Many people believe remodeling will help increase their property values. What they aren’t considering is that appraisers only take in a small portion of their renovations to the appraised value. This has led to the highly-publicized “over-improvement” syndrome.
In today’s economy, more than ever, you need to understand the RIGHT way to remodel…
Here are the renovation do’s and don’t’s:
DO Look Closely at the Space: You have to first identify what the purpose of the remodel is. Are you needing extra space, are you making changes for health reasons or simply upgrading your lifestyle and living space? Decide what is a MUST CHANGE and what you can keep or take care of later.
DON’T Skip the Estimate & DO Shop Around: A designer, contractor or architect should ALWAYS visit your home before providing a quote for you. Make sure your quote is as DETAILED as possible. This will eliminate misunderstandings and overspending down the road.
DO See it In Person: Make sure you take the time to visit the showroom or warehouse to see IN PERSON the materials you are considering purchasing. Photos aren’t going to show the tiny imperfections seen on some materials.
DO Set a Budget: And STICK TO IT. Determine how much you want to invest (with help from your already-received quotes) and establish which priorities are MOST important to you. Stick with your game plan, no matter what!
DO Choose a Professional: From having your Realtor’s opinion to picking the right person to head up the job, choosing a professional will be key to minimize headaches. There are many professional remodeling organizations such as NKBA or the National Association of Remodeling Industry that can assist in helping find a qualified contractor.
DON’T Forget to Micro-Manage-Ask questions and find out WHY they are doing what they are doing. Just “letting the contractors be” could mean trouble. Don’t be afraid to understand the process.
DO Think of Resale Value: If nothing else, please consider the short and long term implications of your renovation. Sometimes being too unique cuts off your ability to market toward highly-effective buyers and overpaying or over-improving can lead to loss of returns. You want to organize it to at the very least recoup your investment.
For other great tips on remodeling, feel free to email me at winter(at)seasonsrealtygroup(dotted)com