If you’re even considering moving in the future or doing a little home remodeling, it might be time to start gathering your boxes and toolbelt. Because of historically low inventory, it’s a seller’s paradise across Louisville, Kentucky.
Houses are increasing in price and selling faster than ever because of the continued lack of listings. In just over a year, the average selling price in Louisville hitched up more than 6 percent, from $223,411 last June to $237,458 during June this year, according to the USA Today network. The state average is quite lower, but still rising almost 5 percent per month to the current average price of just over $140K.
One of the best ways to make sure your home sells at top dollar is a few basic remodeling projects. Home remodeling is no easy task. There’s a lot of work and planning that goes into deciding what to change and how to change it, not to mention finding the time and the budget to do so. Some home remodeling projects can be completed in less than a day for just a few hundred dollars. Others may take weeks or even months to complete. Both, however, may drastically increase your home’s value.
So how can you determine what home remodeling projects to tackle and which ones are less than necessary? We’re here to help clear up the costs, value, and how to get the most bang for your buck with home remodels in Louisville, Kentucky.
Setting Your Budget
If you’re ready to start your home renovation, the first step is always setting your budget.
- If you’re using a contractor: The best way to estimate your budget is to talk to local contractors or handymen to get a price quote. If you plan to use a professional contractor for your project, it’s important to do your research and talk to at least three contractors to get a reliable estimate of costs. Furthermore, this allows you to compare and contrast who does what, and how much they will do it for, for each contractor you speak to.
- For DIY projects: If you plan to do the project yourself, research and price out materials, products, etc. Once you have an idea of the costs for your renovation, add another 20-25 percent to plan for any unexpected expenses and emergencies. It’s always better to be prepared. When it comes to home remodeling, you’d always rather be safe than sorry.
Even if you plan to complete the project yourself, it’s still helpful to get a professional estimate, especially for large projects. Sometimes it will cost you less money, time, and headache to let the professionals handle the largest portion of your remodel and then make smaller changes on your own.
Adding the Most Value to Your Home
If you spend too much on a renovation, you waste the money without recouping the costs during resale. On the other hand, if you don’t spend enough, it won’t make a big enough difference to increase the home’s value.
Bathroom and kitchen renovations are two of the best ways to get a return on your home remodeling investment. Kitchens and bathrooms tend to have higher remodel costs, but also add tremendous value to the home. These rooms are often what make or break a home sale. When you choose to update your bathroom, renovate your kitchen cabinets, update the appliances, or invest in new flooring in either of the two rooms, you are much more likely to see a return on your investment.
Kitchen Remodel Value Trends in Louisville, KY
The kitchen is the heart of any home. It’s where the family gathers, meals are prepared, and parties are hosted. Is it any wonder that remodeling this space is so popular and carries the largest payoff?
Deciding how much to spend on a kitchen remodel depends on the overall value of your home. According to HomeAdvisor, you should spend anywhere between 5-15 percent of your home’s total value on your kitchen remodel project.
For example, if your home’s value is around $150,000, a kitchen remodel should cost between $7,500 and $21,000. This is the optimum range for homeowners to make a big enough difference and still recoup the majority of the original cost during a home’s resale.
Small kitchen projects may include a DIY weekend of painting walls, refacing cabinets, upgrading the sink or installing a backsplash. A more extensive renovation may include installing custom cabinets, updating to hardwood floors, replacing countertops with granite, and mixing in high-end appliances.
According to the 2017 Cost vs. Value data reports, the average minor kitchen remodel costs in Louisville, Kentucky was approximately $20,000. When put on the market, these homes increase in value by almost $15,000. That means the return on investment (ROI) for a kitchen remodel is nearly 75 percent, making a kitchen remodel the best choice of all home remodeling projects for recouping your investment.
Cost vs Value of Bathroom Renovations in Louisville
Even if the kitchen is king of home remodeling, bathrooms still have a throne of their own. While it might not be the biggest space in your home, we all spend time in there, and we want it to be comfortable. The bathroom should be a space that is relaxing, functional, and beautiful.
According to the Cost vs. Value reports in 2017, a complete bathroom remodel in Louisville costs an average of $17,500. The resale value of this investment is at over 50 percent.
Major renovations include new fixture installations, changing plumbing, or changing your bathroom layout. Minor renovations may be simple changes like paint color, wallpaper selection, lighting, mirrors, or flooring.
Kitchens and bathrooms consistently increase the value of homes across the country. According to the National Association of Realtors, kitchen remodeling returns nearly 69 percent of its cost vs. 57.2 percent for bathrooms. The only other renovations that even come close to meeting this ROI include attic insulation, basement remodels or additions, or exterior upgrades such as a steel front door, stone veneer, siding replacement or a new garage door.
How to Prepare for Your Home Renovation
Preparing for a remodel is exciting! It’s a time of change, innovation, and improvement. Get the entire family involved to plan and prepare for your remodel before you get started. In order to have a successful renovation in your Louisville, Kentucky home, we’ve created a quick guide to get you started on the right foot.
1. Do Your Research
What area of your home are you trying to remodel? What contractors in your area are responsible and reliable? Are there aspects of your project that you can do DIY style? How much is all of this going to cost me?
So many questions, so little time.
Before the work begins, take the time to do your research. If that means you need to push back your timeline, it’s worth it. Doing your research means you know what you want, who you want to work with, and how much you want to spend. It also gives you time to figure out where to get new materials, appliances, and finishing pieces for the best price. This also can give you a more realistic scope of what your budget will look like.
Make a deadline for yourself to have your remodel research complete so you gather the information you need without spending months (or even years) just getting the prep work done.
2. Set a Budget
One of the biggest benefits of adequate research is setting a realistic budget for your project. As you plan for your project, set a budget that is realistic and won’t turn into wishful thinking.
When setting your budget, consider your home’s current value and what you expect to see as a return on investment. If you’re renovating to add value to your home before putting it on the market, you must find a balance. Spending too much and you won’t get your money back in resale. Spending too little and you won’t add enough value to increase a potential buyer’s attention.
Always remember to plan ahead for unexpected mishaps, discoveries, and emergencies that may occur when your project begins to unfold. It’s always better to be safe rather than sorry. If need be, you can break down your project in segments or phases in order to avoid spending too much money all at once.
3. Interview and Review Contractors
You can’t do it all yourself. Trust us on this one. Even if you only plan to use a contractor for a small segment of your remodel, take the time to talk to the professionals.
Start by asking for recommendations from family, friends, and read online reviews to find reputable contractors in your area. Give them a call well in advance so you have plenty of time to compare contractors in the area. Even if you don’t plan to start your project until next year, it’s never too early to get advice and formulate a plan.
When you talk to a contractor, get a timeline, description of the work required for your project, and an estimate for total cost. Before choosing a contractor, ask for customer references, look for online testimonials, and then call and interview a few more companies. When it comes to your home, you have to make sure you find the perfect fit for you, your family, and even your pets too.
4. Protect Your Furniture
There is one more important step before demolition day that may overlook when the excitement of getting started kicks in. It’s important to take the time to protect what’s already inside your home. The last thing you need in the middle of a remodel is spilling paint on your antique armoire or accidentally dropping a drill on your TV screen.
For any and all areas that are undergoing remodeling, clear the space completely, if you can. Remove furniture, decor, and other valuables from the work area before the project begins. If you have large, heavy or hassle items that are immovable, point them out to your contractor and carefully cover them with canvas drop cloths, sheets, or blankets. Plastic sheeting can be used but ensure it is thick enough to last the length of the project.
Required Renovation Permits in Louisville, Kentucky
Many types of renovations may require building permits before beginning work, permits in the middle of a project, and/or a completion certificate. The city of Louisville requires a building permit if any owner or authorized agent plans to do the following:
- construct, enlarge, remodel or change the occupancy of a building
- erect, install, enlarge, alter, repair, remove, convert
- replace any electrical, gas, mechanical or plumbing system the installation of which is regulated by code
- cause the replacing of any electrical, gas, mechanical or plumbing system
If your project requires a building permit it is also subject to inspection by the building official until approved. (Kentucky Building Code Section 109.1). The most common inspections for building permits are Foundation, Framing/Rough-in, and Final. All appropriate inspections are required to be completed prior to issuance of Certificate of Occupancy or Letter of Acceptance. Building permit applications can be filled out online or printed from the website. For more information and further explanation on what permits your home remodel project may require, visit here: https://louisvilleky.gov
Renting Dumpsters The Easy Way
Demolition day is done, the new materials are ready for install, and you’ve got a mess of building supplies, wood scraps, trash, and cardboard boxes to wade through every day.
No matter the size of your Louisville, KY renovation project, Economy Dumpster can clean up any size mess, every time. Whether you’re simply installing new tile, or gutting your entire kitchen, renting a dumpster ensures your job site stays tidy and contained for the safety of all.
Renting dumpsters in Louisville has never been this easy. Simply select between our 10, 15, 20, 30, and 40-yard dumpsters and let us take care of the rest. Not sure what size you need? We can help with that too. You can schedule drop off, pick up, and find answers to all types of questions about dumpster regulations online, all in one easy process.
Give us a call if you have questions. We’re here to help. If you’re ready to schedule the arrival of your dumpster for your next home remodeling project, let’s get to work. Schedule your dumpster rental today!