|
How to Decide If You Will Stay for Only a Few Years?
Quick Remodel Decision Table
|
|
How much longer will you
stay in the house? |
|
Type of project |
0 to 1 years |
1 to 3 years |
|
New doors and new
windows |
OK¹ |
OK¹ |
|
Paint or refinish
bathroom and kitchen
cabinets and install new
hardware |
OK¹ |
OK¹ |
|
New baseboard, crown
molding, etc. |
OK¹ |
OK¹ |
|
New flooring (carpet) |
OK³ |
OK³ |
|
Refinish hardwood
flooring |
OK³ |
OK³ |
|
New hardwood or tile
flooring |
Not recommended² |
OK³ |
|
Major kitchen remodel |
Not recommended² |
OK¹ |
|
Add on a 2nd Story |
Not recommended² |
Not recommended² |
|
Add on a new bathroom |
Not recommended² |
OK¹ |
|
Finish a basement or
attic |
Not recommended² |
OK¹ |
|
Add on a new room |
Not recommended² |
Not recommended² |
|
Enlarge an existing
living room or family
room |
Not recommended² |
Not recommended² |
|
Add on a new master
suite |
Not recommended² |
Not recommended² |
¹Note that this recommendation
assumes that you will use
economy or average grade
material and spend an average
amount on labor and the
materials. If you are going to
move in a few years, it is not a
good idea to do even a simple
remodel using expensive custom
materials since you will only
have a few years to enjoy the
results and the next owners
probably won't pay you even 50
percent of what you invested in
these improvements.
²These projects are not
recommended if you will stay in
your home for a short period
since the projects are
relatively expensive and/or can
take several months to complete.
Since you will only stay in the
home for a short period after
the remodel project, you won't
be able to enjoy the results,
and unless you manage the
project very carefully to
minimize cost, you could easily
spend more on the remodel than
the additional amount you will
get with the improvements when
you sell and move.
³If the items that you want to
replace (i.e. carpet, doors) are
in very poor condition and will
detract from your home's
otherwise good overall condition
when you go to sell, then you
can consider replacing them.
Before deciding to proceed with
this improvement make sure that
you will enjoy the new items
during the remainder of your
stay in this house. Also, use
economy or average-priced
materials, designs and colors
that are common and that appeal
to the largest number of buyers
and pay a reasonable amount for
the installation.
For more information about remodeling or
moving, please visit
www.nichelending.com or contact us
at
remodelormove@nichelending.com or
call toll free at (888) 491-2001.
"About
the Author -Dan Fritschen, founder of
www.remodelormove.com,
www.remodelestimates.com and author
of the best selling books Remodel or
Move? Make the Right Decision and The
Complete Remodeling Workbook and
Organizer (available at
www.remodelingorganizer.com).
Do you
have remodeling or moving questions?
Email Dan directly at
dan@remodelormove.com. |