The Remodeling Magazine Cost vs. Value report for 2014 has been released, and it shows that the remodeling industry is creeping upward, recovering from a long downward slide. Despite the fact that it might take some time to recoup your entire kitchen, bath or basement remodeling investment, depending on the type of remodel and the market conditions, that’s no reason not to undertake the project. Remodeling Magazine’s Editorial Director Sal Alfano notes that at least part of the motivation for remodeling is emotional. He’s right, but form follows function and the top reasons are either need-based or want-based.
Your remodeling effort should be designed to reach your ultimate goals. To effectively reach those goals, communication with your professional remodeler is important. Share your needs and intentions with him. He can help you decide on the best course of action. For example, if you plan to move within two years following a major remodeling effort, your builder may advise against the job. You wouldn’t recoup your costs in such a short time. If you are thinking of updating your home for resale value simply because you want to downsize or find a more suitable home for your living needs as you age, consider the cost of moving expenses – not only the physical move itself, but the time it takes to get established in a new community, the switch in banking, grocery shopping, even getting gas for your car. Most of the time, remodeling your existing home will cost less and provide more benefits. You can stay where you’re comfortable, get a good value for your money, and end up with a beautiful, livable, updated home.
Generally, changes in family, lifestyle and age prompt homeowners to consider remodeling. It’s not all about the numbers. It’s about creating a space that you absolutely love and meets your individual goals.