If you have a choice as to which remodeling project is next, then the criteria to help you make your choice becomes important. So let’s look at some of the factors that may go into that decision:
- Need – This can be driven by the need to repair your home. There can also be the need that is driven by a new addition to the family, such as a child or a parent.
- Desire – There can be that room in your home you never liked and now is the time to consider changing it. The emotional value to you could be very high, such as a larger bathroom shower to help make the morning a more pleasant experience.
- Gain in Resale Value – This is the type of remodeling project that is driven by the objective of increasing the value of your property.
if repairs are needed then they just must be addressed. The next step is to investigate alternatives and control the cost as much as possible and even make a return on the investment.
The best remodeling projects are those that come from desire, or, the opportunity to increase the value of your property. And then there is the chance that both of these can be achieved at the same time. That remodeling project that you have wanted to do for a long time can come together with the opportunity to also improve the value of your home. Now, that is a fun project to tackle.
The question then becomes which projects have the highest probability of providing a return on investment (ROI).
As Investopedia states “Historically and on average, certain projects, such as the addition of a wood deck, kitchen and bathroom upgrades and window replacement, have shown the greatest ROI regardless of the property’s location or the state of the residential property market.”
A positive ROI is experienced when the cost of the project is less than the increase in the value of the property that was improved. Of course, the financial gain generally is not realized until the home is sold or refinanced. But, it is great knowing that your home increased in value. To some of us, our home is our biggest investment. There is little that is more comforting than seeing an investments grow.
With the improvement in the housing prices, a remodeled kitchen or bath can be a safe investment. As Alfano is quoted by Kathy McCleary in her post Which Home Improvements Pay Off? …kitchen and bathroom remodels continue to be two of the best investments you can make in your house. “They’re always right up there at the top of the list,” says Alfano. “They’re the big, sexy rooms that new home builders splurge on, so when buyers are shopping around that’s what they want in an existing home, too.”
Veri Construction is a contractor in New Jersey and recipient of many Regional Contractor of the Year Awards. If a kitchen or bathroom is what you need, we will design the space and handle all phased of the project. A floor plan and elevation views are created in our showroom with computerized drawings. We have complete kitchen and bath displays set up for you to get a good feel of the project being planned.
Call us at 973-772-2733. We love to share our experience and help you make the best decision for you based on your desires and needs.