Upgrade With a Home Renovation
Unquestionably, the top reason you may consider home renovation is increasing function and safety in your home. The best home remodeling improves the house's level of comfort and functionality. For example, a well done primary bedroom suite remodel will create a refuge for relaxation,functionality and privacy. A kitchen remodel makes your cooking experience a lot more enjoyable and fun. And a dining or family room remodel provides a warm and friendly zone that brings the whole family closer.
After your home renovation, you may be nuts about your house so much that you don't want to move anywhere else ever again. However, you never know what the future might hold and if you decide to move, getting the best return on your investment can make all the difference. This is why one of the best reasons to start a home renovation project is that you can increase the value of your home and boost its selling potential.
In short, renovating your home allows for a unique, one-of-a-kind room that meets your current lifestyle and helps you expand your space. You'll not only have an improved and more enjoyable living space, but also get even more money back when it’s time to sell.
A professional remodeling job typically costs more than homeowners imagined.
In this era of cable TV shows, where jaw-dropping results are achieved for a pittance in less than 60 minutes, it's not hard to see how one's expectations are typically out of line with the reality of costs.
Add to that the variability of labor and material costs between different regions and metros in the country and you start to get a sense of how dramatically prices and value for the same work can vary across the United States.
These annual reports provide the numbers you need on how much it really costs for a pro to do a typical remodeling project, as well as how much that project can be expected to bring in resale value.
The numbers come from RemodelMAX, an unbiased third-party research firm that keeps track of labor and product costs in markets nationwide. They report on how much it really costs for a professional to do a typical remodeling project, as well as how much a real estate pro believes that project will increase a home’s value if it’s sold within a year of when the work was completed. By dividing the project’s value into its cost, you get a sense of how much bang for the buck you’re generating as a result.
Unlike reporting services that claim to report average or typical costs for remodel jobs that were performed, Cost vs. Value bases its numbers on what it would cost to do any of 29 theoretical projects in each of 99 markets nationwide. They put the same amenities into the same-sized space, varying their price by market. Likewise, while they assume it takes the same amount of labor to do the work, they vary labor costs according to the local rate.
After that, they add the same corporate expenses: taxes, worker’s comp insurance, and general overhead items like the cost of having an office, a website, a phone number, utilities, company vehicles, and equipment. Finally, they add a reasonable profit.
We’re not talking about repainting some rooms or planting flowers.
Most Cost vs. Value projects range from difficult to impossible, not to mention dangerous, for a DIYer to do. And if you don’t plan to sell within several years of the project, ignore payback numbers. They are closely tied to the latest rises and falls in home prices, and we all know how quickly those can change within a few years.
In general, the hotter the market, the bigger the payback.
As you review the reports, note that in some cases there are two versions of a common job, such as renovating or adding a kitchen or bath. The baseline or standard version is called a midrange project and the higher-priced version is called an upscale project. The difference between them usually has to do with the scope of work and the complexity of the project. It also takes into account different quality standards for finishes: for instance, the midrange major kitchen remodel calls for a plastic laminate island countertop while the upscale version has a stone top.
A job that’s done by a pro rarely will pay back at resale a higher amount than was invested in it in the Short Term.
In general, work to replace items that are broken or need simple changes, like replacing a steel entry door or a vinyl window, score higher paybacks than more discretionary projects, such as constructing a two-store addition or updating a kitchen.
Below are two downloadable reports for the Raleigh NC metro and the Chapel Hill NC metro.
- Remodeling Cost VS Payback in Raleigh, Cary, and Apex NC
- Remodeling Costs VS Payback in Chapel Hill and Durham NC
About Paradise Found Construction
Since 2008, our mission and passion has been to help our clients throughout the Triangle NC create their personal Paradise in their homes. We work closely with them to understand Their Vision, and leverage our vast experience in residential design to bring it to life in a 3D Color Visual Design before helping them Rediscover the Paradise in Their Home.
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