Cost Effective Remodeling
If you are considering a remodel of your home, take the time to think it through so that the money you spend will be waiting for you when you sell your home in the future. Quite often, owners are disappointed because they are not able to recapture their improvement costs at the time of sale. The best way to avoid this disappointment is to think in terms of net gain throughout the remodel.. What is the home presently worth to a buyer? What will it be worth when the remodel is done? What is the net increase and how does it compare with the cost of the remodel? Asking these questions during all phases of the project, from the beginning planning stages all the way through the last minute finished work will aid greatly in accomplishing a cost effective remodel.
Any time you add something to a house, whether it be a new second story addition or just a coat of paint, you are taking away something of value in order to add something of value. When a second story is added, a roof must be torn off first. If the existing roof is in bad condition, the house is currently worth less than if the roof was good, so your net gain with a remodel will be higher if the roof you are tearing off is near the end of its useful life. When repainting your house you are "taking away" the previous coat of paint. If the old paint job is a horrendous color or in very bad condition your net gain will be high. If the old paint job is okay but just not quite what you wanted, the net gain will be low, however you may still choose to do it for your own satisfaction.
By making a list of your home's attributes and deficiencies you can develop a plan that corrects the weak links in the chain without needlessly spending money on your home's already positive attributes. This can be challenging because it is tempting to add a related project once your house is torn up. I know a couple who had the original goal of installing a dishwasher in their kitchen, but when the project was completed their home had a second story addition!
Sometimes weak areas can be corrected cost effectively with careful use of color. Many homes have ceramic tile in the kitchens and baths with questionable aesthetics. Unfortunately, they are set in concrete which makes removal and reinstallation very expensive. Hiring an interior designer to select just the right accent colors to go with those tiles can produce amazing results with very little cash outlay.
If the remodel you are planning is a major one such as adding a second story, keep the finished project in line with other homes in the neighborhood. Buyers will only buy the most expensive house on the street if they perceive it as being a real bargain. Try to retain the architectural integrity of the home throughout the original structure and additions, except for kitchens and possibly baths. Creating more modern spaces such as family rooms can be cost effective provided they blend with the original character.
The least expensive way to add square footage to a home is by finishing the basement. This can be cost effective provided that you keep in mind that it is still just a basement and does not warrant the same expense that you would be willing to pay for above ground living space. The amount of value you can add to your basement is directly related to the amount of natural light your basement receives.
If you are considering a redo of your home, whether it be an expensive second story addition or just identifying and addressing the weak links in you house's chain, feel free to call me for advice. I enjoy helping people invest their remodeling money wisely so that it's waiting for them down the road when they decide it's time to move