In today’s hottest housing markets, springing for a kitchen or bathroom remodel is a surefire way to score a return on your investment, often returning 100 percent of the cost. According to a recent study, San Diego, Chicago, Atlanta and San Francisco are just a few of the cities that offer triple-digit returns on a bathroom remodel. Minor kitchen remodels, with an average cost of $15,000 also provided returns of 100 percent or greater in many of these markets.
Kitchens and bathrooms are areas in a home where money spent on remodeling can be the most obvious and appreciated, as we tend to spend much of our time in these rooms.
The first step in a remodeling project is to establish a realistic budget and actively manage it. Preparing for a remodeling project is similar to buying a new car; you may know the make and model of the one you want, however adding options may increase the price. Save money and go through the design process first, choosing everything from paint and fixtures to appliances. This will help define your budget and prevent hasty and costly decisions later in the process. There are ways to stretch the remodeling budget and still end up with stylish results. Be creative!
The number one way to decrease the cost of your remodeling project is through product choices. Shop around to determine whether you can achieve a similar look with a less expensive product. Remember to keep the value of your home in mind while keeping cost in perspective. Installing a $10,000 top of the line range in a $150,000 home may not make sense.
There are often multiple solutions available to accomplish a design objective. If all the room really needs is a facelift, make the most of changes with paint or wallpaper as opposed to structural changes.
Be cautious of decorating trends that may be considered outdated in a few years as this could impact the future marketability of the home. Think traditional: wood cabinetry, commercial look appliances, natural wood or stone flooring and neutral stone countertops typically stand the test of time and appeal to the majority of homeowners.
Sometimes remodeling a kitchen or a bathroom may become more involved. The reconfiguration of existing plumbing, electrical wiring or existing walls may require the services of a contractor, and selecting the right one may prove to be the most important step in the process.
Make sure the contractor is licensed and is familiar with the building codes in your area.
Carefully review the contract together, as a well-written contract can prevent costly mistakes and is a critical step in maintaining the budget. A competent contractor will ensure that the project complies with current building codes and that all required permits are in place.
When remodeling, always consider the best option in terms of investment return. For example, if a home offers three or four bedrooms and only one bathroom, your money might be better spent on the addition of a second bathroom.
A National Association of Realtors survey found that adding a bathroom may increase the sale price of a home by 8.7 percent, more than twice the rate of adding a bedroom.
Finally, ensure that before you begin the remodeling process other areas of the home are appropriately maintained.
If your objective is to sell the home, a buyer knowing that deferred maintenance is evident, may consider this to be a much bigger issue than living with a functional but dated kitchen or bathroom.
Ron Monigold is a Licensed Real Estate agent and a Certified Real Estate Appraiser. He is a member of the National, California, and San Diego Association of Realtors. You can reach Ron at The Metropolitan Group @ 619-990-4631 or at ronmetro@cox.net. DRE License # 01865841.
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