Since the beginning of the Covid-19 pandemic in early 2020, you have probably found yourself spending a lot of time at home. Whether you’ve been working from home or simply staying home because your normal activities have been canceled, we’re sure you’ve noticed a few things you’d like to change. While installing new doors or redoing your entire master bathroom may sound like a great idea, it’s important to weigh your options before starting major renovations.
What Is The Difference Between A Remodel And A Renovation?
Most of the time we throw around the terms “remodel” and “renovation” like they are the same. In reality, these two terms mean very different things.
A remodel is a large project that you almost always will need a permit for and can change the structure of a room or home. A few examples of a remodel would be tearing down a wall, extending a room, adding on to the outside of the house, etc. The state of the room may change entirely.
A renovation, on the other hand, rarely requires a permit and is usually an aesthetic change. The room would remain the same, it may appear differently because new tile has been put down, cabinets have been painted, or light fixtures have been replaced. Renovations can typically be executed by the homeowners themselves, whereas a remodel would need to be handled by an experienced professional.
People feel the desire to renovate for many reasons. The biggest reason is obvious – they want their home to look better! Most people are moving into a home that was previously owned by someone else, which means there will be at least a few things they’ll want changed to match their style. That being said, not all renovations are necessary or will add value to your home. It’s best to talk to your realtor before making any costly changes. Your realtor is an expert on your community, neighborhood prices, and the overall value of your home.
What Will Add Value To Your Home?
The answer to this question is situational. What adds value to one home may do the same for another. What factors impact this? It can depend on the cost of your home, how much money you’ve put into your home already, the cost of homes in your area, and a variety of other factors.
For instance, if the most expensive home in your area is $250,000 and it’s about the same square footage as your house, that will probably be the most you can ask for your home. So what does that mean? If you purchased your home for $200,000, you probably don’t need to invest more than $20,000 into your house to see a return on your investment.
Please talk to your realtor for exact facts and figures for you and your home. They want to see you make the best decision when it comes to your house and money.
What Is Your Next Step?
Contact your realtor! If you don’t have one, we’re your go-to real estate group! Please contact us, call us at 574-527-1700, or email us at Kim@homeswarsaw.com. We would love to hear from you and learn about the projects you’re thinking about!