Brace yourself – it’s time to reach for the list of “big stuff” from your property evaluation! No matter how long or short your list, it can be overwhelming to figure out what to do first, not to mention what it will cost… So, how do you get started? Let’s begin with priorities. Look at your list and ask yourself these questions:
1) Are there any safety issues on your list? These would include weak or damaged decking, stairs, and rails, leaky gas appliances (furnace, water heater, stove, dryer, etc.), and damaged flooring, among others. If any of these items are on your list, they need to be addressed as soon as possible, and by a professional.
2) Is there anything that could impact the structural integrity of your home? A leaky roof, for instance, can lead to damage to ceilings, walls, and eventually flooring, if left untended. Obviously, the sooner you identify and correct these issues, the less it’s going to cost in the long run.
3) What can you do to decrease your energy costs? If your furnace stills works but is more than ten years old, it may be time to replace it. New high efficiency systems can cut your energy use 20% or more, saving you money when costs are constantly on the rise. The same with drafty, inefficient windows and doors – new technology, plus proper professional installation of new products, can greatly improve the energy efficiency of your home. Most manufacturers won’t make specific promises, but they are happy to share testimonials from satisfied homeowners – check out this link for an example – http://www.simonton.com/NR/rdonlyres/607513AB-B637-4D7E-863D-B6B925522B2C/0/FINAL_09SIM1557EnergySavingsCaseStudyv3.pdf
4) Finally, what projects are more about quality of life? Yes, your old kitchen and bath may still be functional, but if they’re outdated, maybe it’s time to think about bringing them into the 21st century! Or, perhaps you have a growing family, and it’s time to consider doing something about that unfinished basement to gain space for the kids and their friends.
So, now that you’ve sorted your list by priority, how do you figure out what these renovations are going to cost? And, if you decide to sell your home down the road, how much can you expect them to be worth? Working basically in the same priority order, let’s look at some examples from Remodeling Magazine for the Chicagoland area: (http://www.remodeling.hw.net/2011/costvsvalue/division/east-north-central/city/chicago–il.aspx)
|
Project |
Cost |
Resale Value |
% Recoup |
|
New deck – wood |
$10,000-$12,000 |
$6,000-$7,000 |
61% |
|
New deck – composite |
$15,000-$20,000 |
$8,000-$10,000 |
50% |
|
Roof replacement – shingle |
$20,000-$25,000 |
$10,000-$12,000 |
50% |
|
Window replacement – vinyl |
$10,000-$12,000 |
$7,000-$8,000 |
62% |
|
Window replacement – wood |
$12,000-$15,000 |
$8,000-$10,000 |
62% |
|
Entry door replacement – fiberglass |
$3,000-$4,000 |
$1,500-$2,000 |
50% |
|
Entry door replacement – steel |
$1,000-$1,500 |
$800-$1,000 |
68% |
|
Siding replacement – vinyl |
$12,000-$15,000 |
$7,000-$9,000 |
64% |
|
Siding replacement – foam backed vinyl |
$14,000-$15,000 |
$9,000-$10,000 |
65% |
|
Siding replacement – fiber cement |
$13,000-$15,000 |
$9,000-$10,000 |
70% |
|
Bathroom remodel |
$15,000-$17,000 |
$9,000-$10,000 |
55% |
|
Minor kitchen remodel |
$20,000 |
$13,000 |
55% |
|
Major kitchen remodel |
$50,000-$60,000 |
$35,000-$40,000 |
59% |
|
Garage door replacement |
$1,500 |
$1,000 |
65% |
|
Basement finish |
$66,000 |
$37,000 |
55% |
Remember, these figures are just averages. Costs will vary depending on the materials you select, and, of course, on your contractor. Next week we will discuss how to find the right contractor for you, and that doesn’t necessarily mean the cheapest!
Happy remodeling!
Rae the Renovator
