Getting the Most Out of Your Home Remodel

Believe it or not, now may be the best time to remodel your home. A slow housing market means builders and remodelers are searching for work, and you may be able to negotiate lower labor and material prices. Consider this though: if you’re planning on selling in a couple years focus on small projects such as upgrades, otherwise you won’t recoup the cost of a major remodel.Usually some of the best areas to remodel are kitchens and bathrooms. But according to Remodeling magazine’s 2007 annual Cost Vs Value report, the outside may be the place to start. Adding a wood deck addition usually results in 85.6 percent of the cost being recouped. Next on the list is replacing the siding - 85.1 percent of cost recouped.Other best remodeling values include minor kitchen remodels – replacing cabinet fronts and hardware, installing new matching appliances, replacing laminate countertops with more upscale materials, installing new flooring, replacing the sink and faucet and repainting the walls.If you have an unfinished basement, also consider having it finished. You’ll recoup 80 percent of costs by adding a full bathroom, wet bar, and all electrical, lighting, drywall, doors, insulation and trim.Thinking about an upscale remodel? Then plan to stay in your home long-term in order to recover costs when you do decide to sell. Having said that, more homebuyers are looking for luxury touches such as spa-like baths and professional kitchens. On a major bathroom remodel you’ll usually recoup 78.8 percent of the cost, while gutting your kitchen results in 79.3 percent of costs regained.Whatever you decide to do, make sure you’ve done your research, studied the market and have the cash to finance your project. A little bit of preparation beforehand will ensure a better remodeling experience all the way around.