Remodeling your North Carolina home is an exciting prospect. Even if you have already completed several upgrades since you bought the property, each one is a little different. This variation can make it hard to know what to expect. With these tips, you will have a better understanding of several aspects involved with most home improvement projects.
In order to find out which remodeling projects are the best for your home’s resale value, you should do a little research. Compare your property to others in your neighborhood, especially if your home is older than other houses on your street. Ideal home improvement projects solve problems that you have currently, or address defaults that might make your neighbors’ houses look better.
There are a couple of ways that you can consider resale value. The first method focuses on your return on investment. This number is a percentage of the amount you pay that your home increases in resale value. The second concerns the way that your home competes with other properties in your neighborhood for sales. Some renovation projects have a lower ROI, but you may need to do them anyway in order to sell your home.
It all depends on your current home. If you only have two or three bedrooms, adding another one might increase your resale value noticeably. Similarly, moving from one bathroom to two can make a big difference. Renovating your kitchen or adding a master bedroom suite could be the most expensive project you do, and they do not usually have the highest ROI. If they bring your home into the 21st Century, however, they may be worth it.
The cost of your home improvement project depends on what you have at the moment and what you need to do to get what you want. Some projects, like upgrading exterior doors without changing the size, start at a few thousand dollars. Others, like a whole-house remodeling project that upgrades the bedrooms, bathrooms, kitchen and living spaces at once, usually run in the hundreds of thousands.
Home additions usually cost at least $50,000, depending on the size. A bathroom addition is on the lower end of the range, while a master bedroom suite or second-floor addition could run $200,000 or more. These estimates relate mostly to additions that extend the home structure. A deck or patio addition is generally less expensive because you do not need to build exterior walls or a roof around it. Keep in mind that you may have a variety of financing options, including applying for a loan from the remodeling company.
Your project’s return on investment is a concrete number, but it can be misleading. Statistically, the more you spend on a project, the less likely you are to recoup all of it back in higher resale value. An upscale master bathroom addition might only be worth half what you paid in ROI, or even less if you had a good one to begin with.
On the other hand, if you did not have a master bathroom at all, this addition could make your home much more competitive on the local market. As such, while you certainly should consider projects with the best ROI, it is wise to remember that there are many factors involved in that number.
Since a kitchen remodel is one of the more expensive projects you can choose for your North Carolina home, considering ROI is a smart decision. Your ROI depends on the type of renovations you do for the kitchen. The most efficient project is a minor kitchen remodel, which keeps the layout and some of the features. Your ROI might be as high as 80 percent for this renovation. By comparison, a major kitchen remodel with upscale design and finishes has an ROI of 50 to 55 percent.
Your ROI for a bathroom remodel tends to be higher than it would be for a kitchen, largely because you are not spending as much money. The simplest remodeling project for this space still involves removing all the faucets and fixtures and starting fresh. Plans on the higher end of the price range create a larger space. If you are keeping the room the same size and choosing moderately-priced features, you may get about two-thirds of what you pay. If you spare no expense to create the bathroom of your dreams, your resale value is closer to half.
Adding a deck or patio is a great way to improve your available living space, with a lower expense than you would expect from other types of home additions. The increase in resale value for this project ranges from 65 to 75 percent. Many homeowners choose it to update their homes and improve ROI without having to change the home’s structure.
Every remodeling company has a different approach to the design and construction processes. At Wood Construction and Remodeling, we offer a free consultation and quote to homeowners who are interested in our services. For any consultation you request, it is important to give professionals an opportunity to look at your home in person. You may know your house best, but it is difficult to convey its features over the phone. A detailed analysis of the space and your expectations makes a design plan more likely to delight you and address your concerns.
Once the design process is complete, your remodeling company confirms the details with you and sets a schedule for construction. You may already have a general timeline at this point, but you will finalize it. You will also learn which areas of the home will need to be kept empty. Many homeowners find it easier to live somewhere else temporarily, particularly for extensive projects.
It is easy to get lost in discussions of costs and layout for your project, but timing is also a crucial factor. At the very least, you can expect several weeks between the initial consultation and the completion of the project. For larger renovations like a home addition, it may take several months.
To minimize stress, you should begin consulting remodeling companies several months in advance of the time you need the project done. Professionals often book out work, and there are times that they may be unavailable. If you can start looking a year early, you will have more scheduling flexibility for most projects. This advance notice also allows you some control over the planning, so that the work happens at a time that is least likely to disrupt your life.
Home remodeling is a great investment in your future. It starts with a professional remodeling company that will make your dream into a reality. If you are excited to discover how a remodeling project could change your life, contact us today.