With the state of our United States economy and Indianapolis real estate market, owners are thinking about staying in their Indianapolis homes longer than before. The market can be tough, depending on the area you are located in, so making your home work for you on a longer basis is a good option.
While remaining in your home, you may be considering what options you have to bringing your home up-to-date and in competition with the rest of the Indianapolis homes for sale. Before embarking on any kind of remodeling projects, think about the following:
Give consideration to the types of remodeling projects that are top on your list and whether or not you will see a decent return on your investment.
Ask around among your friends who have tackled remodeling projects for their advice. Likely there are roadblocks that they have encountered that you can avoid. You can also get the opinion of an Indianapolis REALTOR® about what remodels they have seen hold the best value.
Consider how much of the project you can do yourself and what you will need to hire out. Be realistic about your skill level because correcting your mishaps can cost more than the original estimate of a qualified remodeler.
Go over your budget to determine how much you can really afford to spend. Funds will not only be needed for supplies but also permits and perhaps even legal factors. Seek out what credit options you have if you’d like to finance your remodel.
Perhaps one of the most important factors to consider is whether or not you will receive enough return on your investment to make a remodel on your Indianapolis home worth your time and money. REMODELING Online presented data in their 2009 Cost vs. Value Report to help guide those in all areas of the country to determine where to spend their remodeling money.
The east north central region (including Indiana, Ohio, Illinois, Michigan and Wisconsin) showed that the remodel most likely to retain its value was a wood deck addition. They projected the average cost of such an addition to be around $10,000, with cost recouped of approximately 81 percent.
Vinyl window replacement was a very close second with just one percent less cost recouped than a wood deck addition. Average cost was also very similar to a deck, around $10,000.
What they considered a “minor” kitchen remodel (around $20,000 in cost) was found to be the third most likely to be worth your investment. Statistics show an expected near 80 percent return on your investment for changes to your kitchen. These might include new appliances, tiled floors, tiling backsplashes and adding islands.
Coming in fourth was a remodel that you might not find that exciting which was replacement of windows (wood) followed by replacement of windows (vinyl). Both of these updates came in just around $10,000, with wood costing slightly more. The return on investment for both are just around 77 percent.
After deciding if a remodel is worth your investment at all, then you can begin to work on the other required elements such as requiring a permit. If you are hiring a contractor to do the work for you, it is recommended that you let him obtain this permit because they are likely more familiar with the process. Sometimes it can take several weeks, or even months, to obtain a permit so make sure you factor this in to your estimated time frame.
Finally, ensure that you are protected in working with your contractor by entering into a contract with him that defines the details of what they will do, start and finish dates, costs and warranties.