Your home is your most valuable asset and deciding whether or not to remodel it is a huge decision. The choice between renovating your existing home and moving up is racked with questions.
- Will you find a new home that fits all of your needs and your style?
- Will you like your new neighbors if you move?
- Will you recoup your investment if you remodel your existing home?
These questions can quickly become overwhelming. An easier way to start is to ask yourself some key questions.
- Do you like your current neighborhood and school district?
- How long would you stay in your current home if it was your dream home?
- Are you willing to live through a remodel to get exactly what you want?
After answering those questions you should have a clear idea if you want to stay or if you want to go. The next question is money. Whether you are prepping your home for the market or transforming it into your dream home you will have to invest something into your home.
By reviewing the “Cost vs. Value Report,” published annually in Remodeling Magazine, you can determine which projects provide the best return on investment.
The report provides two important numbers, the job cost and the cost recouped (or return on investment). The cost of renovations can vary greatly depending on your ultimate choice of materials and craftsmanship, but the rate of return will remain fairly constant.
Merrick Design and Build is a full service residential remodeling company so we see it all. From small fix it projects to whole home makeovers and additions. Currently the Washington DC Metro Area is experiencing a strong housing market. We see it in the growing number of home owners coming to us to remodel their homes.
If you have decided to stay in your home and undertake a major renovation, good news, our area can more than support that type of long term investment. Thinking of adding space, in our area the average cost recouped for an attic bedroom remodel is 84%. If that’s not an option going up with a second story addition returns 74%. After a decade or two of enjoying your dream home these number will appreciate and look even better!
Staying put isn’t the only good option. According to the report minor repairs are returning even higher amounts. Minor upgrades to your home go a long way when listing it on the market. For the best return on your investment replace your existing front door with a steel door for a whopping 113% return. Thermatru has some beautiful options and in most scenarios “The Merrick Handyman Team” can make the swap in a day or less.
If your real estate agent advises more extensive renovations to really make your place stand out consider stone veneer. Adding stone veneer to the exterior of your home has become extremely popular and in our area is currently providing an average return on investment of 95%. Be careful when working with stone veneers, you will need an experienced designer to use it correctly. A minor kitchen remodel such as a new tile backsplash or granite countertops can return as much as 82% and will likely help your home move much faster.
You can view the full “Cost vs Value Report” here. To get your project started give the Team at Merrick a call at 301-946-2356.
by, Addie Merrick-Phang Director of Administration Merrick Design and Build Inc.