Top Ten Questions to Ask About Remodeling & Where Can You Get The Most Bang For Your Buck?

I’ll never forget the time sellers contacted me to sell their home and they were pretty excited because they had done some updating before they called me.  When I arrived at their home and took a look, my heart just sank.  They had spent a lot of money on updating the carpet and many of the fixtures in the house.  However, the carpet was a different color in every room!  Teal was the main color throughout most of the house, but some of the bedrooms had pink carpet and others had blue.  If this home had been in New England, it would have been fine.  In New England, I’ve seen a lot of the homes with different carpet in each room, but not in the Seattle area.  Carpet is usually one neutral tone throughout the house.

Every year The National Association of Realtors publishes a list comparing cost vs. value of different remodeling.  The list breaks down different remodeling projects and the value of the remodel in each part of the country.  Remodeling projects which “sell in Peoria” do not necessarily “sell in the Seattle” area.

According to the NAR report, the big “six” remodels in the West/Pacific region are :

” a wood deck addition, a minor kitchen remodel, fiber-cement siding replacement, wood window replacement, and an upscale wood and vinyl window replacement.”

“Similarly, the cost recouped on a given remodeling project depends on a wide variety of factors. These include the condition of the rest of a house, the value of similar homes nearby, and the rate at which property values are changing in the surrounding area. A home’s urban, suburban, or rural setting also affects its value, as does the availability and cost of new and existing homes in the immediate vicinity.”

The most important questions to ask yourself first:

1. Is this a remodel that will fit my lifestyle and pocket book?

2. Will I enjoy the changes I make to my home?

Then seek the advice of a Realtor you trust before you start any remodel. Contact a Realtor who is market savvy, knows your neighborhood, and will be willing to spend the time with you, even though you are not selling. Your Realtor should be able to give you solid advice about where you should spend, and not spend, your money.  Get the answers to these questions:

1. What are the homes worth in your neighborhood?
2. How does your home compare to the others in the neighborhood?
3. Will your remodel add value to your home in your neighborhood?
4. How does the remodeling project fit with the rest of your home?
5. Will you price yourself out of the neighborhood?
6. What are the popular colors and materials in the area that will help maintain the value of your home?
7. Is your home located close to economic and transportation hubs which will help maintain its value in the future?
8. Will a remodel help balance any negative factors in your home?

Remodeling is a balancing act in which you as the homeowner have to measure how much the remodel means to you, your lifestyle, and your pocketbook as it compares to the future resale value of your home.  It can also help to balance and counteract other features of a home. For example, if your home backs to a busy road, not only should your home be priced to accommodate the road noise when you go to sell, your home should be updated and upgraded to be more of a value to a potential buyer.  A home in a noisy location will often be dismissed by buyers.  But, if it is beautifully remodeled, it may help to counteract the negative location.

But please, do yourself a favor and get all the facts clear in your mind before you begin a project.  Check out the link to the cost vs. value list above, spend time evaluating your wants and needs, talk to some contractors and to a trusted Realtor before you proceed.

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