Mary Lynne Gibbs

As spring gets closer and closer, now is a good time to start considering what home renovations you want to undertake! Remodeling can give you the added or different space you need now, but its important to carefully consider the resale value of any project you undertake and stick to a budget. The spring weather makes it a great time to begin. With the longer days and nice weather, contractors find more time and energy
to complete projects. Some remodels allow for a bigger payoff than your original investment, while others might be needed just to keep the resale price on par with the neighborhood.

My hope is this information will help you evaluate the potential payoff of your remodeling project, and can show you how to budget for it. Let this act as your guide for how much the top remodels can return in resale value, which style trends you want to go after and suggestions for tackling these projects.

Whatever remodeling project you take on, may it have a happy and high-value ending!

WHAT TO REMODEL

When you’re ready to nail down your plans (so to speak), here are suggestions from industry experts:

Kitchen

Add usability with dual sinks and cooking stations. Add aesthetics with commercial-quality and stainless steel appliances, stone or stainless steel countertops and ceramic tile backsplashes. Add space with a breakfast nook or walk-in pantry. Add livability with a computer desk, mudroom or hobby area.

Bathroom

Add light with skylights and glass blocks without losing privacy. Add space with a walk-in dual shower, vaulted ceiling, recessed medicine cabinet or curved shower curtain rod. Add functionality with twin sinks or vanities. Add aesthetics with ceramic tile or stone flooring, stone countertops and heated towel bars and floors.

Siding

Remodeling the exterior is as much about maintenance as it is about curb appeal. Vinyl siding looks fresh and tidy year after year with minimal upkeep. With stucco siding, a new polymer covering can be sprayed or troweled onto a fiberglass mesh base.

Windows

New windows will help you realize additional savings in monthly utility bills. Prospective buyers view windows as they do other structural items, so failing to update old ones can result in lower—or no—resale offers. Newer styles include seamless bent-glass corner windows, curved glass and casements with no center stile.

Maximize your remodeling dollars! According to Remodeling Magazine, the projects listed below were the top projects that added the greatest amount of resale value to a home.

Project	Job Cost	Resale Value	% Cost Recovered
Bathroom Remodel: Midrange	$12,918	$10,970	84.9%
Bathroom Remodel: Upscale	$38,165	$29,529	77.4%
Minor Kitchen Remodel: Midrange	$17,928	$15,278	85.2%
Major Kitchen   Remodel: Midrange	$54,241	$43,603	80.4%
Major Kitchen Remodel: Upscale	$107,973	$81,896	75.9%
Siding Replacement: Upscale	$13,149	$11,573	88.0%
Siding Replacement: Midrange	$9,134	$7,963	87.2%
Attic Bedroom Remodel: Midrange	$44,073	$35,228	79.9%

BEFORE YOU BUDGET

➤ Imagine the new space and make sketches. It’s easier to plan something you can see.

➤ Explore. Talk to people who have done a similar renovation. Read books, magazines and Web sites, get onto renovation listservs, watch instructional videos. Take notes!

➤ Think ahead. Is the renovation intended to add value when you sell next year? Then pay special attention to assessing the value of the house and neighborhood. Add comfort or pleasure?

Accommodate a growing or shrinking household? If you plan to stay for at least 10 years, almost any renovation will be worth its cost.

 

THE BUDGET PROCESS

➤ Figure out how much money you have to spend on a remodel without straining other budgets.

➤ Figure your debt-to-income ratio. If you’re planning to borrow, you need to know whether you can handle the extra debt.

If you’re working with an architect, designer or contractor:

➤ Bring your drawings, budget and other figures to them for help with cost breakdowns.

If you’re going it alone, the following will be your responsibility:

➤ Estimate project costs for materials, labor, permit fees and so on.

➤ Create a timeline to help contractors plan the project and help you budget efficiently.

 

Construction Labor Including subcontractors. Multiply wages by estimated hours for each worker. (Remember payroll taxes and workers’ compensation insurance if you do the hiring.)	$___________
Contractor Fees Fees charged by contractors and subcontractors, such as electricians.	$___________
Construction Materials Lumber, nails, paint, wallpaper, insulation, flooring, tiles, plumbing fixtures, cabinets, countertops, heating and ventilation.	$___________
Tools and EquipmentAll tools purchased and rented for the project, from hammers to post- hole diggers. Also includes safety equipment such as goggles, hardhats, ear mufflers, etc.	$___________
Permit Fees Contact the city planning department. Contractors may handle this for you.	$___________
Decorative Add-ons Window treatments, light fixtures, cabinet hardware, etc.	$___________
Repairs Due to Remodeling Repairs needed resulting from there modeling, such as patching the wall after plumbing vents are moved or replanting lawn where equipment had been kept.	$___________
Cleanup Trash bin rental, hauling fees, dumping fees, removal service.	$___________
SUBTOTAL	$___________
Contingencies Includes cost overruns as well as upgrades, changes, supply shortages, weather delays, miscommunication, etc. Budget up to 30% of subtotal.	$___________
Add Contingencies to Subtotal for TOTAL	$___________

 

For the past few months my husband, Marty and I have been getting rid of stuff, de-cluttering and organizing! Now that all three girls have left the nest – we have boxes of memorabilia, boxes of out of date papers from the old business, etc. At the beginning, we had more than we knew what to do with and how to start. Let me just tell you, that this has not been an easy task but well worth the effort. Getting rid of stuff doesn’t exactly come easy but we are learning, taking it step by step, and loving the results! So I thought I would share a few tips – maybe this will help you make the plunge into a happier clutter free life!

The Positives

1. The less you have, the less there is to clean!
2. Saves money! (we are now saving $235/ month on a storage unit we didn’t need)
3. Makes everyday life simpler, especially when trying to find things.
4. A more peaceful environment.
5. Better use of our living space by having what we really need, not what we think we need.

Game plan

The first thing is to get on the same page as your spouse or significant other to make sure you have one! There is no way for two people to agree on what to get rid of, if they don’t have strict guidelines in place. Otherwise, you will have one person purging and the other one keeping the same things you are trying to purge. The last thing you want is to have to spend more time than you need or duplicate efforts. We used these as our guidelines for what we wanted to keep, get rid of, or donate:

Have a spot for everything, or get rid of it!

Bills, bags, books — each item needs its own space. If there isn’t a specific spot for an item on a shelf or in a basket somewhere, it will never be put away, and be left to sit out. Therefore, it’s got to go!

You only need one.

If you have two of something, consider when you will use it. If your answer is, 5 years from now on that one rainy day – purge it! This may not work for everything, but for stuff like scissors (how many pairs of scissors do you need?), Tupperware (there are only two of us now so not much), etc. Really dig deep and consider – when will I be using this in the future?

If you don’t use it or like it, purge it.

I finally realized I can’t salvage everything and if it’s not in use, it needs to go.

And so…

My house still gets messy, but with half the stuff, it takes much less time to pick up and put away. We are saving money on storage every month and are less overwhelmed when we walk in the house or trying to find something. Marty and I are determined to stay clutter free by not buying things we don’t need. Now that we know what we have, it is easier to say we don’t need things when shopping because we already have it! Don’t let things consume you and your living environment. I encourage you, my friends, to let home feel like home again and start your de-cluttering project. For us, it will always be important to keep evaluating and editing what we are accumulating to make sure we are not going backwards. “They say” for everything you bring into your home, at least one thing or two should go out the door.

Also, consider these alternatives to just throwing stuff away:

1. Donate, donate, donate!
2. With 3 award winning daughters, we had lot of trophies that they did not want anymore. Instead of just tossing them – take off the name plates from all the trophies and make one plaque. Consider donating the rest to a local high school. They recycle them by decorating and using them for speech and debate tournaments.
3. Old books and DVD’s can be sold to Half Price books. You might not make a bunch of money, but hey, its money you didn’t have before!
4. Make old T-shirts into quilts.
5. Take a picture of all your awards/ accomplishments and make a scrapbook instead of keeping it in a book.
6. And last but not least, we have been selling, selling, selling on our local Facebook swap page – “Lakeway Swap”! Great alternative to Craigslist. Takes a lot less time by simply uploading a mobile upload straight from your phone and posting a little bit about it. Before you know, it you will be addicted!

Happy Purging my friends!

Mary Lynne

The greatest compliment I could ever receive is a referral from you. Please let me know if your friends or family are looking to buy, sell or invest in real estate!