Five years ago many homeowners would do extensive, extravagant remodels to their homes, but rarely did they think of how it would impact their bottom line. Now a-days people are spending more time at home but not interested in doing year long remodels that cost a fortune. Instead they are opting for smaller, quicker updates that are easier on the wallet and less obtrusive to their living environment. I have posted many remodeling projects here on the blog and I always get emails from readers curious about the investment. Is it really worth the cost, especially if you plan to move, and what are things that should be considered?
1) Budget
Bath remodel
How much money are you willing to spend? This is a big question. Often homeowners will come to me either unprepared to answer this question, or they will answer incorrectly fearful that I might use all of it. Unfortunately folks, I will. That’s exactly what a budget is for. If you allocate “x” amount of dollars for a remodel, use all of it. Otherwise, you are squeezing blood from stones and it is going to show in the results, decreasing the value drastically. Most homeowners undershoot the budget by a long shot. Where they get there info I will never know, but the AVERAGE bath remodel is $20K and the average Kitchen remodel is $30K. Does that mean a remodel isn’t for you if you don’t have that much? Sometimes, but if you are willing to do some serious leg work small changes can make a big impact to the over look and resale of your home, ultimately adding value.
Before and after
This vanity above is a prime example. The vanity before was very outdated, too low, and had the original 1970′s cultured marble that was scratched all to hell. For $2500 we updated the cabinet, got new granite counters, an under mount sink, a new faucet, and repainted.
2) Time, quality or budget, which shall it be?
For this same bathroom (shown above) I suggested we amp up the floor by creating a pattern with two inexpensive 12″ tiles. This completely changed the look and feel of the space and immediately told guests that this space was custom. However it took us two months to find at a price the client was willing to spend.
Alternating tiles
You know the saying ” You can have two, but not not all three: Time, budget, or quality” Something will have to be sacrificed. That doesn’t mean you are eliminating the potential value of your investment. But be smart with how you spend your dollars. Always remember that remodels are for personal enjoyment first, and then investment value second. Don’t over do your investment by going too high, and don’t shoot your investment in the foot for going too low. I see this all the time. A million dollar home with garage cabinets in the master bathroom IS NOT a sound investment. If you cannot do everything at once, do it in stages. Every dollar you spend to appropriately update your space will typically have a return value twice what you put into it.
In todays market value comes in many different forms. It could be hard cash in your hands when you sell, but it could also mean your house functions better to your lifestyle, makes life easier, or sells quicker than the neighbors. In short, remodels are always a great investment and people tend to live better in environments that are functional and aesthetically pleasing.
Have you done a remodel before? What did you love most and most about it?
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About Amanda Gates
I was just talking about time / budget / quality. My favorite Benjamin Moore paint store has a saying to that effect: “you can have it fast, cheap or good — just pick any two” or something like that. I’ve loved it since the first time I saw it! It is so right.
I’ve had a closet, a kitchen pantry and a laundry room remodeled and a master bathroom updated (frameless shower, sanded & polished marble, new tile floor). None were “significant” in themselves but each caused its own share of angst.
I LOVE LOVE LOVE the increased functionality, the “upgrade” to those parts of the house (the rest of the house was already in great shape when I moved in) and the knowledge that it will make my house more competitive when we sell someday.
I HATE HATE HATE contractors and crews that don’t come when they say they will. My tolerance for that has dropped after an eight-week closet remodel turned into eight MONTHS. I had a subsequent contractor fired for not coming when he said he would after three times because I knew I couldn’t go through that kind of ordeal again. I also hate that this business is not rocket science but is still fraught with screw-ups, like poor Amanda’s closet doors for Mrs. S. Even though we work through contractors, they start the crew off in the morning, and then disappear. I’ve had carpeting laid incorrectly on the stairs (waterfall instead of the chair back that we paid extra for), exterior paint applied inside the house, THE WRONG GRANITE SLAB (lesson learned – never go on a business trip when something that critical is scheduled to be installed! Reschedule something!), half of the tiles cut to the wrong size, shower glass cut to the wrong size, etc. This is where my designer and contractors maintain my sanity – I simply pick up the phone, tell them what’s wrong and go on to the next thing knowing THEY will fix it. It is so worth the price of their services to me, as is the knowledge that they are bonded and have insurance!! A board fell on a crew member’s head in my house and cut his scalp. Thankfully it turned out to be a shallow cut but we couldn’t tell at first because there was so much blood and I had flash visions of lawsuits against me…