Budgeting for Remodeling
Budgets for remodeling can range wildly depending on the work needed to be done and the features that are involved. Most home renovation projects on average in Chicago range around $7,000 and can go well over $75,000.
A renovation contractor can go over the numbers and help you determine where you should set your budget or what you can do with the fixed number that you have for a budget.
What is the ROI or Return on Investment?
This is where getting the knowledge of understanding what home sold for and what each of those homes contain in terms of features. If you are working with a real estate agent or if you are one yourself, you can access the multiple listing service and look up recent solds.
You can find homes that have the particular features that you are considering to renovate the home with and determine if upgrading features will bring you a decent return.
Of course, you would need a great Chicago remodeling contractor such as VRC Management LLC to help you make that determination with costs and timelines.
Understanding that, let’s go through the list of major and minor projects that you should consider when upgrading your home to get the best sale price when selling.
Major projects that would bring a decent return
Adding a Deck
a New Garage Door
Replace old wood windows and vinyl windows
A nice exterior painting or siding replacement.
Minor projects that would bring a decent return
Smart Home and IoT Technology: Now with tech enabled homes, it is easier than ever to program the lights, music, heating and cooling along with even feeding your pets while you are away from home. The new trend is having homes where you can control everything from the palm of your hand with a smart phone.
Bathroom Updates: Definitely time to get rid of that old 5 gallon flush toilet and put in a new water efficient one. Also check out the new sinks and wall finishes that are available
Painting, Inside and Outside: If the paint looks faded or it has chipped or looks vintage, then maybe it is time to invest in putting some paint to the walls, door and trim to help give it a new, fresh look and feel.
Lighting: There are many different options for lighting. The options for adding light to your home is literally in the millions. A contractor with experience can help you see which options are the best.
Flooring: Travertine may be a way better option than those linoleum roll out floors that were super popular in the 70s and 80s. There are many different options available for a reasonable pricepoint.
Projects that you should not consider when renovating a home for sale because they may have a huge cost and not bring much return on your investment:
Swimming Pools: As much awesome as it is to have a swimming pool, these tend to be a liability due to safety and maintenance and don’t affect the price as much as you think.
Luxury Appliances: Unless if you are in a building or neighborhood where homes usually have the upscale kitchen appliances, save your money and get a decent set of appliances that work well with the kitchen aesthetic.
Super Ritzy Landscaping: Curb appeal is great. However, if it is over the top, it may not give you much appeal in demanding a higher price tag. A lot of times, all you need really is a neat and well kept yard. Remember, the buyer may use their imagination with what they will do with the lot.
Things that you should consider repairing before putting your home on the market:
HVAC Systems/Furnaces and Plumbing issues – This is vital to get fixed. Sometimes, mortgage companies will not allow a sale to go through unless arrangements have been made to ensure that these systems are working. Even some towns with their laundry list occupancy cert inspections demand these to work fully.
Landscaping, which helps you get the sale. With the curb appeal factor, it is important to not ignore this as when someone does a home search, this is the very first thing that they see.
Any cracked tiles or flooring that is cracked or worn to where it bothers the visual appeal or is no longer functional. Not just for looks, but also for safety purposes as well.
Absolutely consider an opportunity to work with VRC Management LLC. VRC Management is Chicago’s Premier Renovation Contractors. With Decades of experience in working with Residential, Commercial and Industrial construction, rest assured we are the team to turn your ideas and visions to reality.
Call Jozef at 312 320 3838 to discuss your project!