Many people are choosing to stay in their homes longer than planned, thanks to the recession, but an economic downturn doesn’t necessarily mean they have to put the brakes on remodeling projects.
MSN Real Estate recently published “high-performance, lower-cost” improvements that will make a home more livable now – including improving energy conservation – and increase its value when the homeowner is ready to sell. Here are three suggestions:
A leaner kitchen upgrade – To cut the fat out of a kitchen remodel, stick to cosmetic improvements, such as replacing cabinet faces and hardware and not the boxes, which could save 25 percent of the total cost. Also, stay within the current footprint of the kitchen – giving it a facelift instead of doing a full remodel – and save tens of thousands of dollars by not going all out. Instead of buying everything top-of-the-line, splurge on just one or two elements to give the kitchen a personal touch and save on the overall cost.
A more-affordable bathroom remodel – While gutting and replacing everything in a 5-by-8-foot bathroom could cost $20,000, save $5,000-$6,000 – 25 percent – by refacing existing cabinets with new doors, drawer fronts and hardware; top the counter with stone; don’t replace the window or tub but do replace the tile around them; repaint or wallpaper; install a new toilet, vent fan and mirror lights; put in a new tile floor. On an even tighter budget? Then repaint the cabinets rather than refacing them; install new knobs, towel bars, a stone counter faucet and sink; add a new light and vent fan; and tile the floor but not the tub. Whatever is done, you’ll recoup nearly 80 percent of the investment on average, according to Remodeling.com’s survey.
In-law apartments – If adult children or aging parents have come to roost in your home, adding an apartment to your home can benefit the family now and in the future. Not only will it meet your current needs, but your property will increase in value and become a more attractive option to others who find themselves in your situation in the years to come. Check with zoning and me – an experienced Realtor – before making this improvement. Here are some other tips from MSN Real Estate for adding independent living space:
- Make the transition into your home one that can eventually be closed and locked, with a wide, wheelchair-accessible door and strong casement.
- Build a separate outside entrance with pavement for easy entry.
- Make sure the addition is consistent in every way - from the quality of workmanship and materials to the design - with your existing home. A jarring difference between the house and addition can subtract from its resale value.
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