What Does A Whole House Redo Entail?

Remodeling an entire house -- perhaps tearing down interior walls, rearranging rooms, or making a substantial addition to the house -- requires a unified vision of what the resulting space should be. Anna Mavrakis, an interior designer with TNL Design/Build in Canton, Ohio, and a regional vice president for the National Association of the Remodeling Industry (NARI), says "People create their own pitfalls, but you can avoid that if you do your homework. You have to know what you want, and you have to feel comfortable with the professional you use. Go with the person you feel 'right' with - - not the guy who's giving you a bargain."

The one attitude you must bring to this endeavor is patience. Your newly remodeled home won't happen overnight. Depending on the level of construction, it might even be best to live in separate quarters away from the job site; if that's impossible, be prepared for the construction to last longer with you on the premises.

Is Updating Your House A Good Idea?

That depends. Mavrakis offers this viewpoint: "We see a lot of two-income families that are remodeling their house from top to bottom. They're in good neighborhoods, and because both are working, they're hoping to retire earlier."

Mavrakis adds, "These homeowners anticipate having more free time in the near future, and they're concentrating on getting their house in order so that they can enjoy it."

What About Costs?

Remodeling from top to bottom, or adding a substantial two-story addition, for example, are expensive undertakings. You can keep things under control, however, if you keep on track.

"People don't understand costs," Mavrakis says. "It's because we're a hush-hush society regarding money. Be up front with your budget. Share what you can afford. I compare remodeling with car shopping. If you can only afford a Ford Escort, you don't test-drive a Lincoln Continental, do you?"

Investment Values

"A lot of clients ask, 'Will I get my money back?' We tell them if that's a big concern, contact a [real-estate agent] for some advice before starting a whole-house remodeling project," Mavrakis says. "Or find a contractor who's been in the business in your city for a long time. He'll know if your house, in your neighborhood, warrants a big-scale remodel.

Whether you're gutting the interiors or adding multiple levels, your whole-house remodeling budget will depend on many factors. Just keep in mind that it's best not to remodel your house out of the property value range of your neighborhood.

What's It Worth?

The value of any remodeling project includes elements that can't readily be measured in dollars and cents. Unlike other kinds of investments -- stocks and bonds or bank CDs, for example -- people retain the use of their money in the form of the remodeled space. This "utility value" is difficult to quantify, but it is always present.

In some cases, the benefits are tangible. Replacing windows, for instance, typically results in added comfort as well as reduced energy costs. The same is true of remodeling projects that include an upgrade of house systems -- replacing HVAC equipment with more efficient models, for example. And a kitchen remodel often includes upgraded appliances that are both easier to use and more energy efficient.

Typical returns in the Washington Metropolitan Area are as follows: Basement:144.6% Master Suite:130.5% Major Kitchen:113.9% Master Bath:133.2% Family Room Addition:116% Attic Bedroom:114.1%.

Other benefits are intangible but no less real. Adding a family room, for example, can immeasurably improve the quality of life for a growing family with young children. Likewise, increased storage in a new master suite may free up space for an exercise room in another part of the house. Taken together, the overall effect is reduced stress, increased comfort, and improved physical and mental well-being.

From the magazine, Remodeling Planning and Products Guide, statistics courtesy of Remodeling Magazine(Hanley Wood)