How to Determine the Value of Your Home Remodel
What to look out for when taking on a project of this size.
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Home remodels are a big deal. You want everything to be perfect, this is where your life happens after all. You want to live in a place you feel welcome in, a place in which you are comfortable. While home remodels can help you achieve this goal, they can also be daunting and stressful.
We’re here to help you get started though!
If you have a starting point then the big project starts to look a little smaller and a lot more manageable, so let’s find out more about home remodels!
Today we will give you some basic information about what is headed your way when it comes to a home remodel like answers to the following:
- How much value will they add to your house?
- What should you expect during this process?
- General advice
With answers to these questions, we will be able to help you get started on your journey to living in a happy home.
Your sanctuary awaits, it’s just a few hammered in nails away.
How Much Value Will They Add to Your House?
Before you get into remodeling, ask yourself a few questions.
Is this a starter home? Are you looking to move within the next few years and make back the money you put into the house?
Or is this a long term home that you can see yourself living in for the next couple of decades?
Once you answer these questions, the rest will come easier.
If you are looking to move soon, you will want to make upgrades in areas of the home that will add the most value to your house when you look to sell it.
If you hope to stay in this house for years to come, see what you want to change and go from there. What would make you more comfortable or happier when you return from a long day of work? Do you want to upgrade your kitchen because you love to cook? Or do you want a nice backyard for get-togethers?
Also, before you begin the remodel, some suggest that you have a home inspection to point out any trouble areas that may need to be worked on.
So let’s find out what areas of your home remodel will give you the most bang for their buck!
Kitchen remodels are one of the best options for remodel if looking to recoup your costs when selling. That being said, it is also one of the most expensive options when it comes to a remodel.
According to House Beautiful, and depending on the size of the project, you can make back anywhere from 54-77% of what you spent on the remodel.
They also offered some other helpful hints, like quartz is a great option for countertops because it will stay in style longer than some other options on the market. Countertops are also the second most popular kitchen upgrade after painting.
If you are looking to sell quickly, then changing the faucet and cabinets might be a good choice for you since they tend to go out of style pretty quickly.
Midrange bathroom remodels often cost around $50,000 and provide a 54% recoup. An upscale remodel costs over $15,000 more and the recoup estimate is only 56.6% on average. So if this is a starter home or you’re looking to move in the near future, a midrange remodel is the better option. If you are planning on sticking around for a while and there are some nice (but pricey) upgrades you want to make, go for it!
A lot of the new trends in bathrooms are comfort and a spa-like feel. Think big showers, a nice vanity, and special details that make it feel like home.
Garage Door Upgrade
Garage doors are one of the most money safe investments. In terms of home renovations, they are relatively inexpensive, averaging at $1,500 for a midrange replacement, but they have a recoup value of 83.7%.
Garages often take up a lot of space when looking at a house, so when driving through a neighborhood you may see and comment on a lot of garages. If you have a nice upgraded garage door, the curb appeal causes the price and appeal of a home to shoot up without anyone even stepping inside.
Creating a cozy spot in the basement is a great option for those who have families or love to entertain. They also offer some value to your home when you are ready to sell.
For example, if you trade the dingy concrete for some carpet or wood, paint the walls a light color, add a nice ceiling, and put in insulation you could look to spend upwards of $50,000 depending on the materials. However, you would see a 77.6% cost to value ratio, which is a great number for a space that will be in constant use!
Outdoor Deck Addition
Outdoor decks are a great addition to every home. Not to mention wooden decks have a great ROI that can range between 72-87%. A midrange project averagely costs $9,500.
This addition or upgrade can be used endlessly while living there and when it’s time to sell, the value of your home has increased because of it!
Backup generators have risen in popularity, specifically in areas where the weather has a temper.
If you live in a place prone to natural disasters or power outages, this might be something to look into! While it is not what one normally thinks about when remodeling or improving their home, it can be extremely useful.
These generators often cost around $11,700 and come with a 67.5% return on investment.
General Remodel Pricing
Here are some general pricings of home improvements from Remodeling:
Siding replacement with fiber-cement
- Average cost: $17,000
- ROI: $13,200 (78%)
Siding replacement with vinyl
- Average cost: $14,300
- ROI: $10,700 (74%)
Window replacement with vinyl
- Average cost: $17,600
- ROI: $12,700 (72%)
Window replacement with wood
- Average cost: $21,500
- ROI: $14,800 (69%)
Roofing replacement with asphalt shingles
- Average cost: $24,700
- ROI: $16,300 (66%)
Roofing replacement with metal
- Average cost: $40,300
- ROI: $24,700 (61.2%)
What Should You Expect During a Remodel?
To answer this question it of course depends on what you are remodeling.
If it is a deck, the biggest shift during the process will be the noise level as it is being built. If it is a bathroom, you may have to share with other house members. The kitchen is a tricky one, are only the countertops and cabinets being replaced so you will still be able to use the stove? Or is it a full remodel, in which case get ready for microwave meals and takeout.
Even with something as necessary as a kitchen temporarily out of commission, you can still continue going about your day as normal.
Some people opt to create a “mini kitchen” in another area of the house like the living room or dining room. In doing this, there is still a place to prepare and gather for meals.
Also, a reminder that can get overlooked is the fact that remodels are messy. They can spread dust and debris throughout the house. To limit this, you can close off the area with tarps covering the doorways. This will limit the spread, but not get rid of it entirely. During a remodel a vacuum, broom, and duster will be your friend.
Delays are common on remodels. When you get ready for the renovation, make sure to add a little bit to the time those working on the remodel provide you. These delays can stem from materials taking longer than anticipated to be shipped and delivered or unexpected surprises like weather delays or unavailable equipment. Do not let the potential for delays break your remodel stride!
However these minimal life adjustments only last a short while and the final product of the remodel is worth whatever slight inconvenience may come during the renovation process.
There is a lot to think about and consider when planning a remodel for your home, regardless if it is something as simple as a garage door or as intense as a full kitchen remodel.
We have gathered some advice to remember before getting deep into the remodel trenches
Stick To Your Plan
One of the biggest problems when remodeling is overdoing it. During a remodel you can feel influenced to keep remodeling. If you have a strict budget, fight this urge! Even if you have wiggle room in your budget, if you really wanted to remodel the basement in addition to the kitchen, you would have thought of it during the original planning.
Don’t get caught up in the remodel to the point where your whole house is under renovation (unless this was the original plan, then enjoy your fully refreshed sanctuary).
Budgets Are Important
When planning your remodel leave room in your budget to go over. Do not let anything surprise you! You can do this by keeping your intended budget down while knowing there is some extra saved away in case of the chance that you go over budget.
It happens more often than you think. Hidden in your home could be a leaky roof or the necessity to rent equipment that was previously thought to not be needed.
In order to keep your budget, there are a few things you should look out for aside from the previously mentioned “stick to the plan” plan.
If you want to get an idea for how much things will cost, go out to local stores and search out things you would want in your remodel. Get a feel for the lowest, highest, and average prices of these items to estimate how much they will cost you.
Make sure you write down all of your expenses as well. This will help you keep track of what you spent and where that money went. Did a big portion go to the countertops while a smaller amount went towards the light fixture?
Knowing how much you spent and where you spent it is important!
Lastly, make sure you shop around and get estimates from several different sources. Find out what and who works best for you and your budget.
TV is not reality! HGTV can be a great place for an idea or two, but that is not the reality of what your remodel process will be like.
Shows on TV portray an entire house being flipped in a week, when in reality that takes much longer. Smaller spaces can fit in this time frame, but that is not the reality for an entire home, or even a mid sized project.
Grab some inspiration from these shows, but don’t expect your reality to be like what you see on TV.
This is the most important thing! Remodel fatigue is real, but just know the end is near and when you reach it you will have the kitchen, bathroom, deck, or home of your dreams!
Remodels don’t last forever, in fact they’re usually rather short lived in the grand scheme of things. So take things one day at a time and anytime there is an issue causing you unhappiness, just close your eyes and think about how happy you will be when your home is a reflection of you, post-remodel.
Everyone wants to feel comfortable and at peace in their home. If that means upgrading your favorite room to feel more like “you” or spending more time outdoors on the new deck, then a remodel is in your future!
Make sure you do your research, take your time, and keep calm during the process.
With these tips, you will find yourself relaxing in a new and improved space in no time!
Discover your dream home in German Village, OH.