It may seem as if everyone is remodeling their homes. When you see all the amazing things others are doing to their homes, you may think it’s time to look into home remodeling your own home. These are a few things you should consider prior to making this commitment.
Home remodels can be anything from changing your flooring to reworking your entire floorplan, including moving plumbing and electrical.
However, home remodeling is inconvenient. Depending on the rooms you are renovating, you could be without a kitchen, bathroom or bedroom for several months. Some renovations require that you move out completely during the process. Therefore, consider the time of year and whether you have another place to go during the renovation.
Purchase or Remodel Considerations
First, look at your budget. Can you purchase the new home of your dreams, or do you need to focus on a smaller expenditure and just remodel your existing property? Also, analyze your location. If you love your location and want to stay in your neighborhood or school district, it may be better to remodel. However, if you prefer another location and have the money to purchase a new one, this may be your choice.
Potential Value Increase
Remodeling your home will increase its value. However, you don’t want to price your home out of your existing market. You see, every home’s value is based on the values of the homes in the area, especially those that have sold recently. If your home is currently valued at $250,000 and the average home price in your area is $280,000, you don’t want to spend $100,000 on renovating your home or you may never recover those costs.
However, there are always ways to improve the function of your space without outspending the neighborhood. Instead of removing walls, you may increase a doorway, and instead of moving your plumbing, you can keep the same footprint and change the size and shape of the fixtures.
If you are unsure of whether you want to invest in home remodeling, take some time to weigh your options. Discuss the process with a contractor and your family to ensure a remodel is right for you.