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 … Read the rest ...Read More