House Remodeling That Is Worth A Try In A Down Market

Knowing when renovating your home is worth it

Completing home remodeling projects have traditionally been great for house resell value. However, the housing bubble collapse has made large home renovation projects a calculated risk. In pockets of the U.S. where the real estate market is more favorable, remodeling projects can nevertheless provide good value for the cost. Thanks to SmartMoney, here are some ideas to work with.

Remodel the kitchen right

There is a lot of cash put into kitchen remodeling. The industry is worth $12.6 billion. SmartMoney states that there has been an average of $27,300 spent on kitchen remodels since the 2009 housing bubble collapse. Harvard University’s Joint Center for Housing Studies showed that the amount spent on remodels is only 8 percent lower than the top of the housing boom, although there are ways around the high prices. Cabinet manufacturers, eager to sell during the recession, have cut out surcharges to higher quality work and wood. You could conserve 20 to 30 percent if you just ask. Unfortunately, the same cannot be said for hand-painted tile, as there isn’t the kind of backlogs that would necessitate driving down prices. Don’t source materials from a manufacturer because it will conserve you money, claim SmartMoney. You may end up having to pay more to return it or repair it since there is more of a chance of size error increases.

Remodel the bathroom too

About 53 percent of cost is returned in bathroom remodels, even when the economy is bad. Since the housing boom, there has been a 50 percent decrease in some of the high-quality granite, mostly because of Asian competition and rock quarries in Brazil. There has also been a huge decrease in the porcelain sink market, Chinese import activity has caused it to decrease 50 percent also. Thus, high-end restroom renovating projects aren’t out of the question. A bathroom project that makes a lot of sense is a spa shower, suggests SmartMoney. With a shower tower kit, only one water hookup is required to deliver multiple streams of water. Just keep in mind that such kits are not adjustable, which can be an issue if people of different heights use the shower.

Fix your backyard

You may get more cash out of a nicer remodeled backyard as well. During a recession, every little thing extra will help sell. SmartMoney states it will help to have cabana roofs, wine chillers, warming drawers, refrigerators, pizza ovens and deluxe grills. Experts say that demand hasn’t changed much price. Installation costs are down by as much as 20 percent due to the labor glut, and homeowners have found the recession has made it easier to haggle over landscaping costs. A “hot tip” SmartMoney offers readers is to consider a gas fire pit instead of a masonry fireplace. Usually, the pits are portable. That means you are able to redecorate however you want. It costs thousands of dollars less to simply get the gas pits too.

Articles cited

Oprah

oprah.com/money/How-to-Make-Your-Home-Renovation-Pay

Smart Money

smartmoney.com/spending/for-the-home/3-renovations-worth-the-money-now-1302561618674/