Wondering whether now is the time to refurbish your bathrooms or kitchens? Remodeling projects are infamous for the time and trouble they take to complete, despite Home Improvement companies' marketing efforts to make it look swift and easy.
I think these web sites actually harm their customers by pushing for a commitment people may not be ready for, so I thought that, instead, posting some information on the topic would help my readers be more realistic in their planning for the project budget and timeline.
When Do Most People Decide to Renovate?
Children are actually the best indicators for remodeling projects. According to a new consumer market resource, the HomeSight project, “Kitchen remodels are the province of "Empty Nester" life stage (36%) and of "Mature Families"- those with teenage and young adult children still in the household (43%).” That means that 80% of all remodels occur when the children of a residence are between the ages of 13 and 24.
So, if your last child is six years old and you are beginning to fantasize about shiny new kitchen faucets, you may want to channel that desire into the planning of a renovation to begin six or ten years down the road, rather than pushing a decision too quickly. The same resource goes on to say: “In fact, one third of all home remodel projects currently under way will be postponed for as long as five years. Of those delayed, 17% will never be completed in full.” Just imagine having a gutted kitchen/bathroom lying idle and unused, needlessly. Much better to spend more time on planning and avoid project delays.
Project Scope
Other sources of concern for families considering renovation:
• Will I be able to stop with one room, or...
• Will the budget explode, mid-project and bankrupt me before I can enjoy or sell the results?
Often, in the beginning stages of the project, consumers realize that changes in one room will precipitate renovations in other rooms in order to preserve a sense of balance and harmony in the residence. For instance, most who consider replacing one of their faucets, say, in the kitchen, will replace bathroom fixtures, as well. So, it is generally better to plan for renovating all of the utility rooms in the same project. This will make the budget more realistic, so you can plan for it.
Speaking of Budget Expectations
More food for thought:
• No matter how much money is involved, renovators see a consistent 13% increase in budget from start to end of project
• Average return on investment (ROI) for kitchen and bathroom remodeling projects above $15,000 ranges from 80-93%
Who Renovates Bathrooms and Kitchens?
While men tend to renovate entertainment centers and basements, studies show that women see kitchens and bathrooms as expressions of themselves. This means that kitchen and bathroom remodeling projects, including sink and faucet replacement, are most often completed, in the end, by professionals, rather than by husbands.
More behind-the-counter information can be found at:
No comments:
Post a Comment