Many homeowners have considered home renovations over the past year. The types and costs of such projects vary greatly. The most affordable renovation is usually the one that provides the biggest benefit, fresh paint.
The most popular renovation plans are usually the most expensive, and include redoing kitchens and bathrooms. Kitchen and bath remodels can add value to your home, but if you plan to “get back” what you spent on those projects when you sell the house, it is unlikely that you will see a dollar-to-dollar return. It is important to decide whether you are doing the remodeling just to increase sale price, or whether you are doing to improve your quality of life. It is also important to carefully budget the costs.
1. Calculate the costs of your kitchen renovation project.
Estimating how much you will spend on countertops or appliances is fairly easy to do. However, calculating cost can become difficult if you don’t consider the full scope of the project. Before committing to a kitchen renovation, consider the size, the materials needed, and the length of the project. Only after you’ve calculated the total cost can you assess whether renovating is a savvy investment.
2. Ask for professional assistance.
Refusing to hire a professional contractor is another mistake that many home owners make. While it’s possible to successfully complete simple projects on your own, more complex projects should be left to a reputable contractor.
3. Determine how much value the renovations will add to your home.
Only after you determine the cost of the renovation should you estimate how much added value it will bring to your home. If you’re spending thousands of dollars to upgrade your home with features like hardwood flooring and granite countertops, you need to be able to justify the investment.
Select which renovation projects offer a greater return. According to HGTV, kitchen remodels will help you recoup between 60 and 120 percent of your investment depending on what you renovate, while a bathroom addition can recoup 80 to 130 percent.
For more information on kitchen remodeling, contact Kenneth C. Lewis.