Gabriel Construction Inc.
Q. Are you planning to make major home improvements, but are worried about getting your investment back when you decide to sell? Do you know if you are spending wisely? Did you know you could increase the value of your home through simple remodeling?
A. When remodeling, you must weigh the cost of the remodel versus the value of the finished product. When we say “value,” we're am not only talking about resale value, but about the value of the remodel to you personally. Some important questions to ask are; How long you will be staying in your home? and; What benefits will the remodeling project bring to your daily life?
Regarding resale value, your remodeling project needs to be assessed based on your neighborhood. The best home improvements are cosmetic improvements. Minor updates to the kitchen and bathrooms, or a new roof are always valuable. Aesthetic additions such as new carpeting or paint are another type of remodeling project that returns almost 100 percent of their cost to the value of your home.
For larger projects, the average return within one year after the remodel varies. Major kitchen remodeling gives an average return of 87 percent, a family room addition at 84 percent, a master suite averages 82 percent, and window replacement 68 percent. As you can see from these examples, your remodeling project will always add some degree of value to your home.
When remodeling, it is important to remember that you will be selling your home someday and you need to make wise remodeling decisions. You must weigh the up-front cost of the project versus the usefulness to you and added value to your home.
According to the “Cost vs. Value Report” published each year in conjunction with Remodeling magazine, remodeling pays off. For example, in a neighborhood where most homes have an updated kitchen, remodeling a kitchen may well increase the resale value of the home beyond the cost of construction. In some cases, in fact, not redoing the kitchen could cause the home to sit on the market for much longer than normal and to eventually sell for less than similar homes in the area.
Keeping up with the Joneses can be a savvy investment move.
But ultimately, the best reason for a remodel is to enjoy it.
If you are thinking about remodeling call at:
(312) 912-9602 Office
(312) 617-8288 Cell