With home prices increasing and mortgage rates rising, many homeowners are opting to turn their current home into the home of their dreams through custom home remodeling.
The National Home Builders Association reports that approximately $280 billion was spent on home renovations in 20051. This amount is expected to continue to rise due to the concern for homeowners to add value to their existing home along with their desire to modernize their home. A custom remodel allows the homeowners to reflect their own style and individual tastes - from integrating a theme to using unique styling and colors.
Two of the most popular custom projects consist of kitchen and bath remodels. These traditionally consist of incorporating a more luxurious look and feel to the existing rooms and may include adding custom products such as high-end tiling, fixtures or elements.
With the current trend in creating an "open" kitchen and living area for entertaining, comes the emphasis of creating specialty areas specifically designed for individual family needs. With added square footage to open up an area, along with stunning granite countertops throughout, custom cabinetry, and stainless steel appliances that are as beautiful as they are functional, homeowners can now created a modern kitchen that takes center stage and looks fit for a gourmet chef to cook in.
The increasing desire for homeowners to remodel their homes can also be attributed to the increased interest in adding value to an existing home. By incorporating additional square footage, you've not only transformed the living space but you've instantly increased your home's resale value. For example, a recent remodeling survey found a midrange remodel costing $10,499 would recoup 102.2% of its cost if the house sold within a year2.
Once you've made the decision to remodel, you'll need to contact an experienced and reputable, licensed general contractor. When considering hiring a general contractor, it's important to do your homework and thoroughly research your options. Your local homebuilder's association is an excellent source to find out information on local and established general contractors. Also, ask the contractor for customer references and contact these customers to find out what type of work the contractor did as well as their opinion of the contractor.
What do you look for when hiring a contractor? Hiring the right contractor is detrimental to your remodeling project's success. Below are some helpful tips to follow:
o Search for a contractor who specializes in the type of remodel job you are interested in.
o Find an experienced contractor who is established and has a presence within your community.
o It's important to find a contractor who communicates with you and shows enthusiasm about the opportunity.
Your home is one of your most precious and valuable assets.