What could you do with $150,000? You could buy a small and modest house in some communities. You could sell your house and move to a bigger house. Or you can redesign and customize your current home so that while it looks normal on the outside, indistinguishable from your neighbors, there is absolutely nothing normal on the inside once the job is complete.
Exactly what kind of project are we talking about? Interior renovations and redesign with minimal, if any, work done to the exterior of the home. More often than not, such a project will include all of the areas that make up the “entertainment zones” of a home: kitchen, dining room, living room, entryway, hallway, and a powder room or bathroom—basically just the areas that guests would definitely see. Sometimes these projects include the staircase as well, and depending on the extent of space planning changes and the original layout of the house, some slight modifications to the bedrooms may also arise. Most of the time, these projects involve structural work, plumbing, electrical, and finish work shades.
Usually when undertaking such a major project, part of the purpose is to create a more open concept space within the existing exterior walls. Although it’s easy to assume that fewer walls equals less cost, this is a big mistake when it comes to renovations, because there are so many more issues that need to be addressed:
Most likely, at least one of the walls to be removed is currently bearing (structural) load. The load will need to be temporarily supported until the new permanent structural elements are in place. A consultant (structural engineer or similar) must participate.
· In many municipalities, a permit is not required for a simple renovation, but the moment you start to hit something structural, the permit becomes a mandatory acquisition and expense, not to mention a possible delay if the application was not submitted early enough. Check with your municipality for specific details on timing, cost, necessity, and other relevant information.
When you demolish a wall, you are left with a damaged area of the floor that usually requires replacing the entire floor. Sometimes you can get away with installing a matching or contrasting inlay of another flooring material, but this tends to cost just in labor what a completely new floor would.
The demolition of a wall also creates the need to repair the roof and adjacent perpendicular walls. While not an expensive solution, it’s certainly more expensive than simply plastering over a few nail holes or other blemishes.
Electrical wiring, outlets, and light switches need to be rewired and relocated.
· Pipes, plumbing ducts, vents, ducts and the like all have to be relocated to conceal them within floor/ceiling constructions and within walls that will remain.
As with any renovation project, labor accounts for approximately 30% of the total budget. Consultant fees (designers, engineers, etc.) and contingencies (unforeseen circumstances) are higher for this scope of work than for a simple renovation project.
What motivates homeowners to go to this extreme with interior redesigns and renovations? In reality, there is no typical owner profile for projects of this scale. Sometimes a home has been bought on the cheap and putting a lot of money into renovations would still be within the buyer’s budget and not bring the total too much above market value. Other times, a family has lived in the home for many years, the mortgage is paid off or is now quite low, and they just can’t imagine moving, so major renovations are the best solution to meet their changing needs. Sometimes such projects arise due to physical needs; Major renovations are often required to make a home fully usable for someone in a wheelchair who wants to maintain their independence. It is also common for an older father to move in with his adult son and his family; in this case, renovations would be made to facilitate greater privacy and an improved family space. The reasoning behind investing so much in a home is based entirely on lifestyle and personal and/or family life dynamics, budget and finances, changing needs, love for the home and its location, and much more.
The implications of such a major home redesign vary as much as people’s reasons for undertaking such projects in the first place. Depending on the details of your project and the community your home is in, the value of your home can increase as much as the project budget, or as little as 25% of the value of the renovation. Property values can be discussed with a knowledgeable and experienced local real estate agent prior to beginning the project. It is important to remember what information the real estate agent can give you that is of value to you; It is not in a real estate agent’s field of expertise to advise you on cabinet wood species, and your personal opinions should be taken exactly as such. However, you’ll want to hear your point of view on the benefits or negative implications of things like creating a great bathroom versus a bath. a walk-in closet for the master bedroom or a home theater room vs. a larger kitchen with a cozy family room. But in the end, it’s your home and space needs that should have the final say on how the project unfolds. The potential implications extend beyond resale value. However, also along those lines are property taxes and ease of sale. Even if you are increasing the value of your home by $75,000, there is a chance that it will take longer to find the right buyer if you ever decide to sell it; It is sometimes challenging to sell a home priced significantly higher than others in a neighborhood, regardless of the price justification.
One implication of large-scale redesign projects, which must be considered during the design phase, is temperature control. Especially if you’re expanding the floor plan, you’ll want to keep in mind that the walls you have now play a big role in keeping cold air from your front door from going directly into the back of your house. In the summer months, the walls prevent hot sunlight from reaching the areas from all sides. The way sound travels through your home will also be affected with fewer walls present. Your kitchen’s ventilation requirements may also need to be re-evaluated. If you have small children or pets, you may find it more difficult to restrict them from certain areas (such as the kitchen when the oven is hot) without walls or doors. Yet at the same time, you’ll have better visibility into your home from almost any given area. Communication with a family member in the next room will be easy. The feeling of isolation that often comes with being in the kitchen to prepare a meal will be a thing of the past.
With little effort, you can put together a page-long list of the pros and cons of open concept floor plans and major redesign projects in general. Everyone you talk to will have strong opinions about your project, your goals, and the alternatives available to you. Keep in mind that the preferences of others do not affect how you and your family use your home; some of us do better with smaller but more numerous rooms, while others thrive in open spaces. The only way to ensure that a project of this scale is everything you dream of and more, is to hire the right professionals…interior designers, engineers, general contractors or others, early enough in the planning phases. Before committing to a contract with someone with whom you will have to work closely, make sure there is the right “chemistry” between you: your input and questions should be welcomed by them, and your responses and reactions should give them a sense of trust.
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