The Real Value of Remodeling

Have you pondered a remodel project?  Wondering if it's actually worth it?  Who hasn't looked at their bathroom, kitchen or backyard and thought "this could look better."  Before you start on that project, consider a couple of things.

First, the cost!  Have you saved enough and are you willing to fork over the amount of dough needed to do the project right?  Remodel projects are not cheap and if the bid comes back too cheap, remember "You Get What You Pay For!"  Whenever you're making a big investment, you want to comparison shop. So get multiple bids for heavens sake.  Make sure the contractor is licensed, bonded and insured because if something goes wrong, you want this protection!  And never, ever, ever pay all of the money up front to the contractor.  If you pay 100% of the money before the contractor has done one iota of work, what happens when that contractor skips out on you and doesn't complete the project?  You are in trouble, my friend.

Okay, cost? Check.  Next, what is the value that you're going to get out of it?  If you put $10,000 in a remodel and the value that it adds to your home is $15,000, then that is a great project!  It's worth the cost because you'll recoup that cost when you sell.  However, if that $10K project only adds $5,000 in value to the house, then is it really worth it to you? 

Click here to see the 2015 Cost vs. Value Comparison Report for the Pacific Northwest.

Now, what do you do when you realize that the project is NOT going to add more value to your home than the cost of the project?  You need to look at why you want the remodel in the first place.  If you're doing the remodel just to make your home more valuable for resale... well, then you have your answer.  If you're doing the remodel because you plan on living in your home for another ten years and you want the new and improved space for your own use, well then go ahead and do it! It's your home, make it the space that you want to live in.