When Should You Remodel:
If you basically like your home now, school consideration, job or career proximity, places of worship and shopping facilities, then it may be more advantageous to simply improve on it rather than trade or sell, and get a new home.
In contrast, if you find yourself needing a larger master bedroom, an extra bathroom, a utility room or a more spacious kitchen, it certainly may be worth an evaluation as to the associated costs involved. Moreover, if construction projects don’t freak you out too much, think in terms of a remodel. Remodeling and room additions can be stressful and a messy ordeal, but the rewards quickly off-set any inconveniences.
So What’s The Difference Between A Re-model and Addition?
Expanding a kitchen, will mean tearing out much of what was already there. New space then has to be added even if only moderately.
Adding even a SOHO area or master bedroom suite entails connecting the structure and infrastructure to the house or replacing it entirely.
The differences are subtle. Typically, a re-modeling job makes your home seem like a flowing, seamless design where the old, original structure remains looking like an original design.
You may just end up with something that compliments your home and your preferences and eliminates the need for an addition. Typically, remodeling jobs cost from 25 to 50 percent of what an add-on may cost.
Property taxes, fuel costs and license-pulling may be less than an addition as well. Green wise, you’ll be disturbing the environment less and have to deal with less inconvenience as well.
The Cost, What’s The Cost?
Generally speaking, only certified professionals such as contractors and general contractors know how to hire the right contractors. However, homeowners should be prepared before even calling the first of several contractors.
Ballpark the cost by 15 to 20 percent, establish a budget, set your priorities, and now get quotes from at least three contractors.
Bathroom or family room upgrades generally come in around $100 to $200 per square foot.
As far as financing is concerned, a cash-out refinance, home equity loan or home equity line of credit (HELOC) may do it. If not, there’re also credit card cash advances and your in-laws.
Getting quotes from at least three word-of-mouth contractors is for starters. Next, provide them a detailed description of your project, and request an itemized bid. Then, ask to see recent jobs, check their references and check for online peer reviews. Don’t forget to ask your family, friends and co-workers for their insight.
Do your homework, and choose wisely. Keep receipts, invoices and contract agreements of everything–now you’re ready for a remodel or room addition renovation project.