Is that renovation really worth it? How to get the most out of your investment
Bathrooms and kitchens are popular choices to begin a home remodeling project. One completely new renovated area inspires the next project and so forth, but what are the tips and tricks to get the most out of your investment? The general consensus is that yes renovating is worth the investment, but to what degree? Here we will explore the tips and tricks to help you be smart about your remodeling project.
First, identify the purpose of why you bought the property. Do you plan on moving out or selling it in the next few years? Is it going to be the property you live in for an indefinite amount of time? Is it just an investment property? Knowing this is important because it will dictate what materials you should get and what you should prioritize in updating first.
We look at updating houses in two categories: performance updates and aesthetic updates. Performance updates include converting the house from oil to gas, converting to ductless systems, updating septic systems, electrical, plumbing, roofing, and etc. Aesthetic updates include the type of countertop you select, floors, paint, baseboard, backsplash, appliances, and etc.
Performance updating should be first. If your home uses oil to heat for example you should consider the costs to convert it to gas heating. Homeowners save a lot of money on a gas house and is what contributes to the appraisal value when in the market. Identify any major issues in the performance area of your home and prioritize accordingly.
Next is aesthetics. Now that you have all the performance areas up to date on your home it is time to make your property look amazing. Remember, earlier we asked you to identify the purpose of the property? If your property is going to be held in the short term and you are looking to get most out of your property, there are certain things you want to be mindful of. We are not saying choose cheap materials, because that could have an adverse effect.
For example, you are considering installing beautiful white cabinets in the kitchen have a soft-closing mechanism with the wood imported from Italy. These kinds of cabinets would cost significantly more than if you were to select the same style of cabinets without it being imported from a foreign country and having the bells and whistles of having a soft closing mechanism. The difference could be in the thousands and you can save yourself a lot of money by making these kinds of decisions throughout the rest of your projects.
On the other side, if this property is long term and is your personal residence that you plan to live for God knows when, then you may want to consider getting materials that have maxed out options because it should last longer suggesting that you won't have to do another remodel in 30 years-- which will in turn hold your investment well!
A few notes and tips about the labor and the contractor you choose. All the advice thus far has been about the materials. Now you have to choose a contractor which will vary. We will just preface by saying you don't always want the lowest bid, because the lowest bid could end up costing the most because you may risk being unsatisfied with the results and will want to make changes. Then, after the project, you'll realize it ended up costing what the highest bidder charged or more.
Secondly, don't try to cut corners. This means that for example you may want to do a full remodel as opposed to a partial remodel. In some cases, the project can start out as a partial remodel and end up needing to be a full gut and remodel. You don't want to lower the cost of your project so that you can meet certain budget requirements to do more in the house. Try saving up more money and wait until the right time to do your remodeling project stress free and properly!
This article was published by DeJesus Industries, a luxury remodeler and the best general contracting firm in Boston.