Home remodeling: Splurge or save?

Welcome back to Contractor's Corner. We have been getting a lot of calls recently for kitchen and bathroom remodels, and one of the main questions we are always asked is "Where do you think we should splurge and where can we save?" So we thought it made sense to share our personal recommendations with our loyal readers.

Whenever you begin a home renovation, you are faced with the cost-to-value question. A lot of decisions you make will depend on whether you see your home as a nest, an investment or somewhere in the middle. Some homeowners plan to stay in their homes for an extended period of time and value is not as important as comfort and design. One of the most important things to keep in mind when thinking about your renovation budget is that not everyone is going to like your style. If investment is important, then you need to stick with the current trends. Right now, people value an open floor plan, neutral wall colors such as grays and creams, and kitchens that double as social settings and accommodate new technology, such as LCD TVs, French door refrigerators, or in-wall speakers.

We list value in two categories: items that will sell the house, and items that will increase the value of the house. A wet bar area in the kitchen or living room might not add a ton of value to the actual appraisal price, but it is something buyers will notice. When we want to increase the value of a home and the neighborhood allows, we add square footage. A larger kitchen or an extra bedroom or bathroom is always a good place to start.

The value battle is most prevalent when renovating a kitchen. Here are some tips that will help you decide where to splurge and where to save.

Next month we will discuss how to source products. Anything else you want to know? Just e-mail me at patremodeling@gmail.com.

Patrick Driscoll is owner of Patrick Driscoll Residential Remodeling, a building and remodeling company on the Seacoast. For more information, visit http://www.pdrrnh.com or on Facebook at http://www.facebook.com/pdrrnh.

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Home remodeling: Splurge or save?