Remodeling Your Home – Quiz Your Chicago Contractor And Yourself

As home prices continue to plunge or stay flat in the Chicago real estate market, perhaps that remodeling project is seeming more feasible than selling your home.  Maybe you’ve been putting off remodeling your kitchen because you figure, ‘I’ll be moving out of here into a newer, better home before I can’t stand it anymore.’  As a recent article points out, more Chicagoans are staying put than moving, a reflection of a national trend of stagnant migration among the states.  So much so that Cook County’s population actually grew in 2008, reversing a long-standing trend in Chicago real estate and population figures.

So as you ponder your next remodeling move, choose your contractor(s) wisely and as this recent Chicago home remodeling article suggests, insist on getting a permit for the work, no matter the job size.    Your contractor is responsible for getting the permit at your local municipality and not you.  Often in construction, you get what you pay for and if your contractor suggests that you are responsible for getting the permit, you might just be beginning a long, painful relationship with someone who enjoys cutting corners.

But even before you decide to add a full bathroom in the basement or tear out your crumby kitchen for a new one, carefully consider the cost / reward of your project.   If you have a $200,000 home and you decide to pull the trigger on a $40,000 remodeling project, what do you think you’re home will be worth when you are finished?  $240K?  Well, not always and today that might just be impossible.

Consult a realtor and other local respected real estate professionals when considering your next project and it’s potential impact on your home’s value.  Typically, if you plan on staying in the same home for a long time after your remodel, chances are good that you will see at least a little return in your investment.  The return typically is A) you get to enjoy your new kitchen and B) you will probably be able to sell your home more quickly at a better price in the future.   Large remodels today are most likely geared to improve your life now and in the future for you and your family.  Strategic, smaller (TLC, painting) and remodeling projects such as adding a full bathroom and finishing a recreation room in the basement may help homeowners in the short term and add an attractive bonus to a potential buyer.