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I recently taught a class at community education. Naturally, I ask, what do you want to know and this is what it boiled down to. For a myriad of reasons tuning up the home by remodeling is high on the list of TO-DO’s
Money is Cheap (right now)
The number struck me as odd at first then it hit me, most homes have appreciated enough to free up 100K in equity. Money is cheap right now. A stupid low-interest-rate has set the refinance market on fire. Equity is blooming all over the place. The problem is that remodeling has become more expensive.
Why Have Remodeling Prices Increased?
Have they? yes because of the Holy Trinity, What?
- (LABOR) We are paying our employees more and increasing benefits to keep them
- (MATERIALS) Prices for raw materials have increased
- (SUBCONTRACTORS) Subcontractor’s prices have increased
I could go into deeper detail. Nuff said, when they all go up there is no elasticity so the price increases. Demand is another issue that has been out of control in our market. This has a subtle effect on me but may be a part of what is going on.
Now To Answer Your Question. . .
One idea is to look at how your home works for you. What do you love about it? what do you hate about it? Another idea, some folks have had good luck creating a Pro’s and Con’s list of what you want or shall I say need.
Fill in the blanks
- If only I had a _________ that worked properly
- If there was one more____________ in this home I would love it.
- This bathroom sucks, ________________ would make it work so much better
- This kitchen is great except _______________
- If I don’t take care of _____________ it will become an emergency
- I don’t think anyone thought of a Master Bedroom Suite back then.
You’ve got to get the remodeling contractor to come to your home to do an in-person (or zoom) call to see what the existing conditions are then offered your list to see what works. I can not emphasize enough, that no two projects are alike and therefore the price is going to fluctuate. A good place to look is remodeling Magazine Cost vs Value for your part of the country. That being said it is a ballpark range, not gospel.
100K Does Not Go As Far As It Used To
A nice kitchen remodel, a few bathrooms, a small addition with very few frills. I have had to recalibrate my thinking over and over because of the current trajectory. Rest assured that before we price a project we estimate using the latest pricing for everything including the holy trinity. Trouble is that most prices are only good for 7-30 days. Our process is exacting and unemotional the price is what it is. A good place to start your search for how much stuff costs is here.
Your comments are welcome. To ask questions or get more information about remodeling, click here to email me directly, or call 208-947-7261
If you or someone you know is considering remodeling or just wants to speak to a trustworthy remodeling contractor, please contact me. You’ll be glad you did.