Remodeling - Decide The Why And How Before You Start

So you are thinking about doing some remodeling. That is a great idea. It is part of the fun and work of having your own home. It can be very rewarding and profitable. Depending on what and how you do it, it can also be a mistake. Before you start, it is important that you understand why you are remodeling.

Reason #1

Are you doing it simply because having your dream kitchen will make you happy?

Reason #2

Are you doing it to improve the value of your property and thus your net worth?

Reason #3

Both 1 & 2

Use the answer to this question as a guide as to how you go about doing your remodeling job. Here is a national statistic according to Realtor Magazine Online. If you spend $42,660 to completely remodel your kitchen, it will add 79.4% or $33,890. to the value of your home. That is a loss of $8,770. in real dollars.

That makes the why and how you remodel very important issues. If you want to have the beautiful kitchen simply because it will make you happy, then go ahead and remodel away. It will be worth it because after all, happiness is a very valuable commodity.

If intending to improve the value of your property in real terms is any part of the reason that you are remodeling, then you may need to do it differently. You will need to think more like a real estate investor who buys and sells so called fixer uppers for a living. According to Realtor Magazine Online, these are some of the things you need to consider.

1- What is my neighborhood like? This is an important question because when homes are appraised, they use the recent sales of homes in your area as a comparison. A $20,000 renovation could add $50,000 value in one neighborhood and $5000. in another. Being the best home on your block is never a good idea because it makes the house more expensive than the others and therefore harder to sell.

2- Dont try to change the style of your home. It often does not workout.

3- Usually it is a bad idea to change the purpose of the room. "Keep kitchens as kitchens and baths as baths.

4- People generally underestimate by 20 or 30 percent the time and dollars the remodeling will take.

5- I say, doing as much as you can do yourself is a great idea. It can save you a lot of money and be a lot of fun. If you dont know how to do something, home improvement centers can be very helpful. Realtor Magazine has different advice. They say, Unless you have first rate skills hire someone who does. No matter who you agree with, the bottom line is it must look good.

6- If its not broke, dont fix it. Dont waste money on renovations that wont pay off.

7- Proper home maintenance is always of first priority. Dont delay painting, fixing windows, trimming trees and cleaning the gutters.

If you dont want to pay more for remodeling than the added value of the property will be, do some research. Ask a realtor or appraiser for their advice. Find out what your house is worth now and what it will be worth after you remodel. Get estimates on the work from several contractors. Go to your local home improvement center for prices and advice. Talk to a real estate agent. Consider what you can do yourself and what you cant. A little homework can help you maximize each dollar spent on your remodeling job. Remodeling your home is really a great idea, as long as you know why you are doing it and how you are doing it. Copyright Stan Kazwell Jr.

Stan Kazwell Jr. is the president of Kazwell Financial Services, Inc a mortgage company located in Port Charlotte, FL He writes a monthly newsletter on financial issues and co-host the Real Estate Charlotte radio show heard in southwest Florida on WCCF-AM, NewsRadio 1580. For more articles and special reports on mortgage financing, go to http://www.kazwell.com

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