Home remodeling is a very popular home improvement project for homeowners. Remodeling projects can range from building a new bathroom to extending the length of the kitchen. In order to remodel your home effectively, you must determine what kind of improvements you want to make. How much money are you willing to spend on this home improvement? Remodeling projects can give a homeowner the best return on investment.
What Home Improvement Gives the Best Return on Investment? A major factor in determining home value is the condition of the home’s appliances. New appliances, such as a washer and dryer can increase the resale value of your home by more than two hundred percent. Most home improvement projects that increase the home’s value will also increase its square feet.
When choosing what improvements you will make to your home, consider the return you will receive on your investment. If you spend fifty thousand dollars on a kitchen remodeling project, will you be able to recoup your expenses within the next three to five years? Would you pay for the project again in the next seven to ten years? Some home improvements, such as a twenty-foot recreation pool, may only need to be redone every few years. Other renovations, such as additions to a single-story home or a home with a penthouse on the second floor, will generate higher monthly payments over time.
What Other Remodeling Projects Might You Consider? Other remodeling projects might include extending the size of a single room or a building. Home buyers are always looking for additional space, but it is important to consider whether you need to build on the lot, add on to an existing structure or if you can build a new house. Home buyers are often attracted to homes that have a history, especially if those historical homes contain antiques. If you are thinking about updating an existing structure, it might be worth consulting with an antique expert to determine how much value your home will retain after it has been remodeled.
The average home remodeling project cost is between six and eight thousand dollars. Many homeowners hire remodeling companies, which can provide valuable advice as they evaluate your home and plan the remodel. It is helpful if the remodeling company you choose includes a free estimate program, in order to help you estimate the costs involved in the various projects. If you cannot find a company that offers this service, some local supply stores will likely be happy to help you find a good contractor and suggest several remodeling companies they recommend.
What About Money Back Guarantees? Most reputable remodeling companies offer some kind of money back guarantee. This will protect you in case the remodeling job isn’t what you had in mind or isn’t worth the money you are paying. Companies that provide money back guarantees should be able to show you examples of past work they have done, as well as examples of satisfied customers. Companies that give customers this kind of assurance are likely reliable and trustworthy.
What Are Home Prices Going? The average home price continues to rise, making remodeling costs increase along with it. As a homeowner, you should understand that when the real estate market is depressed, home prices drop. If you choose a remodeling company before asking for quotes on home prices, you can likely recoup your expenses fairly quickly. The same can be said for going through a remodeling company at the same time as you are asking for quotes on home prices.
It may be hard to imagine a time when home prices won’t go up. However, there are times when home prices actually go down. If you are considering remodeling your home, you should keep these three things in mind. These should help you not only get through the process, but actually stay put when you remodel.