Consider Upgrading Your Home During National Remodeling Month
By Bob D. Peterson, Vice Chair, National Association of Home Builders Remodelers
Did you know that existing equity in your home may comprise a larger portion of your net wealth than the holdings in your stock market or retirement fund? Compared to conventional financial investments that rise and fall with regular frequency, housing has proven to be a stable and sound investment. During National Remodeling Month in May, consider upgrading your home to increase your family’s comfort and at the same time add value to what may be your most important financial asset.
Why Consider Remodeling?
Last year was a banner year for the remodeling industry, thanks to increased consumer interest in modifying existing homes. Why the rise in popularity?
First, remodeling is an efficient way to enhance the value of your current home. Although few of us purchase a home strictly for financial reasons, in practical terms it represents an asset that can pay high returns. A home that is well-maintained and offers up-to-date systems and amenities will have a higher value than a comparable home that is poorly maintained or lacking the conveniences and extra living space that appeal to today’s home buyers.
Remodeling also allows homeowners to customize a home to meet their needs and desires, without giving up a familiar neighborhood or school. Whether you are looking to add space, incorporate new amenities or accommodate lifestyle changes such as new children or aging, remodeling can provide an alternative to moving. Adding a new master suite or playroom, finishing a basement or upgrading kitchens and baths always are popular projects, while modifications designed to allow residents to “age in place” are becoming increasingly widespread with baby boomers and retirees.
Where Should I Start?
Before you begin remodeling, it's a good idea to think through your wants and needs. First, decide what changes you would like to make—ask yourself what you like and dislike about the house, and examine what options may be most useful for you in the future. For example, are you planning to stay in your home through retirement? In that case, you may want to consider features such as wider doors, grab bars and better lighting to allow you to comfortably “age in place.” After you’ve evaluated the potential improvements you’d like to make to your home, create a prioritized list.
Look at magazines and collect pictures of what you like. Think about traffic patterns, furniture placement, colors, lighting, and how you want to use the remodeled space now and in the future. When you meet with your designer and builder, this will help you to work together and achieve the results you want. Budget - although we understand you may not know how much your project may cost, it is helpful to us to get an idea of what you are willing to invest so we may help guide you in the design and final construction costs.
What is Next?
Hiring a professional designer and a professional remodeler offers you important service and expertise. ABD's in house designers and construction staff have years of experience, the right tools, a network of suppliers and subcontractors, and an in-depth understanding of area code and legal regulations, cost estimating, scheduling, and the latest design and construction techniques. We will help you thru the process of space planning, finish selections, estimating and construction to fit your needs and budget.
What is a Good Investment?
If you have several projects from that list you made, you may want to consider what investments will give you the higest percentage of return. Obviously you may wish to invest in personal priorities, afterall this is your home to enjoy! The Joint Center for Housing Studies at Harvard University advises that smaller or midrange jobs overall will tend to recover a higher percentage of their cost than larger, higher-end projects.
The top-ten midrange projects cited in Remodeling magazine’s “Cost vs. Value Report” that provide the highest percentage return are:
- Deck Addition (wood) - 81.8 percent
- Siding Replacement - 80.7 percent
- Minor Kitchen Remodel - 79.5 percent
- Window Replacement (wood) - 77.7 percent
- Window Replacement (vinyl) - 77.2 percent
- Major Kitchen Remodel - 76.0 percent
- Bathroom Remodel - 74.6 percent
- Attic Bedroom - 73.8 percent
- Deck Addition (composite) - 73.7 percent
- Basement Remodel - 72.9 percent
Whatver project or projects you are considering, please remember that these are national averages, and our area averages may differ. Please contact ABD to help you determine any remodeling project you are considering. And it's May - National Remodeling Month!
ABD Design/Build Wins Remodeling Award!
ABD was recently awarded a Chrysalis Award for Remodeling Excellence for “Best Kitchen” in the Western Region for the design and construction of a local remodeled kitchen. We are so proud of our team and especially want to thank our clients, Glen & Jo Orr for allowing us to help them create their new kitchen!
Quoted from Ken Kanline, Director of Awards:
“ This is the fourth year in which they have won a Chrysalis Award, which demonstrates their ongoing commitment to excellence. In addition to their Chrysalis Awards, they were named the National Remodeler of the Year by the National Association of Homebuilders in 2008, and the Colorado Remodeler of the Year by Chrysalis in 2002. This is a dramatic testimony to their professionalism, and distinguishes them as among the top companies in the industry.”
Continuing to set new standards of professionalism, 87 remodeling companies from across the United States were named winners at the seventeenth annual Chrysalis Awards for Remodeling Excellence. The winning projects were selected from over 475 entries. The entries were judged on overall design, the creative use of space and materials, and the degree to which the project enhanced the original structure.
Winners will be featured in the June issue of Qualified Remodeler magazine.