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Should I Remodel My Home

Should i remodel my home now or wait and what should i know about getting an estimate from a licensed general contractor?

This topic will be spread over three separate parts. The first is the budget, second is the scope of the project and third is the contractor’s estimate.

The budget.

Budget by definition is “the total amount of money allocated or needed for a particular purpose or period of time.”

The difficulty in establishing a budget for a construction project is most people have no idea of what they can get done for a given amount of money. So the first thing is to consider the amount of money you can afford to spend or are willing to spend for your improvement. This amount may or may not be adequate to complete the desired project. It also could be too much.

How do you determine what is a sound investment for you improvement is based on a few sound investigations. One is for example, a kitchen remodel , can be research on the web of costvsvalue.Com. As you will see, the national average for a major kitchen remodel job is $58,367. The recoup cost upon sale of the house is $40,126 or 68.7%. Given this fact one must determine if the investment is worth the added value one might gain in happiness of having a new kitchen. If you are planning to sell in the near future then it would not make sense to invest in a major kitchen remodel. If you are planning to stay in the home for another 5 plus years, then you will enjoy all the new amenities a new kitchen will bring.

If the value of your home is $450,000 and you owe $400,000 then this might not be the smartest move either. If you have more than 50% equity in your home and you have the capital for such an investment, then the only decision is to enjoy a new kitchen or not. Things to consider for this decision are: function, efficiency, comfort, and prestige. Return on your investment and return of satisfaction are a difficult combination to make an objective evaluation. Will you be happier with a new kitchen? Who does the cooking will be more happy. If the is the wife then the old saying make ring true: a happy wife is a happy life.

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 Remodeling and Home Design

 

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