Home remodeling can be exciting and frustrating. It can also be stressful for the human occupants and even the family pets.
The terms renovating and remodeling are used interchangeably by many people, but to housing professionals these are two very different projects. The difference lies in the cost and scope of work involved.
A home remodel’s cost depends on the project type and the house. On average, homeowners spend $15 – $60 per square foot on whole-house renovations. A remodel’s cost can vary even more based on materials used. The most expensive home improvement materials include kitchen appliances, cabinets and countertops. Using low-cost materials is one way to reduce remodeling costs.
While many homeowners renovate for aesthetic reasons, a good number upgrade their homes to increase resale value. According to a 2022 study by NAR and Today’s Homeowner, homeowners can expect to recoup 69% of their investment in a home remodel. Some of the top projects that deliver the best ROI include a new master suite, a fully remodeled kitchen, hardwood flooring installation and a replacement HVAC system.
Regardless of the reason for your project, be sure to establish a budget ahead of time. This will help you avoid any surprises during the process and ensure you’re sticking to your goals. Having a solid plan from the beginning can also speed up the project. This can be as simple as a sketch on a cocktail napkin or full-blown architectural plans. The other key to success is finding the right contractor for the job. They should be familiar with your needs, have experience working on your type of project and have excellent references.
Remodeling projects often involve more than just updating the home or business’s appearance. Clients may also want to improve the property’s functionality by adding space or amenities such as a new kitchen or living room. Other reasons for remodeling include boosting the property’s resale value or simply wanting a change.
Many of these improvements are do-it-yourself friendly, but some require professional help. Choosing the right professionals, from contractors to interior designers, is critical for success. It is also important to plan well and communicate with the design and construction team to ensure all parties are on the same page.
Another factor to consider is the area in which you live. Some remodeling decisions are influenced by regional preferences. For example, a fireplace might add more value in Louisville than it would in New York City. And local weather conditions might influence the need for certain features such as a deck or outdoor kitchen.
Finally, a remodel can be more environmentally friendly than demolishing and building a new structure. Demolition and new construction create a large amount of waste, which is deposited in landfills and other dumping sites. When clients remodel, however, they are able to keep as much of the original structure as possible, reducing the amount of waste produced. Also, if clients choose to remodel their entire home or business, they will save on energy costs in the long run by using modern electrical, plumbing and framing that consumes less energy than older versions.
If you’re thinking of remodeling your home or commercial property, it’s a good idea to consider the return on your investment. In addition to the value of increased resale, some projects add comfort and function to the property. The best projects also improve the overall monetary return by reducing energy consumption and costs of maintenance and upkeep.
Remodeling your home can increase its resale value by adding modern amenities and features that are popular with buyers. However, it’s important to keep in mind that some projects don’t fare well when it comes to ROI. Big-ticket renovations such as kitchen and bathroom additions typically have lower ROI values than smaller renovations. Specialty remodels such as mudrooms and entryways also tend to have low ROI values since buyers might not see the value in these specific additions.
If you are planning to stay in your home for a long time, it’s a smart idea to remodel with future needs in mind. For example, incorporating universal design can help you make your home more accessible to aging relatives and yourself in the future. This can include installing wheelchair-accessible doors and features, such as widening doorways or adding ramps. It’s a good idea to talk to an expert about these specific options before undertaking any home improvement project. Creating these designs can be more cost effective than tearing down and rebuilding your structure in the future.