Remodel your home, improve its value, reduce energy costs
Mick Del Greco has been building custom homes for more than 25 years, but his experience also includes residential remodeling.
Making smart improvements to your home continues to be one of the single best investments Americans can make. According to the Consumer Affairs Department of The Financial Planning Association, an investment in a home (a remodel) is smarter and easier than selling and buying in today's marketplace. It's rare that moving proves to be a good financial, or emotional, choice. Over the long run, you may be better off playing the stock market, not the housing market.
Today's savvy homeowners can add affordable luxuries and space to their home, enjoy their home for many more years, then reap the benefits at resale time. Remodeling Magazine's Cost vs. Value reports put the average percentage of cost recouped for a basement remodel at 90 percent in the first year! Other popular projects such as a bathroom addition, kitchen remodel, or master suite also recoup much of their cost in the first year, and after more than one year, that value increases.
With statistics like these, it's no surprise that two-thirds of homeowners who planned to undertake a remodel and surveyed by Owens Corning say they were doing so to increase the value of their home, seeing remodeling as an investment rather than a cost—money in the bank for the future, and enhanced living space today. Among those surveyed, more than 90 percent said that they had received as much or more value than they had expected from their investment. With interest rates still affordable, it just makes sense to let the economy work for you.
In addition, there are many new tax incentives related to energy savings that apply. Whether it is adding insulation to reduce heat loss, or replacing windows and doors, or upgrading your HVAC system, or a countless other energy efficient upgrades, it's worth a phone call to Mick Del Greco to find out what is best for your home.
NEW from North Carolina Recovery
3/12/2009
North Carolina Receives $208 Million for Weatherization and Energy Efficiency Grants
The White House today (3/12/2009) announced nearly $8 billion in funding for weatherization and energy efficiency as part of the American Recovery and Reinvestment Act. North Carolina will receive $131,954,536 for weatherization and $75,989,000 for the state energy program.
According to the White House: To jump-start job creation and weatherization work, the Department of Energy is releasing the first installment of the funding – about $780 million -- in the next few days. The Department will release additional funding over time as states demonstrate that they are using the funding effectively and responsibly to create jobs and cut energy use.
The funding will support weatherization of homes, including adding more insulation, sealing leaks and modernizing heating and air conditioning equipment, which will pay for itself many times over.
The Weatherization Assistance Program will allow an average investment of up to $6,500 per home in energy efficiency upgrades and will be available for families making up to 200% of the federal poverty level – or about $44,000 a year for a family of four.
The State Energy Program funding will be available for rebates to consumers for home energy audits or other energy saving improvements; development of renewable energy projects for clean electricity generation and alternative fuels; promotion of Energy Star products; efficiency upgrades for state and local government buildings; and other innovative state efforts to help save families money on their energy bills. The Department of Energy’s Weatherization Assistance Program allows low-income families to reduce their energy bills by making their homes more energy efficient, reducing heating bills by an average of 32% and overall energy bills by hundreds of dollars per year.
A kitchen remodel is by far one of the best investments a homeowner can make, and the return on investment (ROI) a kitchen remodel might produce is an important consideration. The ROI a homeowner might expect for a kitchen remodel varies, depending on how you spend your kitchen remodeling dollars and the strength of the housing market in your specific area. The annual Cost vs. Value study Report—a joint study done by the National Association of Realtors and Remodeling magazine-provides national and regional averages. The report is an estimate of the costs associated with a kitchen remodel and compares it to the value it would recoup if the home sold ONE year later. In many areas, a minor kitchen remodel recoups more than 70% within one year!
Most older-style kitchens can easily be updated without major structural changes. Painting the walls and replacing cabinets might be a starting point. Replacing vinyl flooring with ceramic tile, new countertops, a ceramic backsplash and a double-basin sink are modern kitchen remodeling options many homeowners consider. New appliances might be included in the facelift such as a dishwasher or a drop-in range.
An antiquated kitchen may need to be gutted. New custom cabinets and natural stone countertops become the rule. A kitchen remodel is something the chef of the house wants and deserves. Changing an inconvenient traffic flow and adding state-of-the-art appliances to make gourmet meal preparation possible is every chef's dream.
How much you plan to budget for your kitchen remodel has as much to do with meeting your wants and needs, but also how long you plan to remain in your home. Today's trend to retire in place means many Americans are going to make sure they include the best ideas a kitchen remodel can bring to their decision. When you are planning on staying in your home for more than five years, plan a budget of 15%-18% of the total value of your home. So, if your home is worth $300,000, a kitchen remodel budget of $45,000 is a reasonable investment. It is our pleasure to help you work your way through all the planning, budget considerations, and decisions a kitchen remodel brings. Here is a list of preliminary questions for you to consider and discuss with us during the early planning stages:
- How often do we prepare meals in our kitchen?
- Is our kitchen the focal point of daily family life? Is the face of the
- refrigerator an art gallery for budding Rembrandts?
- How much time do we spend in the kitchen and dining room area?
- Do we have children or physically impaired family members in the kitchen?
- Do we eat in the kitchen, or is it a place for meal preparation only?
- How often is there more than one person involved in meal preparation?
- How does the current traffic flow work in our kitchen and how would we improve it?
- What are our storage needs?
- How often do we shop and how much room do we need for all categories of consumables?
- Are we happy with the appliances we currently have, or are we going to update them during the remodel?
- How safe and efficient is our current kitchen and what changes might we make to correct deficiencies?
- Is there enough light for meal preparation?
- Do we need more countertop surface area to prepare meals efficiently?
- Do we need a larger stove or refrigerator?
- How much are we willing to invest to have the kitchen we want?
Once you have considered these questions, the next step is a discussion about your wants and needs with Mick Del Greco Mountain Homes. We will help you with the types and styles of cabinets, comparing one countertop surface to another, and how best to use the floor space you have, or whether to step outside your current foot print. Let us give you what you want within a budget you are comfortable.
A bathroom remodel is a very personal thing and is more about comfort and pampering amenities than form or function, though those are also important. Along with a kitchen remodel, a bathroom remodel is by far one of the best investments a homeowner can make, and the return on investment (ROI) a bathroom remodel might produce is an important consideration. The ROI a homeowner might expect for a bathroom remodel varies, depending on how you spend your bathroom remodel dollars, and again like a kitchen, the strength of the housing market in your specific area. Cost vs. Value Report—a joint study done by the National Association of Realtors and Remodeling magazine—provides national and regional averages. The report estimates the cost of an average home improvement project and compares it to the value it would recoup if the home sold ONE year later.
Keeping in mind that a bathroom is very personal,it is our pleasure to help you work your way through all the planning, budget considerations, and decisions a bathroom remodel brings. Here is a list of preliminary questions for you to consider and discuss with us during the early planning stages:
- Is this bathroom intended for more than one person's use?
- Might an additional bathroom better suit our family's needs?
- Is the water pressure adequate in current showers and tubs?
- Is there enough hot water to meet our family's needs?
- Does the current bathroom have enough countertop area?
- Do we want granite or tile countertops?
- Is there enough storage space for personal incidentals as well as clean towels and paper products?
- Do we have a water-saving, efficient toilet?
- Do we have adequate light for our needs?
- Do we want tile or carpeting on our floor?
- Is there a particular style we'd like in our bathroom?
Mick Del Greco will help you create the bathroom experience you want within a budget with which you are comfortable.
Adding space in the form of an addition is a popular remodel. Home additions come in two varieties: those that go up, and those that go out. When space, lot size, zoning restrictions, and cost are an issue, or when it's an aesthetic choice, a second or even a third story addition is just what the doctor ordered.
When you are not limited to your home's current foot print, when you can extend the perimeter of your home outside the space it now occupies without violating zoning and setback restrictions, then adding out is definitely the addition for you. Regardless whether you need an addition for a family room, new master suite, an in-law suite, a home office, or an extra bathroom, increasing your home's size also adds value to your home.
According to a Cost vs. Value study, a family room addition returns more than 68% within the first year! You will be amazed at how much easier life can be with a little extra space.
We will help you work your way through all the planning, zoning and setback requirements, budget considerations, and other decisions an addition requires. Here is a list of preliminary questions for you to consider and discuss with us during the early planning stages:
- What's our purpose for having an addition?
- Do we want (need) to go up or out?
- What are the architectural considerations?
- How much additional space do we require to suit our family's needs?
- Will steps be a problem for any of our normal family members?
- Will our addition inconvenience our neighbors?
- Should we add a fireplace to the addition?
- How might we maximize the available natural light?
- What kind of windows will we want to include?
- How will the addition work into our current traffic pattern?
- Do we want tile, wood, or carpeting on our floor?
- Is there a particular style we'd like to achieve?
- How much are we willing to invest to have the added space?
These are all important questions. Once you have considered them, the next step is a discussion about your wants and needs with Mick Del Greco.