“I appreciate that everyone wants to manage a budget, but I’ve learned that the last 20 percent you don’t want to put into it is the 20 percent that really distinguishes it in the end.”
“You can decide not to go there and end up with something ‘ho hum,’ or invest it and be glad you did.” — CJ (a STRITE client in Boise’s North End)
It would be ever so nice if we could have whatever we wanted, whenever we wanted it, with no conditions or compromises attached — but the fact is that we all live in the real world. And if we didn’t discover this by the time we were two years old, there’s nothing like a remodel project to bring us hurtling back to the reality that life is about trade-offs.
STRITE designer Michael Snow recently shared an online article with us on this very theme, and we thought it worth passing along with some insights of our own. The article, “Where Should I Splurge and Where Should I Save Money in a Home Remodel,” should be required reading for anyone contemplating a remodel, and the advice mirrors the discussions we have with nearly every client we work with at the outset of a project. While we encourage you to read the entire article (along with its excellent sidebar links), we’d like to amplify on some of points it raises.
Very few, if any, remodeling projects will return 100% of your investment, so the decision to remodel should be more about your enjoyment of your home and getting more out of it. For any space, think about your family’s lifestyle, and spend more on the areas that support those priorities. — If your immediate goal is to put your home on the market, it certainly makes sense to prioritize those fixes/enhancements that will most likely get you a good offer. In the case of most remodels, however, our advice to our clients is to always focus on how a project will enhance their lifestyle. The reason we have always insisted on a design/build model for our business is to make sure that we focus on lifestyle priorities at the very outset of a project. That said, it’s at least encouraging to note that the cost vs. value ratio for remodel projects has actually improved in 2013 for the first time in years.
You don’t want to overspend and possibly price your home way out of proportion to the rest of the neighborhood. — Following this advice has a lot to do with how long you plan to live in your home…which is a similar consideration you need to make when the question of “over customization” comes up. This may be a more relevant issue to a young family than to an older couple, especially if that older couple is looking at modifications aimed at “aging in place.” To get a good perspective on keeping remodel projects in line with logical enhancements to the style and function of a home, as well as it’s value within a neighborhood context, take a look at our blog, “Confessions of a Serial Remodeler.”
Invest in the Most Permanent, Fundamental Items. — One of the great advantages of remodeling compared with most new construction is the degree of choice you can exercise over materials that improve the durability, efficiency, and functionality of your home. A good remodeler can guide you through those choices and help you weed out the things that are “the flavor of the month” versus those with more fundamental and longer lasting value.
Buy Cheaper Alternatives That Look the Same as Premium Materials — Thanks to the Internet, you can do your homework on how to get the look and performance that you’re looking for, without necessarily paying “name brand” prices. An advantage we have after nearly forty years in the remodeling business is that we can do a lot of this homework for our clients, based on relationships with a long list of suppliers.
Spend More on Your Room’s Focal Points — Something we always take into account in any remodel design is the ways that “line of sight” and “flow” enhance the experience of a living space. We find this to very often be the case in updating “http://www.stritedr.com/kitchen-remodel-20/”>kitchens, when taking out a wall can connect a key center of family activity with the rest of a home’s public spaces.
Start Off on the Right Foot — The article recommends creating a realistic budget…and then adding 50% “just in case.” As a remodeling company that has made “knowing our numbers” an essential part of the value we bring to our clients, our general practice is to allow between 3 and 5% for “additional work requests” (AWRs) that typically arise when a client chooses to add or upgrade something to a remodel project beyond the original scope of work. In other words, give yourself some “wiggle room” if it means the difference between getting what you want and, as CJ so poetically put it, “ho hum.”