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Getting the Best Bang Out of Your Remodeling ProjectBy Gabriel Traverso
Home Worth Columnist
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When considering a remodeling project most homeowners ask themselves, "how much is my home worth now and how much will it be worth when I'm finished?" There is no magic bullet in the remodeling world, no cure-all that will instantly bump up the value of your home, but there are clues about what you can do to get the best bang for your buck.
According to a survey of home remodelers conducted by the National Association of Home Builders in 2006, the kitchen and bathrooms were the top job. 73% of the jobs in 2005 were kitchen remodeling and 67% were bathroom projects. Master bedrooms and great rooms were the two most common additions, which makes sense, as many older homes don't have the spacious living quarters today's homeowners are looking for. These projects help modernize your home and can enhance your home's value.
Aim Low, Hit HighAcross the board, industry experts agree that when embarking on a remodeling project aimed at raising your home's value, start by thinking small. Adding a great room may add living space to your house, but pumping $30,000 into your home doesn't necessarily add $30,000 to the value of your home. Think about the little things that can be done, such as refacing your cabinets or a new counter top.
Outline Your Goals ClearlyAt the start of a remodeling project, when you ask yourself "how much is my home worth," ask also what your goals are with the remodel. Are you going to be selling the home soon? Will you be living there for at least 5 more years? If you plan on staying in your home for a while then the "how much is my home worth" game changes. Spending money in this case could do wonders for improving your quality of life.
Before you start your project, improve your chances of success by outlining your goals and writing a budget. A little bit of effort in the beginning can save you money and heartache -- and get you the results you want.
National Association of Home Builders: Kitchens and Baths Remain the Most Common Remodeling Jobs
About the Author
Gabriel Traverso is a freelance writer, independent musician and artist. He resides in Reno, Nevada.