First Steps When Thinking About a Remodel
Last updated in November 2018
Start by carefully considering what you think you want and how you can get it. If you want to redo a dated bathroom without moving anything around, then layout isn’t a consideration. But if you want to correct a dysfunctional floor plan, enlarge a kitchen, or add a bathroom, you’ll probably need several possible layout options. And if you need to add living space to accommodate an aging parent or tot or two, there’s much to ponder: Does the house have an unfinished basement, attic space, or other underused area worth converting? Or is an addition the best solution?
Develop a wish list, and then weigh it against what you’ll probably pay to fulfill it. Will you really derive $25,000 of enjoyment from that remodeled bathroom? How often will you actually use a new $50,000 home theater in the basement? These considerations are especially important if you’re considering a major renovation or addition. For example, if it costs $150,000 to add a great room downstairs and a new bedroom and bath upstairs, are you better off building them or using that money to trade up to a bigger house? Identifying goals and thinking through available options will force some decisions—and also help you set a budget cap.
When thinking about overall costs, many homeowners factor in how much the improvements will add to the value of their homes. Discussing ideas with designers and home improvement contractors often leads to recommendations for extra work or expensive products that will “more than pay for themselves” by raising your home’s value. If you expect to sell within the next few years, it makes sense to focus on the additional market value you’ll get by remodeling and to make improvements to maximize that gain. But if you’re not moving soon, be very skeptical of claims that you’ll recover what you invest—you likely won’t.
Once you’ve decided what to do, educate yourself. Read the articles in this section of Checkbook.org. Visit design and remodeling websites, review home improvement magazines, and watch TV shows that feature projects similar to yours. Ask neighbors who have remodeled similar homes if you can see how they use their new space. If you find a feature you like, snap a picture. Visit open houses of homes for sale to see how the owners tackled recent remodeling work. Your goal is to accumulate ideas about how you want your remodeled space to look and live.
Make lists of things you like: colors, materials, fixtures, fittings, and surfaces. Consider making a Pinterest board of ideas to show designers or contractors. The more ideas and knowledge you have, the better you’ll communicate with designers or contractors.