We all know the benefits of home remodeling. The process improves your quality of life. It enhances the home value for the reselling purpose as well. Last but not the least, home remodeling process makes you a proud homeowner. In most of the cases, we remodel our homes in stages. At first, we determine the stages on the basis of repair requirements of various product installations or components of the home. Secondly, the remodeling step is dependent upon severity of the damage. Lastly (and probably the most important one), the decision to remodel a home is dependent upon urgency of the repair work. If you are not facing the third situation right now, how will you determine which stage bears the highest priority? Some vital factors are there to be considered for evaluating the needs of renovation. But at first, let us briefly enlist the benefits of home remodeling: Benefits of Home Remodeling
1. It increases your home value 2. New electronic appliances enhance the energy efficiency of our home 3. It reduces the utility cost of your home 4. It reduces the cost of maintenance repair 5. Better use of storage space 6. Greater homeowner pride One of the most important factors to be considered for evaluating the priority requirements of renovation is the Cost vs Value Relationship. This factor influences major home renovation projects. Let us briefly discuss this factor: Cost vs Value Relationship Based on a survey conducted by the REMODELING magazine, the following sections of a home incur the percentage of the total budget as enlisted below: Project Improvements Cost Recouped (same year) 1. Window replacement 74% 2. Bathroom remodel 60% 3. Major kitchen remodel 66% 4. Two-story addition 71%www.marwoodconstruction.com/process/construction-management/ 5. Master suite addition 60% 6. Family room addition 69% You can prepare the cost vs value analogy with the help of experts from proficient home construction services in Houston like ‘Marwood Construction’. Home product replacement plays a significant role in the determination of a future home buyers motivation to purchase your home. Today's upscale home buyer is experienced in home ownership and understands the hidden cost associated with buying older homes. They take into consideration the impact that product replacement cost will have on the total acquisition of the home purchase price. Although the REMODELING magazine addresses the average return on investment within a year's period of the improvements, the study did not assess the impact on the sales price of homes that were in need of updating or product replacement. If you discuss the theme of this idea with a seasoned real estate sales professional, they will tell you that unquestionably that ignoring these required improvements will have a major impact on the perceived market value of your property. Substantially more than the cost of the replacement or updating investments.
0 Comments
|