Jeri Collins Home Remodel April 05th, 2019 - 01:22:02
The 2nd part is trying to maintain the magic number. Once you've determined how much you can afford, try to plan on spending about 80% of it. Save the extra 20% for any of the "unforeseens". Anything not in the original contract will be additional cost. For example, on a roof remodel, a roofer can find that the roof decking is not acceptable for roofing shingles, you're talking anywhere from $500 to $4000, determined by size of roof, local plywood and labor cost. Depending on what the circumstances are, it could be hundreds or possibly thousands in change orders. Better to be prepared than stuck in a hole.
Certain remodeling projects are more likely to recoup your costs for you when you sell your home. For example, both a minor kitchen remodel and siding replacement recoup a national average of 93% upon sale. A mid range bathroom remodel recoups 90% and a mid range bathroom addition recoups 86%. A basement remodel recoups about 79%.
Choose a contractor with an established place of business, preferably in your locality. Ask for and check references, and observe each contractor carefully as he or she "sizes up" your home improvement or home remodeling project. If they're not asking many questions, there's no way they can adequately estimate the cost of your remodeling project.
A high ROI a homeowner can expect on a kitchen remodel used to be 75-85%. However, according to this year's Cost vs. Value report that assess home remodeling projects from various regions all around the country, the ROI for a typical kitchen remodel has dropped to 57% for 2011. This is as much as a 30% decrease over the last 5 years. The drop does seem to be bottoming out, which is a sign that the housing market may be as well. But with such a significant drop, it can be easy to understand home remodeling contractors may be experiencing a decrease in kitchen remodels.
Once you have your floor plan and know what you are going to remodel and how you are going to do it, the next step is to make a budget. It will help you think about your finances and how much you can afford to put into the remodel. Home remodeling can be quite an expensive project; therefore, you should make an exact, detailed budget.
Kitchens have become more of a gathering area for entertaining and the shift has been for people to spend more time in the kitchen. It has been found that most people choose to move into a house that does not require renovating. This is an important consideration if you are planning to sell your home in the coming months. A recently remodeled home can be easier to sell and the increased value will generally return more than the cost of renovations.