Remodeling homes is very common for many people who have owned their homes for a number of years and maybe grown tired of the design or style. Popular too, is the desire to update old features and make their home more energy efficient. Whatever the reasons may be, before you remodel, take the time to think about your ideas in terms of profit and pleasure. Later, you will be glad that you did since profit is vital to real long term pleasure.
Part of the overall goal, or the end result, of any home remodeling project should be an increase in the value of your home. A simple question to answer before you begin is whether or not you will receive any future financial benefits. If you have ever seen any of the home appraisals on TV, you may recall the horror stories of some owners who remodeled for pleasure only. Many ended up hurting themselves in the long run.
Remodeling homes can vary considerably in cost as the economy fluctuates. When interest rates are down, building materials discounted and laborers readily available, you will have more than a good chance of making a very profitable remodel. However, if the situation reverses, or your project is ill thought out, you could end up with substantial expense.
This brings up another point. If you are planning a project and considering selling your home in the near future be very careful. You may not realize a full return on your investment much less a profit. Some experts advise that there should be a 2:1 return ratio.
Invariably there will be cost overruns in home remodeling. There are always a few things you just can’t foresee such as problems and design changes. Remember if you are doing any major construction, you will be building onto, or into, an already existing structure which is in itself very challenging. Older homes may not be up to “code” or wooden structures may have been built with lumber that is not the same dimensionally as modern materials. As the old saying goes “expect the unexpected”.
In the area of profit, you may be able to help the bottom line if you have skills involved in remodeling, or have friends who do. Many home improvement centers also provide detailed information for DIY projects and experts who regularly conduct small group instruction.
Another consideration will be the comparability of your home in respect to the rest of the neighborhood. Will your increased home value help the neighborhood, or be hindered by it? Are your design ideas, especially concerning exterior remodeling, compatible with the overall “look” of the neighborhood? Another potential pitfall to avoid is overbuilding for the neighborhood.
With that said, you could hardly make a better investment, all things being equal, than to remodel, improve and upgrade your present home. Considering your home is a huge investment, isn’t it wise to invest in a well planned remodel?
Remodeling homes can be challenging, but it can also be a pleasure. After all, you have a home that you enjoy and you want to increase that pleasure in some way. Some things that will help ensure that result are a well chosen and planned design, a definite plan of action and the proper attitude. Things are going to get hectic and nothing will ruin a major home project quicker than not anticipating problems, errors, or delays.
As you are planning, make sure you haven’t gotten overly ambitious and zealous, and in effect “bit off more than you can chew”. If you do decide to go the DIY route, make sure you can follow through and complete your project.
Lastly, a long term pleasure may be realized by installing and/or using energy efficient methods, products or appliances. These can be researched according to your needs and the present costs versus future returns weighed.
To help make your home remodeling easier and more successful, consider some of the design services available. Many good ones can be found online and will offer plans, estimates and guidance to help you avoid costly mistakes.
The end result of remodeling homes can be both profit and pleasure. If done wisely your home will reflect your tastes and personality, and provide many more years of enjoyment.