Learn to Be Cheap Remodeling

Somehow learn to be cheap remodeling a home or condo. Keep your budget tight and make sure to watch your budget. That’s the word from the good people at Remodeling Magazine, which issued their "Cost vs. Value" report, saying many people who are pouring too much into remodels are not going to get their investment back out with declining real estate prices.

Remodeling a kitchen cost an average of $54,000 in 2006, according to the study’s authors, and the return was just 80.4%. The end of the booming real estate market in Destin brought a swift end to the flip real estate market and many owners are sitting on property hoping to sell in the future. The inventory of homes and condos swelled in the marketplace to an all-time high before receding to lower inventories as more and more properties, which were over-priced have come off the market.

Sid Davis the author of Home Makeovers That Sell says to eliminate projects to improve a home that aren’t necessary to make the home or condo sell. "If you put in granite counter tops and everyone else has laminate, your house could end up overpriced," said Davis. "You want to make sure that you can turn apples into apples before you make any improvements."

Remodeling on a tighter budget might mean more work, especially during vacation time for owners of resort and second homes. But do-it-yourselfers can save a large amount of money, going it alone rather than paying a contractor to do the work.

Professional so-called flip artists have always been able to whittle down the job to the minimum to maximize profits.

High-end kitchen remodels average an even higher $107,000 in 2006, recouping just 75.9 percent in resales. The best advice from the pros is to repaint to improve the homes appearance and then work on less expensive smaller projects like replacing old faucets, wallpaper and carpet to improve the places cosmetic appearance.

And of course get some advice from a pro before you go about remodeling in the first place to see if you can get your money out. Feel free to give Mike Colpitts a call.