Remodelling Your Home By The Numbers
Maybe you've been feeling the need for more space, less space, or just different space. You've been wondering - which solution will give me what I want with the least financial hit? Here's one gauge to use: Expect moving to cost 10 percent of your home's current value. If your remodeling project can be done for less than that, stay and do it! But plan it with an eye on the potential resale value. Read on for ideas and tips that will help you take the lead in plotting your home remodel.
Ideally in resale you'll be able to regain the money you put into a remodel. With some projects, you may recoup more than you put into a remodel. With some projects, you may recoup more than you spend! Remember that payoff also depends on:
~ Condition of the house overall
~ Value of similar house in the neighbourhood
~ Availability of new homes in the area
~ Rate at which property values are changing
WHAT TO REMODEL
When you're ready to nail down your plans (so to speak), here are suggestions from industry experts:
Add usability with dual sinks and cooking stations. Add aesthetics with commercial-quality and stainless steel appliances, stone or stainless steel countertops and ceramic tile back splashers. Add space with a breakfast nook or walk-in pantry. Add livability with a computer desk, mudroom or hobby area.
Add light with skylights and glass blocks without losing privacy. Add space with a walk-in dual shower, vaulted ceiling, recessed medicine cabinet or curved shower curtain rod. Add functionality with twin sinks or vanities. Add aesthetics with ceramic tile or stone floooring, stone countertops and heated towel bars and floors.
Remodeling the exterior is as much about maintenance as it is about curb appeal. Vinyl siding looks fresh and tidy year after year with minimal upkeep. With stucco siding, a new polymer covering can be sprayed or troweled onto a fiberglass mesh base.
New windows will help you realize additional savings in monthly utility bills. Prospective buyers view windows as they do other structural items, so failing to update old cones can result in lower - or no - resale offers. Newer styles include seamless bent-glass corner windows, curved glass, and casements with no center stile.
In addition to making it more livable, remodeling can also make your home more valuable. According to the Appraisal Institute of Canada, your remodel investment dollars pay back at different rates when you sell your home, depending on the type of project you choose. Using these sample job costs, here is the estimated return on various remodeling projects:
Minor Kitchen Remodel
Major Kitchen Remodel
Heating System Replacement
25%-50%Adapted from the Appraisal Institute of Canada's Renovation Worksheet,