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There is a rule of thumb: You should have two dollars’ worth of value for every dollar spent! Also, you should look around you. Do not over-improve in a poorer neighborhood, but in an expensive neighborhood upgrading can be wise. Now, how to spend those dollars–
- Instead of replacing, improve! Paint cabinets and replace pulls for a great kitchen improvement. Replace fixtures in the bathroom, or install new and updated lighting in your rooms. No need to dive right into complete remodeling costs.
- Add square footage sparingly. You should not reduce your lot size down to an unattractive size in order to add on. An add-on that improves traffic pattern is generally good. If you have 3 bedrooms and 1 and 1/2 baths and the rest of your neighborhood has 4 bedrooms and 3 baths, it’s time for you to consider adding on.
- Do-it-yourself. The best way to save money is to be your own general contractor. You can save up to 30% of construction costs by doing the overseeing and the scheduling. Demolition and painting are good ways to save labor costs. Don’t consider doing electrical or pouring concrete by yourself. That might end up costing you money. Depend on home improvement stores’ expertise, places like Home Depot and Lowe’s.
- Cut construction costs. Use the same cabinetry in the bath as in the kitchen and buy at volume discount. Don’t move bearing walls or alter roof-lines. Be creative to avoid the most expensive materials. Instead of granite use good looking Formica; instead of tiled walls in the bath, use wainscoting. Plan baths and kitchens back-to-back in order to save on drains and plumbing costs. Always research prices of materials and then ask for three contractors’ bids to get the best pricing on any construction job. Remember, too, buy good paint. You will spend the most money on labor, so buy a good paint that covers well and save on the overall paint job.
- Best Returns. You can get 90% return on kitchen improvement, 75% on bathroom improvement. Neutral paint jobs sell best. Other things that please buyers and net good returns on your home are newer appliances, good closet space, garage and work space, and fenced in back yards. Curb appeal helps, too. Color and a nice lawn add to the value of your home.
Tip! Always get free estimates from at least 3 home contractors. An easy and fast way to do this is to use ServiceMagic who will match you to pre-screened, customer rated local home improvement contractors for free.
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