Homeowner remodel 

 March 30, 2019

By George  

minutes read time

Remodeling Your House

One of the most potentially nerve-wracking aspects of home ownership concerns remodeling. Common questions include: Should we spend the money? How do we find a contractor? How do we know whether or not we’ve found a good contractor? What will the remodeling project do to benefit our resale value?

Remodel or sell?

Before you embark on an extensive remodeling or expansion project, it is a good idea to determine whether remodeling is the best option for you, or whether it would make more sense to buy another house that would better fit your needs and wants. The following brief questionnaire will help to steer you in the right direction. Answer each question and record the number of points associated with that answer.

How far “off” is your present house from the one you would like to live in?

A little – 5

Somewhat – 3

A lot – 1

What are the property values doing in your neighborhood?

Increasing – 5

Staying the same – 3

Decreasing – 1

What are property conditions doing in your neighborhood?

Getting better – 5

Staying the same – 3

Declining – 1

How long will you get useful life out of any potential remodeling?

10+ Years – 5

3-10 Years – 3

Less than 3 Years – 1

In relation to your house, the other homes in the neighborhood are:

Larger – 5

Similar – 3

Smaller – 1

Analyzing your scores
18-25 points: Remodeling may be a good consideration. Continue down this page.
10-17 points:: Either option may work for you. Take other factors (your budget, your job stability, etc.) into consideration.
Under 10 points: Moving may be your best option. Visit the Home Buyer’s Information Center. We’ll take you from start to finish.

What Contractor to Choose

Once you have decided that remodeling is the best option, the most obvious question will be: Who will do the work? Talk to more than a few homeowners who have remodeled their homes and you will most likely find a horror story: Uncompleted or shoddy work, poor quality of materials and cost overruns are the most common complaints. What can you do to prevent such headaches? We’ve found an excellent source available oneline.

Return on Investment

What about the resale of the improvements you are planning to make in your home? See both the discussion on the rate of return of popular remodeling projects and the danger of overbuilding.

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