As the housing market remains competitive, more people seek to make do with the homes they're in rather than buy something new. Homeowners are also increasingly savvy about maintaining and improving their home’s value so they can make a profit if they decide to sell in the future.
So should this be the year that you, too, take the plunge and give your home a makeover? Here are some things to consider:
The biggest thing you should consider before undertaking a remodel project, especially an extensive one, is whether it’s in the budget. Remodeling is expensive, there’s no way around it, and prices vary depending on the features you want to add (or remove). Sites like Manta can provide estimates on how much your remodel project will cost -- a bathroom remodel, for instance, will average around $25,000 in Annapolis. But that’s no substitute for doing research, which should include calling local contractors and design-build firms (like TailorCraft) to get estimates. Don’t forget to plan to set aside a contingency budget to account for anything that might crop up during the remodel.
Most experts recommend budgeting 10 to 15 percent more than the projects estimated cost.
Keep in mind that remodeling projects take time. Hope for the best and plan for the worst, and know that more than likely something will happen during the course of the project that will delay it. An extensive kitchen remodel can take up to six months. Expect bathroom remodels to take at least two months, and a small room addition will take at least one to two months. If there’s extensive electrical or other specialized work that needs to be done, it will take longer. So if this is the year you’ll be hosting book club every third Wednesday and having your kids’ friends over for sleepovers, a disruptive home remodel may not be a great idea. Or, if you know you’ll be under a lot of pressure at work and maintaining a busy family life, maybe it’s not worth adding in the stress of a home remodel project (and even with the best design-build firm and contractors, it will be stressful at times).
Should you feel like this is the year you’d be able to focus on the project and could handle not having access to your kitchen cabinets or master bathroom for a couple of months, then maybe 2019 is your year!
Return on investment
If you’re planning on remodeling your home to increase its value for a future sale, take a step back. Remodeling, as we’ve discussed, is expensive and likely will not greatly increase your home’s overall value. (It could, however, increase your real estate taxes.) Some experts say it takes about 7 years to recover the costs you put into your home. Some upgrades, like a kitchen or bathroom remodel, may have a more immediate impact. On the other hand, if you’re deeply tied to your home or your neighborhood, then a remodel might make much more sense than a move.
If you plan to stay in your home for the next 15 to 20 years, taking small steps now to plan for the future is a wise investment.
Quality of life
If a remodel is more of a “want” than a “need” and it’s not in the budget, then it’s wise to wait. But if you know you’re staying put, and your home is no longer properly meeting your family’s needs, then a remodel makes sense. Perhaps the physical abilities of someone in your home have changed, and you need wider doorways or ramps into the home. Maybe baby number three means it’s time to convert that unused space into a new bedroom. Maybe your living space isn’t conducive to spending quality time as a family.
Whatever the reason, you know the needs of your family and your home, and a remodel may help you all continue to enjoy your current home for years to come.
Still have questions on whether remodeling is right for you this year? We’d love to help! Contact us here.