When Remodeling, Think About ROI and Other Factors


If you buy a house and live in it long enough, chances are that at some point, you are going to want to do a remodeling project. It may be a project that you want to do to improve value or enhance your enjoyment, such as a kitchen or bathroom remodeling project, or it may be a project that you have to do, such as water damage repair. This is likely to be true even if your home was brand new when you bought it. Before you embark on any remodeling project, here are some things you should keep in mind.

When considering remodeling projects that you choose to do vs. those you have to do, one of the main things you should look at is how much value the project will add vs. how much you spend on it. This is known as return on investment, or ROI. Kitchen and bathroom remodels, as long as you don’t go overboard, tend to have good ROIs. A kitchen remodel can recoup about 80% of your investment when it comes to adding value to your home. Adding a bathroom, can bring you an even greater return of about 86%. Other remodeling projects have varying levels of ROI. Adding or replacing a wood deck can bring you an ROI of over 80%, while vinyl window replacement comes in a little bit lower, at only about 75%.

Not all remodeling projects are going to be something you want to do. Sometimes they are something you have to do. One of the most common reasons you find yourself doing an unplanned remodeling project is from water damage, which approximately 40% of homeowners experience loss from. Water damage repair is not something you can ignore or put off because of the tremendous problems water infiltration can cause. If not dealt with properly, water damage can lead to mold and wood rot. You water damage repair regimen should include removing and replacing and damaged wood as well as mold remediation. Even if you do not see mold, you want to treat the space as if mold exists.

Whether you are remodeling to increase the value and enjoyment of your home or you are remodeling to fix damage, you want to make sure you do things right. Plan out the project, do your research and make sure you hire a qualified contractor.