An expert answers the question
By Tom Reilly, Owner, Renovations
What are some reasons not to renovate your home? Although it may seem odd that a major remodeling company would want to discuss reasons not to remodel, the goal of any company should be serving its people. People come first.
Some of the questions I hear most frequently from potential customers include whether or not to remodel, what to remodel, and how much of an investment a project might be.
I’d like to address the first one. To remodel, or not to remodel?
If you’re planning to sell a home you’ve lived in for a while, you might believe you have to upgrade your kitchen, bath, or some aspect of your home to entice a buyer (keep in mind that this is different than fixing things that might be broken). What you’re doing here is trying to guess what a potential buyer might like. Ouija Board kind of stuff. I cannot tell you how many times we have torn out something that is less than a year old because a buyer doesn’t like the upgrades the previous homeowner did.
My suggestion: consult your real estate agent regarding the value of your house without a remodel, and then with the remodel. You can also Google “Cost vs Value, Remodeling Magazine.”
Bottom line: Typically, the cost to remodel will not match the value added to your home in the short term.
Another caution is over-building for the neighborhood. Now, this is trickier. I often tell folks to remodel for you. If a certain upgrade makes you happy and enriches your life, then do it. The last thing you want to do is spend six figures on a remodel and stand back and say, “I wish I would have…” If you are in your home for the long term (about 10 years) then go for it. If you are planning a move for work, retirement, or a vertical move (within the short term—about five years or less), then consider the resale value.
Zillow is a good barometer for determining the average home value in your area. Your real estate agent can also be a valuable asset. I would recommend if you are in for the short term, keep your remodel budget within 10 to 15% of the average value.
The final reason not to remodel is if you’re trying to keep up with the trends of the time. Remodeling trends change quite frequently. After more than 35 years in the business I can assure you that while things such as chrome and brass faucets and bath fixtures were the rage in the 80s, you can’t even find them now. Updating—refreshing of a place as the surfaces wear out and things need replacing—is one thing. While it is great for business, redoing your home every few years can become rather expensive!
With all that in mind, the crux of this article is: go into the remodeling of your home with your eyes open and a remodeling partner with experience you can count on.
For more information about Renovations visit 3755 Karicio Lane 2-D in Prescott, call 928.445.8502, or visit www.renovationsaz.com