Home Remodeling: Endless Opportunities

Home Remodeling: Endless Opportunities

Home Remodeling: Endless Opportunities

Home remodeling can apply to just one room (or bathroom), or the entire home overall. There are a ton of different things, reasons, and ways, to do it!

Reasons to remodel your home:

  • You just want a home facelift: you’ve lived in your home for 10+ years (or bought an older home) and things are aging; cabinetry is out of date; grout lines in tile are still dirty no matter how much they’re cleaned; showers and bathroom fixtures are going bad; carpets are starting to smell… the list goes on!
  • Safety: if built before 1978, your house may contain lead-based paint. In addition, you may experience asbestos or mold that’s harmful to your health. Additionally, if the home is older, electrical wiring may not be up to code.
  • Improve energy efficiency:  as time passes, increasingly eco-friendly measures can be taken to upgrade your home, saving you money and the environment: smart home systems that monitor the air temperature while you’re away; windows that insulate, regulating temperature; appliances that require much less power; solar-driven lighting, and much more!

  • If selling, attract potential buyers: some buyers like fixer-uppers; others like a home that’s ready to move in. The latter are much easier to sell, if you’re looking to sell fast!

  • Increase your home’s value: whether for yourself, for future generations, or to sell, a home remodel will increase your home’s value in proportion to the amount of remodeling you do.

Does remodeling increase a home’s value?

Absolutely! The value increases in proportion to the upgrades of your home. For example, simply remodeling the kitchen won’t increase your home’s value as much as a complete roof replacement, kitchen remodel, and remodel of all bathrooms, in addition to a paint and floor update throughout the entire home.

Historically, renovations add about 70% of the value of what they cost to a home. For example, if $50,000 is spent remodeling the home, the home’s value will increase by $35,000. Keep in mind – this is a general rule of thumb and not the case for all remodels.

For more information on what effect a remodel of specific items will have on your home, you can check the Cost vs Value Report, published every year by the National Association of Realtors at www.costvsvalue.com – it’s a guideline regarding what to expect to pay for improvements, and what value they’re expected to add to your home.

How much does a home remodel cost?

Well, how much does a car cost? A 10-year used Toyota can cost $5,000; a brand-new Tesla can cost $100,000! The cost of your home remodel relies depends entirely on the features and styles you incorporate.

The cost of the remodel will also depend on the preexisting conditions of the home; is the electrical wiring, ductwork, and plumbing in good condition, with no need for upgrades or changes when installation new equipment, or will an electrician need to change the wiring layout? Are the pipes “healthy,” without leaks and with good water pressure, or will repairs need to be made prior to adding any new water fixtures?

So…how much am I looking at spending? Let’s look at the averages for the most common types of home remodels:

            Kitchen remodel: $8,000-$25,000

            Bathroom remodel (1): $6,000-$10,000

            Roof replacement: $5,000-$10,000

            Window replacement (including installation and framing): $3000-$9,000

            Exterior siding: $6500-$12,000note: this varies greatly on material used

            Landscape remodel: $2,000-$8,000

Whole home renovation: approximately $20,000 for a 1000-square foot house; approximately $35,000 for a 3,000- to 4,000-square foot home.

Note: these numbers are greatly varied. There is absolutely no telling how much your desired home improvements will cost until you sit with your contractor or designer and explain your vision (or have them help you establish one), and begin to truly work through the specifics – the quality of materials you want to use, the amount of labor that the upgrades will cost, and so much more.

Always set aside an additional 10-15% of the prospective job cost for the unknowns – whether it’s additional local permits, new issues you find once you start knocking walls down, or simply not realizing you wanted more upgrades than you thought – it’s always safe to have a small reserve for the unexpected.

Why remodel my home?

Well, it is the place you spend most of your time – it should be place of peace, comfort, joy, and health. And if it’s soon-to-be your previous place of comfort, a home remodel may be just the thing to get your house off the market and into the hands of a new family more quickly.

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