Renovations and Additions
If you are considering a home addition or renovation there are concerns beyond materials, design and contractors that need to be addressed.
Your primary question should be; why am I committing resources of time and money to this particular project? The four major home renovations include: - Bathroom remodeling or updating - Kitchen renovation and/or expansion - Basement remodeling or finishing - Room additions The three main reasons for home renovations are: - Improvements to increase resale value - Renovations for personal enjoyment or expanding your living space - Replacement due to age and condition of home In the case of resale value, will your return on investment warrant the time and money spent on your home renovations? My wife and I are preparing to sell a home in a resort community.
The market for homes is not nearly as strong as it was two years ago.
Fortunately for us we purchased the home in 2002, prior to the run up in prices.
The question facing us is what type of upgrading are we willing to do and at what cost to make our house stand out among the many others for sale.
We have determined that the area of the house that needs the updating is the kitchen.
The cost of refinishing the cabinets, adding mid-range granite countertops and replacing older appliances will mostly be recouped, but the deciding factor is; the house will sell faster with these upgrades.
If the reason for this home improvement was for our personal enjoyment and entertaining then we would look at this project differently.
If we were planning to keep this house, for at least three years, we would expand the kitchen by redesigning the counter space, replace the old cabinets, add granite counter tops and high-end appliances.
A major renovation, an addition or a finished basement may not add to the resale value of your home in the short term.
However, these home expansion projects add to your quality of life and in the long run, three to five years, will add to the value of your home.
Sometimes a house renovation is necessary, due to the age of the home.
You are neither looking for resale value nor expanded living space.
How you handle this type of scenario is different than the two previous cases.
This renovation is more out of necessity.
You need to decide if you want to remodel or upgrade the old and worn out materials and design, or just replace based on cost.
Keep in mind the best time to make upgrade and remodeling improvements is when you have things torn apart.
Just remember: 1) Remodeling your home does not guarantee increased resale value, be selective in how you spend your time and money.
2) Not everything relates to resale value.
It's your house; make it your home to enjoy.
Keeping in mind, at some point you probably are going to want to sell.
3) Finally, some remodeling projects are just plain necessary.
When possible use this as an opportunity to increase the livability of your home.
Remember, there are no second chances once the project is complete.
Research as many design options as possible, to ensure you of your return on investment or expanded living space you envisioned.
Your primary question should be; why am I committing resources of time and money to this particular project? The four major home renovations include: - Bathroom remodeling or updating - Kitchen renovation and/or expansion - Basement remodeling or finishing - Room additions The three main reasons for home renovations are: - Improvements to increase resale value - Renovations for personal enjoyment or expanding your living space - Replacement due to age and condition of home In the case of resale value, will your return on investment warrant the time and money spent on your home renovations? My wife and I are preparing to sell a home in a resort community.
The market for homes is not nearly as strong as it was two years ago.
Fortunately for us we purchased the home in 2002, prior to the run up in prices.
The question facing us is what type of upgrading are we willing to do and at what cost to make our house stand out among the many others for sale.
We have determined that the area of the house that needs the updating is the kitchen.
The cost of refinishing the cabinets, adding mid-range granite countertops and replacing older appliances will mostly be recouped, but the deciding factor is; the house will sell faster with these upgrades.
If the reason for this home improvement was for our personal enjoyment and entertaining then we would look at this project differently.
If we were planning to keep this house, for at least three years, we would expand the kitchen by redesigning the counter space, replace the old cabinets, add granite counter tops and high-end appliances.
A major renovation, an addition or a finished basement may not add to the resale value of your home in the short term.
However, these home expansion projects add to your quality of life and in the long run, three to five years, will add to the value of your home.
Sometimes a house renovation is necessary, due to the age of the home.
You are neither looking for resale value nor expanded living space.
How you handle this type of scenario is different than the two previous cases.
This renovation is more out of necessity.
You need to decide if you want to remodel or upgrade the old and worn out materials and design, or just replace based on cost.
Keep in mind the best time to make upgrade and remodeling improvements is when you have things torn apart.
Just remember: 1) Remodeling your home does not guarantee increased resale value, be selective in how you spend your time and money.
2) Not everything relates to resale value.
It's your house; make it your home to enjoy.
Keeping in mind, at some point you probably are going to want to sell.
3) Finally, some remodeling projects are just plain necessary.
When possible use this as an opportunity to increase the livability of your home.
Remember, there are no second chances once the project is complete.
Research as many design options as possible, to ensure you of your return on investment or expanded living space you envisioned.
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