Deciding Whether Remodeling Will Be Worth It
Often there comes a time when the house needs a remodeling job
. This time could come when you purchase a new home, when the children move out and will no longer destroy it, or at any other time during your life.
Remodeling is known as updating or changing the appearance and layout of a building. Remodeling a home can be very expensive.
In fact, the funds raised through remodeling projects make up an entire 40 percent of residential related construction spending. In addition, it makes up 2 percent of the United States economy.
Often homeowners will ask themselves if remodeling is worth their time and effort because of the expense and other factors involved. Whether or not the remodeling job is worth the money and effort will depend on several factors.
One of these factors is the source of motivation. You may be remodeling for yourself and your family or you may be remodeling so that you can raise the worth of your home for a larger sale.
In addition, you will not be able to get a full recovery on the remodeling investment. Some people estimate that you will only get as much as 40 cents per dollar you spend on remodeling.
However, in some cases you can get as much as 80 cent per dollar back on what you spend on remodeling. Another question you will need to answer is when you should remodel.
Timing is critical to receiving as much as you can on your investment. Consider whether or not you are currently in an economically difficult time.
If you are in an up market, this may be an excellent time to make the investment of remodeling. However, if you are in a down market it may not be worth your money.
You will also need to determine how long you will be staying in the home. If you are remodeling for yourself and your family the longer you are staying in the home, the more return you will receive on your investment.
Then, look at the housing market and decide whether or not it is doing well in your area. If you are competing with a lot of new homes your investment may not be worth it.
However, if your remodeling job will make your home stand above the others it may be worth it. When you are considering the housing market you will have to consider whether the remodeling job will raise your appraised value of the home as much as you would like to be worth it.
These things are very important to know before you invest any money in a remodeling job. You may also want to find out how strong the resale market is in your area.
A local realtor will know the answer to this question and he or she will be able to discuss comparable sales that are available in your area. You will also want to determine how soon you will want to sell and whether you plan to sell with full MLS service, FSBO, or flat fee MLS.
If you determine that remodeling your home is worth it after you have gone through these questions, you will need to ask yourself who you want to perform the job. Consider whether you have the time, skills, and tools to do the task.
If you can and you have enough time, you can save a lot of money by doing the labor yourself. However, if you do not have the skills, time, or the tools, you may want to see if you can barter with a friend to get the service done without paying money.
If this is not an option, you will have to hire the labor out. Despite the expense, the remodel can still be worth it.
If you must hire out the labor, get a quote for the job from at least three local firms. Then, ask each firm if they are willing to beat the best offer you got.
If you only have the funds to complete one remodeling job, the kitchen and the bathroom remodels are generally the best choice. These remodeling jobs usually give the remodeler the best return per dollar.
Other remodeling jobs that usually do not give such a high return on the dollar include a home office, sunroom additions, family room addition, and master suite additions. However, the worth of different rooms varies a lot between different families and couples.
Remodeling these rooms may be worth the expense to you. However, before you remodel, make sure that it is indeed worth it.
by: Tom Selwick
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