Real Estate Information Archive

Homeowners Keep Remodeling Projects Small

Friday, March 05, 2010

by Sue Martin Team

Amid concerns about the economy, homeowners are moving ahead with remodeling plans, but are focusing on smaller projects, according to two separate surveys. In Remodeling Magazine’s 2009-10 Cost vs. Value report, which compares national and regional remodeling costs for 33 popular remodeling projects, homeowners who opted to hire contractors for home remodeling projects in 2009 most often tackled small-scale jobs and replacements.

Exterior replacement projects (doors, windows, etc.) continue to recoup the most dollars at resale, which makes them attractive to homeowners looking to improve curb appeal. Replacements are also among the least expensive projects to complete. Entry door replacements (steel), which recoup nearly 129 percent of their costs at resale, returned the most on investment. Other high-ranking cost-vs.-value projects were siding replacements, attic bedrooms and deck additions.

Projects that recouped the least were home-office remodels, sunrooms, upscale master suites, upscale garage additions and upscale bathroom additions.

For project data for the 80 U.S. cities surveyed, visit Remodeling magazine’s Web site at http://www.remodeling.hw.net/2009/costvsvalue/national.aspx.

A Service Magic survey also finds that after a brief slowdown in 2009, homeowners are moving forward with their remodeling plans, with a focus on improving the most important areas in their home like bathrooms and kitchens, as well as smaller-scale projects, like countertops. More homeowners also are adding home theaters and computer rooms to personalize their homes for the long-term. While kitchen and bathroom remodels remain popular, fewer owners are tackling larger projects, such as home additions and remodels of multiple rooms.

Project Runaway

Friday, April 17, 2009

by Sue Martin Team

You know that remodeling can add value to a home, but how do you know what rooms are worth remodeling, how much to spend, and how to preent your project from getting out of hand?

First, think about design and function, and distinguish between your wants and your needs — do you want to refresh your space to help you sell your home or do you want to create your dream room in the house you’re thinking of buying? Your goals for the project will set the parameters of your budget.

Room size, floor plan, product choices and amount of required labor affect the cost of a project. Kitchens, for example, can range from $5,000 to $50,000. The National Association of the Remodeling Industry recommends saving 10 percent to 20 percent of your budget for unforeseen costs. Be ready to make compromises here and there and plan to do some of the work yourself if you’re hoping to keep costs down.

There are various ways to finance a remodeling project, and many professional remodeling contractors are familiar with available financing options. Be sure to research funding sources carefully and compare qualification guidelines, interest rates, terms and tax considerations.

Finally, make sure you have a thorough and clearly written contract. It should include specific details about what the contractor will and will not do; a detailed list of materials for the project; approximate start and completion dates; total price, payment schedule and cancellation policy; and a minimum one-year warranty.

Sources: Kitchens.com; National Association of the Remodeling Industry (www.nari.org)

real estate kitchen update remodel home remodel home improvements remodeling update financing a remodel real estate remodel

Good On Paper

Friday, February 06, 2009

by Sue Martin Team

There’s so much to consider when doing construction or renovating your home, from picking the right contractor and the best materials to managing costs and making design decisions. But don’t forget one very important detail: building permits.

Whether you need to obtain one depends on your locality and the type of work you’d like to do to your home, but in many cases, you risk fines, penalties or additional construction costs if you don’t get one. Selling your house might also be more difficult if a building official determines you remodeled without a permit and demands you bring it up to code.

How do you know if you need a permit for your project? Before beginning a project, ask yourself these questions:

Will my remodeling change the footprint of the house?
Will I have to move a load-bearing wall?
Will the roofline be altered?
Will any new doors or windows be constructed?

If you answer yes to any of these, a building permit will likely be required. Other aesthetic projects, such as installing new floor coverings, replacing sink hardware, changing a countertop or replacing windows, but not altering the structure, don’t generally require one. If you’re uncertain or need more information, call your local permit office; someone there will help you assess your project and determine if you’ll need a permit.

Source: Wall Street Journal

home improvement construction remodel building permits inspection update your home remodeled bring up to code home remodel