Remodeling Your Home: Cost vs. Value Added (Series Finale)
In my last two blog posts, I discussed the types of remodels that typically add the most value to a home and the “2022 Cost vs. Value Report” by Remodeling Magazine. Both are great resources as you ponder how to make your house a happier and healthier home.
In the first post of this series, I asked, “What is the staying power of your remodel, and will it fit your immediate and long term needs? Will it bring you added joy?” In my own personal circumstance, we are looking into our future and weighing how many more years we will stay in our home against what project(s) might bring more value to our home and enjoyment in the coming years.
Sadly, on top of this, we need a new roof. No doubt about it; It’s got 20-plus years on it and no, we are not expecting a random hail storm to take it out so our insurance company will cough up the bucks! They won’t anyway, as they already know it’s old, and they are not inclined to cover wear and tear regardless of the weather. Therefore, the roof gets first priority this spring.
Next up: Our house has 1 ½ baths, which is not a great selling point in any neighborhood where home values are on the rise. Our question and challenge is the cost of tucking in another bath upstairs versus a full scale addition that includes both a family room and master bath? Both projects would bring joy, suit our longer term needs, and add value to our home.
But what might be the cost for these two very different projects? My answer: Ask a professional! A good design/build company can quickly explore these options, giving you the next key piece of information and moving you a step closer to a decision point. A second solution is to check out the “2017 Cost vs. Value Report” and put the information to use. In this report, they explore 29 mid-range and upscale projects, as well as what they typically cost in specific regions. Chances are, you can get close to understanding the cost of a professional remodel. Ahhh, now doesn’t that feel better than just wandering around in the dark?