Remodeling Decisions: Basement vs Kitchen
It’s all about the kitchen, or is it? We know updated and functional kitchens are what potential home-buyers desire, and kitchens make for the best return on investment in a home remodel. But when does it make sense to leave your ‘decent’ kitchen alone and instead remodel a different room in your home? Basements that are updated and in good condition can add a lot of value and appeal to a home as well. How do you decide where to put your limited remodeling budget dollars? If you’re asking yourself, should I remodel my kitchen or basement, here are a few things to consider:
Current State of Affairs
Just how bad are things? Do you simply have shag carpet and paneled walls that need replacing or does the entire space need to be gutted and redesigned? If new flooring, paint and a few new fixtures are all you need, the basement re-do is a no-brainer. Do it.
Of course there will be hidden costs – there always is! Some things that could add to your budget include water damage, plumbing or electrical issues – if these things need updating, that will dramatically add to the cost of your ‘simple’ remodel because you will likely need to hire professionals to help you with the updates. Will your remodel require the city’s involvement for code issues or will you need to pull a permit? These too, add to your bottom line and usually require you to add time to your deadline as well.
Can you do some of the work or a lot of the work yourself? Even if it’s the tear-down and disposal, any labor costs you can save by doing the work yourself leaves you more money to spend on the fun stuff (carpet, furnishings and accessories).
Reign in your desire to have all the bells and whistles if this remodel is being undertaken to add value to your home for a future sale. Use quality materials and products, but don’t go overboard with high-end counters for your bar or trendy hardware in your new bathroom. You generally won’t get that money back.
You can add fun colors for pillows and accessories, but it’s usually best to keep your flooring, window coverings and wall colors neutral, as those appeal to more buyers, and also allows them to visualize the space with their own furnishings.
Updating your basement can result in a lot of positives for you and your family. It can add value to your home, provide a new space to enjoy, as well as add appeal to future home-buyers. Assuming your kitchen is in good shape, and your hidden costs are minimal, investing in a basement to make it current and fresh could be a good financial decision.
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