Considering a home construction or remodel project? A few things you may ask yourself are: “Is this project necessary right now, and is it a wise investment?” “Is it something I can do on my own, or do I need to hire a licensed contractor?” “Are there ways I can cut costs and still achieve the same outcome?”
Whether you decide to begin your remodel project now, or down the road after the economy makes a stronger rebound, one fact remains -- a home remodel project is an investment, and you should recover those costs when it comes time to sell your home. Make the decision to begin your kitchen remodel, upgrade your bathroom, or add on a family room to your home now, and you’ll enjoy the benefits of the project in the short term and the long term.
With the economy as it is today, many costs of construction and contracting are down - meaning you could actually save money if you begin your remodel project now. Wait until the economy bounces back, and you may end up spending more to complete the same project.
Let’s do the math. Just how much can you expect to recoup from your remodel project when you sell your home? It’s important to understand that not all home remodel projects will add value to your home, but here are a few remodel projects that will.
- Kitchen remodel - The kitchen is often considered the heart of the home. It’s a gathering place for friends and family. According to HGTV, you could recoup between 60 and 120 percent of your kitchen remodel when you sell your home. The best way to recoup your remodel costs is by keeping your new design in line with the rest of your home and the neighborhood. If you make your kitchen fancier than the other homes in the neighborhood, you won’t recoup as much of your remodel expenses.
- Bathroom - If your home only has one or two bathrooms, consider adding a bathroom. Additional bathrooms add value to a home. As with the kitchen, if you don’t go overboard and keep your bathroom remodel or addition in line with the rest of your home, you could recoup 80 to 130 percent of your remodel costs.
- Add a deck - Outdoor living spaces are becoming increasingly more popular. Spend some time designing an outdoor living space, not neglecting your yard, and you could recoup 65 to 90 percent of your costs when you sell your home.
Other home remodel and construction projects that can add to the value of your home includes: renovating a room, adding energy-efficient windows and insulation, and other basic updates like painting and updating hardware. With these and other remodel projects, remodel costs will vary based on materials used, and how many bells and whistles you add to your design. Though you could save costs on labor by doing it yourself, working with a licensed contractor is always a safer bet.
If you’re considering a home construction project, give CB Construction a call today. Let the experienced CB Construction team guide you through the process from planning to completion.
If you have any questions, please don't hesitate to call or email me.
5711 Mercedes Avenue
Dallas, Texas 75206