Sunnyvale, Calif. -- If you're a homeowner contemplating the future, the downturn in the real estate market means that staying put until the real estate market changes is the decision of choice for many people right now.
"When people aren't buying and selling their homes readily, they really have only two other choices: stay put and live with what they have or remodel and improve what they have," says Dan Fritschen remodeling expert and author of the book "Remodel or Move? Make the Right Decision."
There are many ways to make improvements in a home whether the purpose is to make the house more attractive to buyers or to make the house more enjoyable to live in Fritschen says.
"Homeowners should create a checklist that contains ideas and actions that go from being inexpensive and capable of being done by themselves, all the way to renovations that require professional contractors and financing, Fritschen says. "Then consider your budget, how much each project could impact the value of your home and start on the projects that will give you the most benefit for the investment."
Fritschen's book identifies the lowest cost quick remodeling projects that usually will be most important to people who have decided to stay put.
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These include:
• Painting or refinishing kitchen and bathroom cabinets and floors.
• Installing new interior doors.
• Replacing windows.
• New crown molding and baseboard.
• Replacing old model toilets and sinks with new water efficient designs.
• Laying new carpet and refinishing hardwood floors.
• Fixing and upgrading appliances.
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These projects are all relatively low cost and usually only take a few days at the most to do.
No matter what you do it's important to make improvements equally around the house, Fritschen says.
If you are planning more expensive projects, he advises that the most important thing you can do is take your time, study your options and shop around carefully. You can use the free online calculator at www.remodelormove.com to determine how much you can invest and still get back your investment, justify the cost and time needed to complete the project.
The typical major improvements people choose these days include:
• Remodeling a kitchen.
• Remodeling one or more bathrooms.
• Finishing a basement or an attic.
• Adding on a new room.
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• Enlarging a living room or family room.
• Knocking down walls to expand and combine living areas.
• Adding on a second story
The better the planning people do with the projects they decide to focus on will give them a distinct advantage that will save them money and create much less stress in their lives, Fritschen says.
"With the market and energy costs being the way they are, it's wise for people to shift home-improvement dollars to renovations that conserve energy and save them money. It makes a lot of sense to reduce energy and focus your energy on 'doing more with what you already have.'"
