Doing this analysis will help you determine the upside potential for the value of your house and will also help you to establish a cap on your remodeling budget to avoid over-investing relative to what the market will bear
Berkeley, CA (PRWEB) April 04, 2013
HDR Remodeling, an award-winning home remodeling contractor in the East Bay, is featuring budget tips to help homeowners create a successful home remodeling budget. When creating a budget, HDR Remodeling recommends considering the following points:
1) The simplest way to decide on a budget is to use Remodeling Magazine's cost versus value chart for the San Francisco Bay Area. This is a user-friendly chart that lists the most common types of remodeling projects and the average cost and return on investments for each.
“The chart is organized by mid-range and upscale budgets, which gives you both the low and high end of your preliminary budget range," Jim Tibbs of HDR Remodeling said.
Remodeling Magazine’s cost versus value chart is available at http://www.remodeling.hw.net/remodeling-market-data/about-the-report.aspx.
2) Prepared with a preliminary budget, homeowners should now seek the counsel of a design and construction professional to help one further define and carry out a successful remodeling project.
3) Zillow.com can also help with necessary research for the estimated value of homes in the target neighborhood. The existing house should be evaluated against its neighborhood average and the upside potential calculated with improvements.
"If you are remodeling an existing living space, then the increase in value is derived from the value or cost of the improvements themselves. If you are increasing the amount of living space with a bump-out, addition or a garage/basement conversion, then the projected increase in value is based on the incremental square footage combined with the value of the improvements you are making. Doing this analysis will help you determine the upside potential for the value of your house and will also help you to establish a cap on your remodeling budget to avoid over-investing relative to what the market will bear," Tibbs said.
For more information about any of HDR Remodeling's services, call 510-984-3755 or visit the home remodeling company's website at http://www.hdrremodeling-eastbay.com. HDR Remodeling's office is located at 2952 Sacramento St. in Berkeley.
About HDR Remodeling
HDR Remodeling is dedicated to providing clients with personalized remodeling services to give them healthier and more beautiful living spaces at reasonable budgets. The company is certified with Build It Green as a remodeling contractor and has also been awarded "Green Check" by the Sierra Club Green Home Initiative. HDR Remodeling designs and transforms homes to improve the comfort of clients while integrating green building practices.