A profitable remodel takes a lot of skill, market savvy, and luck. It is possible that a few economical, but strategic, touches can transform a house, but those opportunities are rare. Professional remodelers buy low, make some improvements, and live with a certain amount of risk. The flip-this-house programs on television do not operate in the real world. Many factors can affect profitability. For example, the house may have reached the peak value for the environment. Or, prices may fall due to economic conditions. Or, you can make changes that are important to you, but don’t make a higher resale value.
Sometimes, when folks are getting ready to put their home on the market for sale, they ask if it would be a good idea to remodel. Generally, the answer is, “No, this is not the time to undertake a remodel project.” This is because they are likely to recover only a portion of their investment when they sell the home.
Therefore, think of remodeling as a way to improve your home for you and your family. It is well worth it to consult with an architect and Realtor friend before proceeding. They will know the latest trends in materials and colors, and will bring a higher level of expertise to your job. Sometimes people make the mistake of not enough thinking about how to improve their home. You might think of enlarging the kitchen, when you can open a wall to have a lighter and bigger space. It’s more cost-effective to use the space you have better than to add it.
One of the biggest mistakes we see is the renovation of the surface of the house, room by room. This misses the opportunity to consider how the architecture of the space can be redone to create more dynamic changes that improve the livability of the house and its market value.
Here are seven popular reasons for doing a remodeling project:
Stay in Style:
Color and complete the transition to new styles every ten years. For example, in the early 1990s bathroom tiles tended to be white with green or maroon accents. In the 2000s it came out, and granite or travertine came in. Now we see glass, concrete and engineered stone tiles. People want to refresh the look of their home. Staying stylish with the latest trends in color and finishing touches adds value to your home. It provides emotional appeal – an important thing to have when you are ready to sell. The finish is not difficult to change, and they make big visual changes – lots of bang for the buck.
Get Ready for Move In:
An optimum time for updates is just after the purchase of a home. Vacant houses are much easier to work with. This is the time to attack that popcorn ceiling, remove old wallpaper, re-finish wood floors, paint, and re-carpet. It is safer and faster to work in an empty space.
Build Bigger Closets:
In small homes the most common addition is a new master bedroom and bath. Modern baths are bigger and brighter than they used to be. Although the trend is toward smaller baths, we have moved from humongous to simply big. Closet needs today will not go back to the 1950’s. Often the limited closet space in older homes is simply unacceptable to today’s buyers.
Bring Kids In:
A popular motivation for remodeling is the need for more living space for expanded families. Couples have more children, or children get older and want more space. We see game or media rooms added for teenagers, as well as outdoor spaces, such as covered patios or pools.
Move Kids Out:
It is not uncommon to see homes re-done after the kids move out. Couples want to clean out and simplify their lives.
Improve Kitchen Appeal:
So far, the kitchen is the most updated room. This is the heart of the home and gets the most intense use. When it looks worn or worn, it establishes the condition of the house.0020This is the area that has the best return on investment. New appliances, countertops, lighting, floors, paint, and updated cabinets are very visual improvements, and can transform the look of the home. These changes are enjoyable to live with, and are upgrades that add market value. So, kitchen updates are a win on several different levels.
Expand to the Outdoors:
A better connection with the outdoors will add to the emotional appeal of your home. People love front porches, screened rooms, covered patios, and courtyards. Improving tired old landscaping can make a huge difference. One of the most common remodeling mistakes is not realizing that old, woody shrubs come across as stodgy, and set a dated tone before people even come inside.