment â€“ Cost vs. Value or Move vs. Remodel â€“ to help decide.
Energy efficiency in the face of high fuel prices could be a logical reason why replacement projects are high value performers.Â New windows, doors, caulking, insulation, and energy efficient heating and cooling equipment may help in reducing utility bills.
When it comes to planning a remodeling project homeowners and property owners must establish a realistic budget, and actively manage it.Â Preparing for a remodeling project is a lot like purchasing a car.Â You may know the room and style you want, but the options you choose may drive the price higher than you can reasonably afford.Â But there are ways to stretch your remodeling budget and end up with stylish results within your budget.Â The following is a Chart that can help assist in determining your likes and dislikes regarding a specific room or area of your property.Â
Save money by planning ahead.Â It is important to go through the design process first and choose everything you want to include in the new room or rooms, from appliances to light fixtures, etc.Â This step will help define your budget and prevent hasty and costly decisions later in the project.Â Include the model, size, color, and specifications.Â Â One way to decrease the cost of your remodeling project is product choices.Â Shop around to determine whether you can achieve a similar look with less expensive products.Â Keep an open mind.Â Make decisions based on value and quality, not just price.Â Consider staging the work being done to minimize financial impact on your wallet.
Creating more space can be a big budget buster.Â Once you add square footage to a home the remodel price increases significantly.Â One alternative is to borrow space from a neighboring room, therefore re-configurating the space to suit your needs.Â Kitchen and bathrooms are always prime candidates for renovations.Â Updating and modernizing the property can be very helpful whether you are a Buyer or Seller.Â It makes it much easier to sell a home and having to eliminate a buyer from envisioning what the place could look like.