Much of the time, remodeling projects add value to a home’s bottom line – whether due to increased living space from a finished basement or addition or high-end countertops and appliances in an updated kitchen. However, how the remodeling projects are done can also impact a home’s value – and there are actually ways that remodeling can lower the value of a home. Read on to learn what to keep in mind when it comes to changing things up in your home.
You Get What You Pay For
We’ve all heard this saying and there’s a reason it’s so popular – it’s true! Choosing the least expensive materials and the lowest-price bid may save you money upfront, but end up costing much more down the road if the materials fail or the work isn’t done properly. Ensuring you speak with multiple, licensed contractors will give you a sense of the proper budget for your project and quality contractors will work with you to identify areas you can save money as well as places you shouldn’t cut corners.
To DIY or not DIY
Do-It-Yourself sounds great in theory, but it’s important you know both what you’re doing and what kind of person you are when it comes to projects. NARI has a quiz on its website that brings up some important questions to answer before you go for a DIY project:
Do you have the tools and the skills to complete the work?
Are your work habits focused to ensure the project gets completed? And are you ok living with an unfinished project during the time it takes to get it done?
Are you familiar with your local building codes and permit requirements?
Can you ensure the job will be “well done” and to a standard of quality that will reflect positively on your home?
Remember that DIY doesn’t always save money in the end – you need to factor in costs of materials, tools, your time to complete the project and the potential costs should you need professional intervention to finish the project or correct any mistakes made.
Too Many Trends
Trends tend to come and go – remember brightly colored shag carpeting?! What may be popular now that you enjoy isn’t always going to appeal to a wide range of future home owners. Neutral colors and time-tested materials will always age better – and your personal style can come through in smaller design elements and accessories (go ahead, get that shag throw pillow!) NARI-certified remodelers can advise on where you may want to push the envelope a bit and where it’s more valuable to pull back.
Remodeling is a very personal experience as you make changes to the home you and your family live in, but it’s worth keeping the future in mind as well. When you’re ready to sell your current home, you want the work done and money spent to be recouped to benefit you in the next step down the road.
Check out the Homeowners section of narichicago.org for more resources about what to look for when starting a remodeling project.
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