Room Additions – Cost and Savings Analysis
Turning your home into a construction zone may not have been in your mind when you bought your dream home; but when the right opportunity comes along, doing a remodeling could be your best option. Millions of homeowners have discovered the potential and value of remodeling. It is time for you to find out.
Before we begin some useful cost-value analysis of home remodeling, let us look around at some facts. Remodeling magazines publish the importance of remodeling a home by telling people that it improves the home's livability and enhances the home's appeal for potential buyers. That's true until now. In fact, the highest remodeling comes from updating the kitchen and baths. The home office is another area that increases a home's value.
Payback after a home remodeling is defined as the total investment a homeowner can earn back upon selling the home. In general, when a kitchen is upgraded, the homeowner can recoup around 101% of the money invested in the project. Similarly, upgrading a bathroom will earn 85% of the cost, adding a family room 86%, adding a master bedroom 85% and adding sunroom 71% within a year, maybe more later. Here is a list of returns (% of cost recouped) for different remodeling projects in different states.
Kitchen remodeling CT - 125%
Bathroom addition MI - 96%
Kitchen remodeling KT - 92%
Exterior pain change MA - 90%
Master bedroom remodeling FL - 86%
As you can see from the above list, the payoff associated with a remodeling project is significant when the right strategy is followed. Remember that costs of upgrades can escalate over time and therefore money invested in a project will surely increase the home's value. You may not be able to recoup the entire investment the first year but over the years, the investment can bring a great return.
It is now time to turn our attention to making these remodeling projects successful. A simple kitchen remodeling job can easily cost more than $20,000, while a bathroom makeover is as high as $60,000 depending on the materials and labor used. Your first priority here is to keep to a budget, follow a careful plan and pay attention to details. Then, communicate your ideas and budget parameters to your contractor without overstating the amount. Set aside emergency expenditures as well because there should be room left for sudden cost increases or project modification that may arise in the future. Having a detailed agreement from start to finish will let you double-check that you are getting what you are paying for and the project runs smoothly. Remember that a little can go a long way with remodeling. Anything that increases the functionality, durability, and appeal of the project will pay off in the end.
Whether you want to rely on a contractor or roll up your sleeves and start your remodeling project yourself is entirely up to you. But make sure to weigh the cost of time spent on researching or supervising against the hidden value of your property that you hope to capitalize through remodeling.