Most people have recently found themselves making a significant, pricey remodeling mistake. This article will help you consider important factors to create the most appropriate budget and not repeat these pricey mistakes.
Before deciding on the remodeling plan, there are a few questions that need to roam within your mind. Such questions include:
- Is your house your forever home?
- Do you often get tempted to finance your remodeling project?
- Will you be joyful after the remodeling project?
Sometimes, our neighbors seem to have more beautiful homes than we do, and we desire for our homes to be just as grand and modern. Imagine if your neighbor’s master bath has elegant wallpaper and flooring, a massive whirlpool tub, and a sauna. In contrast, we may feel as though our own bathrooms resemble the shower stations at public pools.
Fortunately, home remodeling contractors will help you renovate your bathroom and shed off the shame. Maybe those warm colors, elegant flooring, or a sauna isn’t a bad idea, is it? What about setting your bathroom brighter with new tube lights so that you can apply makeup or shave easier?
Some home remodeling renovations may cost you a pretty penny, depending on the upgrades you prefer. Your general contractor can help you consider affordable renovations. You can also negotiate the costs to ensure that the material and labor sourced is as affordable as possible. You would also want to ensure that your investment will guarantee returns.
Let’s consider an example.
A client added a spa with a downtown view to his Anchorage home. The spa was way out of sync with his immediate neighborhood. When the time came for him to sell his home, no buyer could show even the slightest interest in the property. He just focused on how he liked to sit in his tub with his Alaskan ale and enjoy viewing the city while it was snowing. The worst part is that the same feature he once loved came to decrease the home’s value. He was lucky to get a buyer, although he ended up selling the house after a whole year at a heartbreaking price.
Remodeling your home to make it the nicest in the whole neighborhood comes with substantial risks. You better take time to think twice before jumping into the client’s extravagant additions. If you aren’t careful, you may end up with an over-remodeled house for which the value isn’t recognized in the Anchorage market. That’s why you can consider remodeling services from Crighton & Cooper Construction and Design, the most reputable Anchorage general contractor.
Now, before falling into the trap of over remodeling your home, here are some questions to ask yourself and your family:
Will You Live In This Home Forever?
Americans move approximately 11 times in a lifetime. Interestingly, if you live in America and you’re between the ages of 25 to 30 years, you still have about six moves remaining. If we’re to go by these statistics, then your current home may not be your forever home. For example, as we age, we may need extra support and seek care in an assisted living facility.
You’ll most likely sell the house when you move. This means that you should always think critically about any project you start in your home and determine how it will affect the value of your home. This may seem to be an easy three-minute calculation, but it’s not as simple as it appears to be.
On the other hand, one may plan to stay put. According to the current studies, modern first-time home buyers prefer staying in their first homes longer than the home buyers of the previous generations. If you’re among those bucking tradition, you’ll need to do what you want without regarding the resale value. Maybe you simply want to buy the house, stay in it, and transform it into an estate to pass through the generations. That’s fine as it’s your prerogative. You only need to look into the homeowner association rules.
If you’re planning to move at one time, extravagant remodeling for the house that may only appeal to your immediate family and not future Alaskan homebuyers may not be the most necessary.
What’s The Value of Your Home?
You don’t have to possess the best house in Anchorage. Every other home in the neighborhood looks like a good deal. To ensure that you don’t suffer a stroke when moving out of your current home, you need to keep an eye on the nearby comparable properties. By doing so, you can use those prices to determine how much to invest in your house upgrades.
For instance, there’s no need for putting in Carrara marble and $100,000 cabinets in a market that can’t even bear three-quarters of the selling price. If an average house in your neighborhood sells at $600,000 and you buy a fixer-upper for $500,000, avoid investing more than $150,000; otherwise, you’ll be wasting your hard-earned cash.
Are There Temptations To Finance The Remodeling Project?
You may not have cash in hand, thus opting to go for a loan. Generally, the worst idea for a homeowner is taking a loan for a remodeling project. If you have a large-scale remodeling project that requires you to go begging for cash, let the upgrade get an automatic “NO”. Although you know that your most feared neighbor got a loan to finance his bathroom, you have every reason to move at your own pace. Think about this: even if someone is raising their house’s value a bit, they’re paying interest for it. This interest eats into the property value.
Don’t feel discouraged about financing smaller remodeling projects with lower risks. With an experienced Anchorage general contractor, the value of your property won’t depreciate. In fact, they’re among the best construction companies in Anchorage who understand the modern trends and will help ensure that you receive a return on your investment.
Do You Have Enough Data?
Have you thoroughly looked into the trending home remodeling projects in Anchorage? Have you compared various options to decide which option would be most affordable and best for your home? Some projects, such as refinishing hardwood, are relatively small and inexpensive. In fact, such projects recoup their value when you sell your home. However, more significant investments such as updated bathtubs and kitchens act as big draws for future buyers. Outdated kitchens are the number one killers of property sale deals.
Bottom Line on Anchorage home renovations
At Crighton Cooper Construction & Design, we know how to protect our clients by helping them establish trending modern home remodeling projects that won’t bring feelings of regret when they sell their homes. We take the time to truly understand our clients’ needs as we evaluate ourselves based on our customer satisfaction, our number one priority.
Have you considered Alaska home remodeling projects only to be unsure of the best option for you? Contact us today, and let’s help you design your dream home that will guarantee a return on investment.