Happy New Year!
I hope that your holidays were wonderful and the new year finds you ready to take on all sorts of new endeavors!
Many of you may be using the winter months as a time to plan home improvement projects. The projects might be as simple as painting the guest bedroom or as complex as knocking down walls to create the "open concept" living area that is so popular. Having lived through a number of renovations in my own home over the past five years, I've experienced all the emotions associated with these efforts. The excitement of planning, the frustration of construction, and the joy of seeing the plan realized! I've also dealt with the financial planning for minor and major renovations.
For those that are contemplating their first renovation, I think it's safe to say that we all start in about the same place - $$$! How much are my grand plans going to cost? While the only way to get to that number for your specific project is putting together a realistic budget, there are resources that can give you a fairly good idea based on your geographic location and the scope of the project.
I've used the Cost vs. Value report for the past five years with clients who are contemplating a renovation to a property they may want to purchase. The report covers the U.S., broken down by region. For those of us in Maryland, Virginia and DC, we fall into the South Atlantic Region for purposes of the report. The 2018 Report compares "21 popular remodeling projects" across the country for cost and value that they represent for resale.
While there is no substitute for working with the trades - architects, contractors, designers - to work out a budget for your project, this report provides an amazingly accurate reference for you to get started!