In a housing crisis, how can someone get the most out of their home? A successful home remodeling project will have a home selling for top dollar, even in the midst of a troubled economy. The goal of a successful remodel requires knowledge of items which will generate the most return on the invested capital.

Remodel the Kitchen First

The focus areas of a successful home remodeling project should be the kitchen, the master suite, and any remaining bathrooms. Realtors anticipate a return of at least 50% on invested capital with the successfully remodeled kitchen.
When considering a kitchen, think modern. Items such as granite countertops, stainless steel appliances, and travertine floors. Remember the goal of the successful home remodeling project is to have a greater return.

Along the lines of a great kitchen remodel, home owners need to save money. Instead of purchasing from retailers, purchase from wholesalers and liquidators. Capitalize on the surplus of supplies from new home constructions which have been halted.

Appliances can be purchased on sale at major chain retailers for half of the price of specialty locations. Again, consider wholesalers and their surpluses.

The Master Suite

The second focus of a successful home remodeling project must be the master suite. Think conservatively verses extravagance. Items such as Wainscoting are a needed addition, but cheaper options are readily available.
A major pitfall in home remodeling projects is thinking items to improve the master suite need to be the most popular trendy items. Check local comps in the neighborhood. Attend open houses to get a general idea of the items within each house. Mirror the current home remodeling with what is selling. Chances are more buyers will look for the similar upgrades.

Budgeting for Success

Contact local realtors for an appraisal prior to the start of any home remodeling project. Consult with them to see the value of the home and the potential value if upgrades are installed. The difference is the home remodeling budget. Remember the goal is return on invested capital, so the budget should then be cut in half. The home owner wants to get the most upgrade out of the least amount of money.

Within any home remodeling project, opportunities arise. Plan for the unexpected. A budget should leave at least a 5% window for unforeseen problems.