Remodeling your Home to Increase its Value? Consider these factors
Homeowners often Ponder over the Question – – “Should I Remodel my Home or Build a New One?”
There has been an upward trend in home remodeling on projects that homeowners believe will increase their home’s resale value, especially for single-family homes. But which option is right for you?
What are the Cost Implications?
Do you want to add new windows, doors, or remodel your kitchen? That would cost less than, say, replacing an entire roof. On a national average, a vinyl window replacement costs around $16800. An asphalt roofing replacement would cost approximately $22600. (Cost vs Value – 2019 Report) While remodeling is often less expensive than building a new home, a limited remodeling budget means less flexibility.
This means you would probably have to be discerning on the extent of customizations and additions to the flooring, walls, ceilings, and wiring. Other factors to consider are the base price, hourly billing rate and the standard fixtures and additions covered in the “base price”.
If the potential costs end up exceeding the estimated resale value of the home after the remodeling, then you are likely better off building a new custom home from scratch!
Does Remodeling Hike the Resale Value of your Home?
If the property values in your area is on the rise, then remodeling is not a bad idea! While home remodeling costs may be more in some areas compared to the national average – for example, the Bay Area; you might fetch a good Return on Investment (RoI) in the market.
Some common remodels that provide good resale value are – kitchen remodeling, adding more living space, bathroom remodeling and revamping exteriors – landscaping, porch décor, repainting and sprucing up your front yard. Don’t underestimate the value of making a great first impression while spending on your curb appeal projects!
A wooden deck adds not just a pleasant aesthetic value (and a cosy nook to extend your home!), but also high resale value. According to the Remodeling 2019 Cost vs. Value Report, a deck addition in San Francisco can fetch you an ROI of over 102%. While a major kitchen remodel fetches the same ROI as a bathroom remodel – of over 87%; a minor remodeling of the kitchen fetches much higher returns (112.8%).
We have engineers who have worked on multiple deck remodeling projects.
Surprisingly, the remodeling projects with the possibility of highest returns were the less obvious choices! Some of them are:
What does kitchen remodeling involve?
It involves replacing kitchen fixtures such as flooring, cabinets, countertops, sinks and upgrading appliances to newer models. Before you start tearing down your kitchen, choose the kind of layout you would like. Three common layouts are the L-Shaped, U-Shaped and the Galley Layouts.
All of them use a “work triangle” concept, keeping in mind the ease with which you can move across the three basic areas of your kitchen – the refrigerator, sink, and stove. If there is sufficient space, you can think about adding another workstation by setting up an island. There are a lot of options for kitchen materials: cherry or oak wood for cabinets, granite or ceramic tiles for a countertop, sheet vinyl and laminated wood for flooring. Consult with your architect about the costs and durability of the materials.
Think about what is important for you – for example, easy-to-maintain surfaces or materials offering a sleek, modern look? Stainless steel countertops are sturdy and a popular way to give your kitchen a modern feel to them, but they are prone to scratches and dents.
Bathroom remodels have been narrowly edging out living/family rooms’ renovations since the past three years! (Houzz and Home Study, 2018). Some common updates are replacing the tiles and increasing storage space for your bath products. You can fix shelves between the wall studs to maximize storage.
Nowadays, bathrooms are not just used to freshen up and for personal hygiene, but they are also seen as a luxurious space to relax and rejuvenate. So talk to your architect and get creative with your bathroom décor! Go for asymmetrical furnishings and wallpapers in vibrant colors! Ceramic is still the most commonly used material for tiling, but terrazzo (material consisting of marble, quartz, and granite) is now seen as a sought-after alternative to spruce up the décor.
It comes with a wide color palette and you can use a bit of terrazzo for your vanity tops to give your bathroom a cool revamp! You can also open up your bathroom space by getting rid of unnecessary shelving units and opting for hanging shelves. A popular trend seen today is having a layout with the bathroom and shower in the same open area.
Accessory Dwelling Units (ADUs)
ADUs are another great way to increase your living space. Defined by the American Planning Association as “small, self-contained living units that typically have their own kitchen, bedroom(s) and bathroom space”; you can opt for ADUs if you want to rent out your home to boarders.
You can also think about adding an ADU if you wish to host frequent guests and visiting family members. For folks with aging parents to look out for, ADUs enable them to have their parents move into their space, while also ensuring they have their privacy.While ADUs have helped open up affordable housing options for the elderly, not all cities have ordinances and permits allowing ADUs. Some have restrictions on the percentage of ADUs built in a neighborhood.
Some other reasons causing the development of ADUs are a lack of clarity regarding its purpose (“Is it meant to house aging parents or children saving up for their own home?” “Or, is it to provide boarding and lodging for renters and vacationers?”), a complicated and long-drawn permitting process and lack of funding.Over the years, changes in the California legislature have allowed for an easier path towards approving and expanding the development of ADUs across the state. With the legislature declaring an acute housing crisis across the state, it underlined the intent to meet residents’ needs by working with the local agencies.
The S.B. 1069 bill
This bill went into effect in 2017 and outlines requirements for parking restrictions, utility connection fees, fire sprinklers and ADUs within existing single-family residential zones.Some of the provisions are: 1) Prohibiting parking requirements if the ADU is: * within a half mile from public transit. * within an architecturally and historically significant district. * part of an existing primary residence or an existing accessory structure. * in an area where on-street parking permits are required, but not offered to the occupant of the ADU. * located within one block of a car share area. 2) Prohibiting a local agency from requiring an ADU applicant to install a new or separate utility connection. 3) Fire sprinklers not being a requirement in an ADU if they are not required in the primary residence.
How can Design Everest Help?
At Design Everest, our goal is to turn your vision into reality and making the process as smooth as possible. We have an excellent track record in obtaining the necessary permits and delivering a wide range of home remodeling services that include deck, patio, game room and wine cellar additions, bathroom and kitchen remodeling, flooring assessments, new fixtures and cabinet replacements.
Table Of Content
Homeowners often Ponder over the Question – – “Should I Remodel my Home or Build a New One?”What are the Cost Implications?
Does Remodeling Hike the Resale Value of your Home?