| July 15, 2008 |
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Stretching that Home Remodeling Dollar
by Sarah S. Pare
Stretching every dollar — from the gas pump to the grocery store — is on everyone's mind, and homeowners looking to remodel or sell are no exception. But what can be done on a budget? And what projects get the most return?
Brian McKee of Midwest Homes, Inc in Madison echoes industry opinion that kitchen and bath remodels are good focus points for budget-savvy homeowners. "There are simple things that [can be done] in those areas — like changing countertops, faucets and fixtures, or replacing outdated flooring," he explains.
McKee estimates basic updates cost anywhere from $700 to $2,000, depending on what needs to be replaced or modified. Updating plumbing fixtures alone can be done for around $300.
Michael McNamany of the Madison-based Home Improvement Co, LLC has similar advice for those looking to increase resell value. He urges homeowners to make changes with consideration for various tastes - noting that a very specific style might not universally appeal to potential buyers.
"We encourage most people, unless they're going to stay there for a long time, [to] just update," McNamany suggests. "Maybe change design, modernize it. A lot of homes weren't built with working patterns and convenience in mind."
Both McKee and McNamany state that one way to save money is to do it yourself — though results can be mixed, depending on the abilities of each homeowner.
"Home Depot has become a big source of information for do-it-yourself-ers," McKee explains. "Replacing countertops might be something you need to hire a professional for. But changing plumbing faucets — most people with a few tools can usually do it."
Katie Landmark of Mount Horeb is the perfect example of such advice. When she moved into her first home early last year, she took a hard look at her new kitchen and decided something needed to change.
"The linoleum was grubby and there were these seventies-era overhead lights, so I knew I wanted to change those things right away," she said. "Then I started thinking about how I really use the space. I love to cook, so I wanted a kitchen I could work in."
Landmark built a center island with under-counter cabinets, a raised breakfast bar and space for pull-out trash and recycling bins. Experienced friends helped her lay new linoleum, and she found modern, hanging lights online. Her overall expenses came in just short of $5,000.
"I'm not looking to move any time soon," Landmark says, "But I know I won't be in this house ten years from now. Redoing was just a smart move in terms of reselling when the time comes."
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