Consider the Total Cost of Ownership
Total Cost of Ownership & Remodeling Projects
Home remodeling is not exactly a cheap investment. If you are interested in a home remodeling project, it is important that you assess how much value it can add to your property in the long run. Remember that not all remodeling projects can increase your property’s market value. Here are some factors to consider when it comes to the cost of ownership and remodeling projects.
An updated or new kitchen can make a great difference in the value of your property. Do you need to purchase new appliances or replace the sink, cabinets, faucets and countertops? Even small updates can cost around $18,000. However, if you’re able to pick the right choices for your kitchen, you can recoup around 83% of the total project cost.
Sometimes, replacing the windows is one of the best ways to boost the property’s value and save money in the long run. Insulated wood windows can cost around $10,900, but you can expect to get huge savings on your utility bills. New windows can help keep out the heat and cold, so you will spend less on your heating and cooling bills.
Basement and Attic
If you like the idea of having an extra room, then transforming your basement into an office or game area is one of your options. A completely renovated basement with a bath can cost around $62,000, but you can expect great returns on your investment should you decide to sell your house in the future. You can also turn your attic into a spare bedroom. Aside from having extra space in your house, remodeling your attic is also cheaper than building a new room.
Would you go for a wood deck or a composite deck? Every 2 to 4 years, a wood deck needs re-staining or sealing adding to the costs of labor, material and storage or disposal of the added stains and paints. A composite deck, on the other hand, requires very low maintenance. A simple pressure wash can get rid of the dirt and debris.
The cost of composite may be twice that of wood, but it lasts longer and is more economical from a long-term point of view. Composite can withstand tough weather conditions. It’s also resistant to insects. Wood tends to splinter and crack.
Composite also has become more visually appealing over the years. It might have looked cheap in the past, but today’s high quality composite decks look sophisticated. Composite is available in various colors and natural wood grains unlike wood decks that are limited in color. The fact that composite is made of recycled materials makes it an attractive option for those who are looking for environment-friendly building options.
You will spend money on ownership and remodeling projects at some point. Conducting proper research before starting any remodeling project is a must to determine how much you can benefit from it in the long run. Consider the amount you are willing to spend on the project and how much the value of your property will increase after the updates.