When taking on a home remodeling project, one of the first questions to consider is “how much should I spend?” While other major purchases like cars or property are somewhat easy to comparison shop, home remodeling projects can be a bit more challenging. After many years of living and breathing this business, I have yet to find a rule of thumb that works universally for everyone — there are simply too many factors to come up with one scientific model. However, focusing on these three major factors are an excellent starting point by which to streamline your efforts.
Home’s Market Value
Free online tools like Zillow or Trulia can give a general assessment of the home’s current market value, or, if homeowners are skeptical of those tools, a professional appraiser or realtor can evaluate the property. Either way, understanding the home’s value is a critical factor in determining how much to invest in the remodel. If a move could be pending in the near future, overspending is unwise if the project won’t add significantly to the market value. On the other hand, not spending enough could lower market value or make it harder to sell.
Remodeling Costs in Area
While helpful tools like Remodeling magazine’s Cost vs. Value report can give general figures of a particular project’s cost, talking with a seasoned professional in your area will garner the most precise and personalized information. A reputable design and remodeling professional can give you real-world examples of cost projections based on their experience with projects of a similar scope. They can also factor in unique circumstances such as home’s age, preferred finishes and fixtures, specific design challenges to be addressed, as well as the homeowner’s level of involvement in design and construction.
Enjoyment Value
Enjoyment value is personal, something to which only the homeowner can assign a dollar amount. I recently met with a client at the conclusion of her substantial kitchen remodel. She acknowledged that on paper she probably won’t get back 100% of the dollars she invested, but the joy she gets from being able to more comfortably host her extended family and friends for holidays and social gatherings was well worth the investment. Whether it is a kitchen, bathroom, outdoor living space, finished basement, or major addition, the benefits to your family’s enjoyment and lifestyle are priceless.
Brad Little is the President of Case Design/Remodeling of Charlotte and part of a leadership team made up of seasoned remodeling and design professionals with more than 220 years of combined experience. Contact them to discover how they can help you with your home remodeling or repair needs. For more information, visit www.casecharlotte.com or call 704-759-3920.