In the current economic climate, many homeowners are worried about how they will sell their home. It's a buyer's market, and many homeowners aren't prepared to lose a good chunk of their investment in their homes by selling at this time. Many are wondering, is it better to wait?
Remodeling a home is a great alternative to selling your existing home and moving. Remodeling means you get to remain in your community, the children don’t have to change schools. Your lives might be uprooted a bit during the actual remodeling project but afterward, you’re able to continue with the routines you love like walking the dog, bike rides and more.
It pays to spend time researching and planning any remodeling project, big or small. With a well thought out design, plan a 10 to 20% contingency in your budget, things will go more smoothly. Know that it can be hard to budget for remodeling projects. Don't be surprised if you find existing problems in the walls, and you might have to replace a window, insulation, or sheet rock unexpectedly.
Another planning tip is to review your planned project against the most popular, to see if the improvements you are making will increase the value of your home. That’s where the annual Remodeling: Cost vs Value report (check out 2011) from Remodeling Magazine can help. Home professionals like realtors and home appraisers can also give you input on the market value of your home after completing the remodeling project you’re planning.
Remodeling Trends in 2011
With lower home prices, homeowners are focusing more on spending less to update their homes. 42% of homeowners think it's a good time to remodel this year with replacements performing very well in resale value (cost-value ratio is an above-average 71.6%).
Here is a recap of 2011′s top remodeling trends for you to use in planning your remodel or home makeover. If you want more information, you can read Remodeling Trends Focusing on Lower Costs.
- Easily maintained materials are key. Homeowners are favoring smarter, smaller homes made with materials that are easy to clean and maintain. By investing in these high quality materials, you can save a great deal of money in the long run by not having to replace them.
- Implementing universal design principles in a subtle way increases the resale value of your home. Larger doorways and open floor plans that are wheelchair accessible will make your house marketable to a larger audience of buyers.
- Go Green. Sustainable materials are in and they're here to stay! Always buy energy-efficient windows, lighting and appliances to save money every month and keep your home up to date.
Remodeling Tips for You
Here are some planning tips to point you in the right direction. Every situation is unique so consider these as one input to your ultimate plans for your remodeling project.
- Home maintenance should be your #1 priority, and should not be deferred. Unless it’s a freak storm, the first roof leak is when you start planning for the new roof as more repairs will only drive your costs up.
- Focus on your family’s lifestyle and how a remodeling project will enhance your lives. A kitchen with more space for the kids to do their homework or a garage with a workshop are perfect if you use them frequently, and a money pit if you don't.
- When remodeling a home it’s all about planning. If you’re going to update your kitchen remodel in stages, plan the entire project first to guide you and insure all the pieces come together.
Every home is different, so communicate with your family about what their needs are and decide together what kind of remodeling you'd like to do. Thanks for reading!
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