At some point, every house needs a few updates. When you’re looking at a full house remodel, coatis a major factor, and it’s common to be unsure of how much is realistic to spend. It’s sometimes hard to estimate how much a major remodeling project will cost until the contractor sits down to hear your preferences and takes a look at your house. But knowing a few general guidelines about how much to spend on a full home remodel can help you start the process of planning your project with the right perspective.
Use Your Home’s Property Value as a Guide
Unless you know you’re definitely in your forever home, you’ll want to consider how a remodeling project impacts the future asking price if you decide to sell. Since you want to be able to recoup some of the costs of the remodel, it helps to avoid overspending on the project.
For a fixer-upper or starter home, you can take the risk of paying as much as 50 percent of the home’s value because the remodeling project could be necessary to make the house livable or comfortable for you and future buyers. For a home in generally good condition, you can realistically invest in a project that’s 20 to 30 percent of its value and still get a good ROI.
Know Which Spaces Bring the Highest Monetary Value
You may love every minute you can spend on your outdoor deck cooking for your family and friends, but it’s helpful to know this might not bring the highest ROI. If you’re concerned about how much you’ll be spending compared to what other people want, you should focus on the kitchen and master bathroom. These parts of the home are known to entice buyers the most, which could help the project be more profitable when you sell the house in the future.
Remember to Factor in Personal Enjoyment
Knowing which parts of the house others value more is only part of the equation. You’ll also want to consider what makes the biggest difference to you and your family. For instance, you might be more willing to spend more of your budget on an add-on that gives everyone their own bedroom or makes room for guests. While add-ons tend to be more costly, you can expect to see your property value rise when you add more livable space. Alternatively, you may want to invest in remodeling the dining and living rooms if you enjoy entertaining.
Consider Phasing to Keep the Costs Affordable
Many people have big ideas for their homes that aren’t always possible to fit into their budgets. This is when talking to your contractor is beneficial. When you consult with a contractor, he or she can help you identify where you’ll get the most benefits from remodeling your home so you can start there first. For instance, the contractor might recommend remodeling a bathroom that’s already showing signs of severe wear, such as water damage. Then you can slowly phase in renovations in other areas of your house, such as the master bedroom, until you have the home of your dreams.
Whether your home improvement project involves a kitchen renovation, exterior painting, or a full home remodel, you can rely on the team from Forever Builders, the best remodeling company in San Diego, for outstanding workmanship and extraordinary service at affordable rates. From design to completion, we’ll help you create the beautiful home you’ve always dreamed of. To find out more about our exceptional home remodeling services, give one of our friendly team members a call today.