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Posts Tagged ‘cost/value’

5 Critical Facts to Get A Higher Return on Your Remodeling Dollars Now

Written by Mike Foti on . Posted in Bathroom Remodeling

5 critical facts to get higher returns on your remodeling based on the 2016 Cost to Value Study | Innovate Building Solutions

Do you struggle with where to start first when it comes to remodeling or fixing up your home? Does your home resemble The Money Pit from the 1986 movie with Tom Hanks and Shelly Long? If you were taking a multiple-choice quiz about what need to be done at your home would you click the box that says “all of the above?”

Knowing where to put your hard-earned remodeling dollars can be confusing. Is it best to fix the broken windows, doors or poorly insulated walls or do a major addition to gain more space? Do you get bigger returns from a kitchen or bathroom remodel? If you redesign and remodel your bathroom to “age in place” will this improvement hurt you when you go to sell your home?

It’s easy to come up with these questions – the answers, though, are not so obvious. So, this brings us back to the question where should you put your remodeling dollars to get the biggest bang for your buck (or conversely should you even give a hoot about return on investment?).

Every year an extensive research team puts together the Remodeling Cost/Value Study to dig into these questions and provide you and I with the answers. My goal in this article is to not bore you with stats. I say this even though I will confess to being a bit of a stats geek. I’m so strange I took 3 statistics courses while majoring in Business at Carnegie-Mellon University. You’ve got to be a bit touched to do that (ha! ha!).

In this article, I’m going to focus on 5 critical facts (which don’t require you to like statistics) so you can get the best return on your remodeling dollars. At the end of this article I’m going to share with you my IMHO (In My Humble Opinion) how I look at return on remodeling personally (my opinion as a financially conservative building material supplier and contractor may surprise you). Let’s check out these 5 critical facts.

3.5 Trends To Get the Biggest Bang for your Remodeling Bucks

Written by Mike Foti on . Posted in Basement Remodeling, Bathroom Remodeling, Kitchen Remodeling

3 1/2 trends to get the biggest bang for your remodeling bucks from the 2016 cost/value report

Are you unsure if you should spend your money on a home remodeling project – and if you do – what specific project to choose? If you can find yourself in one of the 3 groups below you’re probably struggling with this remodeling decision right now.

  • Group 1 – Overwhelmed new homeowner – You’ve just bought an older home in a nice neighborhood that needs some work (OK – it needs A LOT of work!), but you’re wondering what project should you do and how much should you spend.

 

  • Group 2 – Debating, “Should I get out of here?” – Your current home just isn’t cutting the mustard. Yes – it used to work for you and your family – but the times and the people living in your home just don’t have the same needs. You’re now debating (a) stay and remodel or (b) get the heck out of here.

 

  • Category 3 You love your existing home but know you won’t get your money out of a remodeling project – In this scenario you may think should I even care about getting my money out of this home or just enjoy it and have my heirs worry about how much this home is worth when I’m no longer around?

The challenge becomes how do you make sense of where (or even if) to put any of your hard earned money into remodeling or replacing any of the old features of your home. While this type of decision can be based off your logical (left brain) side, don’t discount the emotional (right brained) side in your decision making either. So how can you make sense of the decision to spend or not on your home? How can you get the biggest bang for your remodeling bucks the Cost/Value study can help?

What is the 2016 Cost/Value Study?

 For the 29th year Remodeling Magazine creates a report (the Cost/Value report) which looks at the changes in home improvement costs (your bucks) with what value (your potential bang) real estate pros think you’ll get back. So if a project has a 80% value it means you can expect to get back $80 resale value for a remodeling or replacement project which cost you $100.

Statistics are boring (to right brained people) – 3 1/2 trends to make sense of the Cost/Value report 

If math class made you nuts you know there is nothing more boring than reading a bunch of dry stats. So – in this article I’m still going to give you a few figures (sorry about that math haters), but I’m also going to provide you the 3 1/2 trends to guide your remodeling decisions no matter which of the 3 groups above you identify yourself with. You may be asking what’s the “half-trend” all about. Sorry I can’t tell you – you’ll have to read the whole article to find out! Read on please.

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