How to Beautify Your Home with a Valuable Renovation

Dated: February 11 2020

Views: 195

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Many of you know how much I love decorating and remodeling. Not only do I love doing my own remodeling but I love watching my husband Mark at work as well. About 60% of his business is comprised of custom remodels. These are full renovations with budgets ranging anywhere from $100,000 - $80,000. Sounds crazy, right? But don't let this scare you from embarking on your own remodel project. Budgets are based on your personal situation and the extent of your project. In this segment, I am going to share how to set a realistic budget, what remodeling projects DON'T increase the value of your home, and where to look for inspiration. Get ready to bring your Pinterest dreams to reality!

Feeling inspired to tackle your own renovation? To get you started I am giving away a $100 Lowe's gift card towards your next project. Click the link for your chance to win. The winner will be announced in March and contacted directly.

Enter the Raffle!

Where to Look for Inspiration

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Do you have a clear picture of what design elements you want to incorporate into your project? If not, you should accomplish this prior to the beginning of your project. Start by searching Houzz and Pinterest for ideas on the look you want to achieve. These sites allow you to browse and save beautiful room photos. 

For those of you who consider yourselves design challenged, these sites are wonderful for helping pin down your style. Just start saving inspiration photos, then go back and review everything you saved. Figure out what style the majority of your photos are and that will be the style you are most comfortable incorporating into your home.

Once you pick your style, stick with it. When it comes to your renovation budget, the last thing you want to do is start with a style and then change your mind in the middle of the project. One of the biggest "self-inflicted" hidden costs in home remodels is a change order, which is work that is deleted or added to the initial scope of work, resulting in additional costs. So be sure to lock down your style before you start remodeling.

How to Set a Realistic BudgetIMG-0902-3-4

Every room has potential but it's important to keep this potential within your budget for the renovation. When it comes to determining your budget, a standard rule of thumb is not to spend more than 15% of the home's value on the renovation. For example, a $300,000 home would have a maximum renovation budget of $45,000. If you are considering moving within 5-10 years, limit your spending to what will provide you the greatest return on your investment. This includes items like front doors, garage doors, and windows.

Your contractor should provide you a scope of work based on your project, which is an itemized agreement that defines the work to be performed along with an estimated cost for each item. The scope of work will also include a contingency reserve for unexpected surprises and the cost of a general contractor. General contractors typically charge 15% of the project's total budget. So for a $45,000 renovation, the contractor fee is approximately $6,750.  To help with savings, when making selections, check with your contractor to see if they can get a discount on retail prices. The answer to this will most likely be yes.

ROI: A Metric for Determining The Value of Your Renovation

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An important metric in any renovation is your return on investment (ROI), which shows how much of your cost will be recouped.  Unfortunately, not every home renovation offers a great return on investment. some upgrades may end up costing more than they're worth, so if you have any intention of selling your house in the future, be sure to choose renovations that make financial sense.  Your ROI is particularly important if you plan on selling your home within the next 5 years.  Personally, returns are more important on my flips than when I'm remodeling a personal home to live in for an extended period of time.

Your ROI will differ according to where you live.  In determining ROI, research the cost vs. value for your area.  I am fortunate to live and work in the beautiful cities of Sarasota and Longboat Key, Florida. For this ara, below is a brief summary of what you can expect in returns.  Any return under 100% means the cost of the work is potentially not increasing your home's value.

Stone Veneer Addition | Midscale | 100% ROI 
Cost of stone veneer: $8000-$8500

Garage Door Replacement | Upscale | 116% ROI
Cost of garage door - $3400 - $3500

Entry Door Replacement | Midscale to Upscale | 107% - 116% ROI
Cost of door: $1400 - $3500

Window Replacement (vinyl) | Midscale to Upscale | 107% - 116% ROI
Cost of vinyl windows: $14,000 - $16,000

Bathroom Addition | Midscale to Upscale | 61% - 65% ROI
Cost of bathroom addition: $41,000 - $80,000

Kitchen Remodel | Midscale to Upscale | 58% - 60% ROI
Cost of major kitchen remodel: $60,000 - $119,000

Bathroom remodel | Midscale to Upscale | 58% - 83% ROI
Cost of major bathroom remodel: $17,000 - $59,000

Inspirational Room Ideas

If you need some inspiration for your next remodel take a peek at these room ideas. For even more inspiration, click here.

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[Above: New home construction Longboat Key, FL]

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[Above: Kitchen remodel Sarasota, FL]

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[Above: Condo remodel downtown Sarasota, FL]

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[Above: Kitchen renovation in downtown Sarasota, FL]

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[Above: Bathroom renovation on a budget in downtown Sarasota, FL]

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Gina Ursini

For the past 27 years, I have immersed myself in the communities of Longboat Key and Sarasota, gaining an unparalleled appreciation and admiration for the beauty and elegance of our coastal paradise. ....

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