Americans spent more than $125 billion on home remodeling in 2004, according to the Joint Center for Housing Studies at Harvard University. That's a lot of money. Is it worth it? Yes, the experts say, provided the project is approached in a well thought out manner.
Before You Start...
Should You Remodel Or Move? This is good place to start thinking about that question. You may wish to add more space, upgrade cabinets and countertops, or improve energy efficiency with new windows, doors and climate control systems. Any of these may also increase the value of a home. However, a home's value may not increase as much as you might have expected.
Nuts And Bolts Of Remodeling Prices for projects and the amount recouped when the house is sold can vary dramatically depending on one's local real estate market. The five projects listed in the story are ranked by the national averages, based on selling the home one year after completing the project. After a year, the improvements depreciate.
Know The Physical Risks The latest home improvement television shows have contractors going wild on home remodeling projects. The makeovers are extreme -- knocking down walls with what appears to be no regard. A one-hour program shows a week's work finished off with a beautiful after shot. Remember the shows are not showing important work behind the scenes.
Who's Best For The Job? Maybe you are. Professionals disagree on how much you stand to save by managing your own remodeling project. But maybe you're in it for the pleasure or challenge. Acting as your own general contractor works best if you're highly organized, detail-oriented and have a clear idea of what you want in your home.
Call In Professionals Once you're sold on the idea of remodeling the kitchen, bathroom, or some other room in your house, the next step is to hire a contractor who will take all the ideas you've gathered, and run with them. But, who to hire? A good place to start is by checking out the person's references and reputation, say the experts at the Associated General Contractors of America.
Get The Right Financing Once you have decided on the remodeling project, it's time to obtain financing. A key decision is choosing between a home equity loan or a line of credit. Homeowners have greater opportunity to borrow against their equity than ever before. They also enjoy more choices for accessing equity, because lenders are offering greater options.
Six Remodeling Ideas...Deck Family cookouts and outdoor entertaining typically revolve around two things: your backyard deck and your barbecue grill. You can create an entertaining environment on your outdoor living space with a little creativity and a bit of good advice from industry leaders.
Sun Room For die-hard porch enthusiasts, enclosing the space may not be attractive. But for the rest of us, the tradeoff can be compelling, especially if you have a large porch that would add substantially to the year-round square footage of your house.
Swimming Pool In deciding whether to install a new pool in your backyard, think about what type of pool is best for your family, when to begin construction, which maintenance system works best with your lifestyle, and how much will a pool cost to construct and landscape.
Bedroom The trend in the designing of new homes and remodeling projects today is to surround the occupant in comfort and convenience. This is no more evident than in the master suite.
Kitchen Of those surveyed, 78.2 percent said their clients want an updated appearance and new features, and 64.7 percent wanted a more efficient layout. Other top responses included increased storage space, new cabinets, unique designs and new appliances.
Bathroom A bathroom doesn't need to be boring and bland, and it doesn't need to be eclectic and over the top. There are simple steps in finding the secret formula for mixing and matching designs in your bathroom.
