Many different paths can be pursued when looking at a remodel. One path looks at just interior updates in popular areas such as kitchens and baths. Other more extensive remodels can be down to the studs, removing walls, or completely tearing down all existing structures. Certain indexes chart and calculate what remodels and updates are most valuable in home improvement. But in addition to what are valuable in recouping monetary value are these five key considerations.
1. Right Plan for the Right Neighborhood – The biggest upside – or downside- to a remodel are fit to the neighborhood, lot and location. Realize that even if you build a spectacular home that is 200% over the value of others in the neighborhood, they can drag down your value and future value. Keep in scope of the neighborhood.
2. Time and Timing – Do you have time for a remodel? Will you be able to live in the house while remodeling or do you need to find another place to live in the interim? How long will that last and do you and your family have the flexibility and temperament to endure a dynamic life for several weeks, months or year? Make sure you are scheduled personally and your resources and team are scheduled to align with your timeline.
3. Resources – Resources first refer to your finances. Are you able to have your capital tied up while undergoing a remodel? Beyond needing the money to complete the project, make sure that you set aside an extra 10-25%. This cushion will be necessary for unexpected costs ("Oh, I didn't know that wiring was like that!"). Or changes you make along the way ("While we are doing that, we mine as well add _______, because it will be cheaper now"). Next we look at the team resources to get into your project with.
4. Team – Selecting a team of design, engineers, contractors and subcontractors and their network of professionals is a critical decision. It is more than just selecting which team will be the least expensive. With low bids you often "get what you pay for" with low quality, poor craftsmanship, and an unprofessional experience.
The team you partner with should take the time to understand what you are looking for in your home remodel from communications to construction. Working with a local proven team that knows both local regulations, restrictions, resources and contacts will help create a more efficient process with fewer speed bumps along the way. For example, working with Carmel-by-the-Sea has different codes than unincorporated Carmel and working with people that know the people can make all of the difference. Above all, their business professionalism should keep you on budget and on schedule.
5. Mindset – Are you ready for a project? Are your loved ones and family ready for a project? Everyone needs to be on the same page and aligned with the goals and process of project. Know bumps and bruises will come along the way. But also a project that meets your needs will be exhilarating. You'll end up with a place and space that you can more personally call "your own".
Summary
Remodels are emotional and each have a part of "you" in them. It is the personal touches that make each remodel special. But know that it needs to be based on a rational and balanced framework. After all, a home is your home. But keeping a home's value is business.
