When it comes to home remodeling projects how is “value” defined? First we must start with what is valuable or important to the individual family. In the opinion of the Design Build Planners, this trumps all other factors including resale value, equity, the neighborhood demographic. That is why we always start each initial meeting with a series of Project Profile questions that have nothing to do with construction. Topics include kids, pets, school, careers, travel…etc. The pros and cons of “moving versus improving” are also discussed up front. Then the other factors and actual construction are considered.
Planning and buying a home improvement project is often a unique, first time purchase for a homeowner. Often, they have no history or buying experience to rely upon regarding decision making. People are more likely to purchase more homes in their lifetime than major design build remodeling projects such as additions, add-a-levels, bedroom suites, full kitchen and bathroom renovations. Magazines, the internet, and home improvement television shows fuel the ideas and fantasies of what people want for their home. Daily life provides the ideas of what they need. Now, how does one obtain these wants and needs with value and as a prudent investment?
Assessing value in home remodeling is part math and finance, part educated guess as future returns, and part intangible. The intangible parts include emotion and quality of life for the family. Who would be needed to help sort out and address all the factors? That might require a designer, architect, estimator, remodeler, life coach, realtor, financial planner, and lender. If you are able to get this group on the same page, speaking the same language, and agreeing for a unified plan; you may be ready to undertake achieving world peace.
The Design Build Planners have personal and business experience and/or training in all those fields. As Project Designers we address all the related issues as an overall at the initial client meeting to save everyone, especially the homeowner, valuable time and money. Of their many valuable tools, the Design Build Planners has proprietary software that illustrates the typical scope of work, selections, and room sizes of past, similar projects completed by homeowners that had a comparable Project Profile. This helps create a path for a solution that suits the wants and needs of the unique family and home.
Beyond that, we still have the money aspect of the value proposition to consider. Return on investment or home resale is always a consideration. However, the longer a family expects to be live in that home, the less importance it has in the ultimate decisions. Currently, many homeowners are using 203K loans as a funding solution for their home remodeling project. Among the criteria for these loans is present home value, comparable neighborhood home sales, equity, and anticipated home value after the renovation. Understanding this and advising a homeowner is very important, especially in the early planning and designing phase. Even if the family plans on staying there 20+ years, they may have to make value considerations for the project. For instance, a home planned to have a two bedroom, two bathroom addition will have a certain added value consideration. If that same four-room addition was planned to be twice the size (doubling the room sizes), the extra cost to build would most likely be less than the extra added value consideration.
Contact the Design Build Planners today and schedule a free 15-minute phone consultation to discuss your next project and explore the possibilities. This offer is for homeowners and remodelers anywhere in the United States. Discover how the unique DBPlanners project design and development process will save you time and money while providing a pleasant remodeling experience for everyone involved!