With the rising price of homes everyone is considering keeping their current home longer. If you are not buying the home with the new kitchen, how hard is it to remodel your home and add the kitchen of your dreams?
It’s really not as hard as it seems provided that you have a good contractor. Contact us for a recommendation, we have several that we like to refer out that we love and trust.
Your contractor should take care of the permit process for you but if they don’t you will probably need a permit for most remodeling projects.
If you do not have the cash available for the remodel, most any of our lenders that do primary homes also do home equity lines or 2nd mortgages where you can use some of the equity in your home to pull out money to do some remodeling. This is usually a fairly quick process.
I know we have a lot of sellers that ask us which remodel projects offer the best investment, and want to know which ones they will recover most of the expense back if they were to sell their home. Typically most anything that is necessary for the house, such as the roof, siding, or flooring. I think those are usually at least 100% return on investment. A kitchen and bathroom will typically rate around 67% return on investment. And I would say those are all subjective depending on what or how extensive of a remodel you have to do. And remember, don’t go too crazy that you are the best house in the neighborhood. You don’t want your neighbors pulling your home value down.
The National Association of Realtors has just released a 2022 Impact Report that was done in conjunction with Lowes/ Home Depot and contractors to give you an idea of cost and returns on about 19 different remodel projects. The report is 58 pages long and packed with statistics. Be sure to download your free copy of it here. 2022 Remodeling Impact Report
And as usual, if you have any questions please don’t hesitate to reach out, we are here to help! And if you need to sell your home due to things that you just can’t remodel out of: size, stairs, or things that don’t allow you to live as you want, be sure to request your free Home Valuation Here.