Deciding on the right time to remodel
July 2, 2010
Homeowners often find themselves in a quandary when it comes to deciding on the right time to undertake a home remodeling project. The reason for this is because they usually can’t come to terms with the emotional and monetary sides of the issue.From an emotional point of view you know it is time to remodel your kitchen, bathroom, or any other room in your house when you get depressed at the mere sight of the room or you become paralyzed at the thought of family and friends visiting unannounced.Likewise, the matter certainly begins to become more urgent when you contemplate avoiding the specific room, which is difficult at best if the room is a bathroom. Other telltale signs emerge when you start using the room as storage space for everything from old books to old motorcycles, or for your children’s creative outlets, like playing paint ball games.If you are like many homeowners today, you’ve probably been putting off starting your home remodel projects now because of the economy. But as homeowners, you must follow your instincts and base the decision to remodel or not to remodel on the following three questions:• How long have you lived in the house?• How long are you planning to remain in the house?• How much are you prepared to spend for your remodel project? If you have lived in your house for five or more years, you probably have sufficient equity in the property to make it worth your while to remodel, providing you are planning to stay in the home for at least five more years. Then the question comes down to how much you are willing to spend on your renovation.Sometimes, it is a fact that doing something when it seems like it is the last rational thing to do may actually be in your best interest. If you really give your remodeling dilemma some thought, you will discover there are five major reasons for remodeling now:• Interest rates are really low – anywhere from 3 to 4 percent.• Contractors are available and offer great talent for reasonable rates.• Companies want to move product and there are some incredible savings to be had at this time.• There is greater personal enjoyment to be derived by remodeling your home to suit your family’s needs and lifestyle.• Everyone else is doing it. Homeowners are embracing remodeling, which means that property and neighborhood values will increase. Kitchen and bathroom remodels often provide 75-90 percent rate of return on your investment in the event you do decide to sell your property. It takes approximately two-six months to plan the remodel including plans, estimates, product selections, and more. But the greatest reward derived from proceeding with your room makeover is being able to enjoy the updated space and the functionality of the room. So, if you are thinking about remodeling, the best time to start your project would be-now.- Erica Kalkofen is the CEO of ekokitchens&design, with locations in Winter Park and Evergreen, Colorado. Visit http://www.ekkitchensanddesign.com for details.