To Remodel or Not to Remodel: 7 Questions Homeowners Need to Ask Before Commencing Construction
In the age of HGTV, home and garden magazines, Pinterest, and more, the thought of remodeling your home might be tempting. After all, there's a lot to love about redesigning, updating, and maximizing your space. Plus, whether you're thinking of joining the do-it-yourself crowd or prefer to let hired professionals do the heavy lifting, any number of popular TV programs and encouraging articles make home remodeling look like a piece of cake.
But before you start measuring walls and making demolition plans, Dan Fritschen, founder of
www.remodelormove.com, encourages you to stop a moment and really consider what you're about to jump into.
So, how can improvement-oriented homeowners determine whether remodeling is a good idea or not?
Here, Fritschen shares seven of Remodel or Move's important considerations that can indicate whether or not to remodel. So before you launch into your own project, ask yourself these questions:
Which are we more excited about: Hawaii or hardwood floors? Yes, that updated living room you bookmarked in a magazine looks fantastic. But in the grand scheme of things, how much joy will it bring you? For instance, would you be happier with a trip to (and later memories of) a pristine white sand beach or with brand-new flooring?
Are we the Joneses? It's a fact of life: Everybody wants to keep up with the Joneses. Before you hit up the hardware store, though, take a moment to consider whether or not you are the Joneses. Is your home already one of the biggest or nicest in the neighborhood? If so, it's likely that the addition or remodel you're planning will end up being a lot of work that won't significantly increase the value of your home.
Can we really afford this? Even on sticking-to-a-budget-themed renovation shows, the main emphasis is on the work being done and not on the financial decisions being made. So what many homeowners fail to fully understand is that remodeling usually costs a lot, even when you're going the DIY route and looking for bargains.
Is the finished product worth the stress and mess? Again, this is an area in which TV shows can be misleading. Think about it: All of the chaos, frustration, debris, and stress are compressed into a 30-minute or hour-long slot. (And magazine or internet articles might not address these factors at all!) In the real world, though, even the most mellow and easy-going people can find remodeling to be a difficult process.
Is our income secure? For obvious reasons, if you aren't sure of your income stream, spending all of your savings on a remodel isn't a smart choice-especially when the economy isn't exactly stable and thriving.
How long will we be in this house? If there's a chance you may be moving soon, Fritschen says there are two very good reasons not to remodel. First, remodeling is a lot of work. And secondly, in many cases, the cost of updating your home might exceed the amount your home appreciates after the work is finished.
"Always make sure you have an accurate perspective on when a remodel makes sense and when it doesn't," Fritschen concludes. "Remember, the project should improve not only your home, but also your happiness and quality of life-without breaking the bank or driving your family around the bend.
John Hatcher
Keller Williams Realty - The Hatcher Group
6 Deering Street | Portland, Maine 04101
207-775-2121 Office | 207-775-2122 Fax
http://JohnHatcher.us
John@JohnHatcher.us