Despite the fact that Boston has the third-highest rental costs in the US, demand for quality rental housing is perennially strong. There are many factors to consider if you’re deciding whether to renovate an investment property or start home remodeling in Boston, and these pros and cons can help you consider such a project.
Con: Remodeling Cost Is High
Especially in an area with expensive housing costs like Boston, a remodeling project can feel like an unending list of bills to pay for contractors, materials, licenses, carrying costs, and of course, unexpected expenses. This can be especially true in remodeling an older home or doing extensive renovations. Some remodeling projects can also be very time-consuming depending on the extent of the work being done. That doesn’t even take into account added time due to supply delays, contractor and labor scheduling issues, and even weather problems. In addition, you may face unexpected expenses as a result of issues discovered during the remodeling process or changes in the original plan of work to be done.
Pro: Strong Return on Investment
Because housing costs are so high in the Boston area, an owner who does a smart, careful job on a remodeling project should see a return on that investment in a short time. Renters and buyers are choosy, even in a tight market, and your investment in quality remodeling should pay off in higher rental and sales rates. Buyers and renters are willing to pay more, however, if remodeling choices result in designs and amenities that appeal to them.
Con: Bathroom and Kitchen Remodels Can Cost the Most
Because of their function and complexity, bathrooms and kitchens can be the most expensive rooms to remodel in a home. These spaces require skilled workers across many of the trades including plumbing, electrical, carpentry, tiling, and more. This results in more workers and associated costs. These are also spaces that require a lot of specialized materials and supplies, all of which add to the total expense.
Pro: Bathroom and Kitchen Remodels Add the Wow Factor
Time after time, results show that good bathroom and kitchen remodels can be the special features that make a property move. There’s something really delightful about a clean, fresh kitchen and bath that gives an entire home some added appeal.
Con: Remodeling Costs Can Outweigh Earnings
It can be easy to let a remodeling project get out of hand, adding more and more to a project until it’s become an overly expensive money pit. It’s often tempting to keep finding additional upgrades to make during a renovation project, adding time and expense overall.
Pro: Careful Planning and Quality Contractors Can Save You Money
Working with quality contractors and carefully planning a remodeling project can save you money upfront, increasing the odds of a strong profit in the end. Of course, there are unexpected problems that can turn up during renovation that require attention, but the scope of a remodeling project should be well defined at the start and changes carefully evaluated.
Con: A Remodeling Project Can Be Stressful
A remodeling project can be a very stressful time. A lot of money can be at stake, and there are many unknowns including the time required to complete the project, the possibility of encountering unknown problems, and worries over successfully renting or selling the property when work is completed. In addition, coordinating the work, workers, schedules, and expenses can be an overwhelming task.
Pro: A Good Contractor Can Reduce Stress
Hiring a quality contractor to oversee a remodeling project can provide you peace of mind while the work is done. Experienced contractors can identify small problems and resolve them before they become large issues, are used to coordinating complex projects and have the knowledge to make sure every detail is taken care of.
Contact us at R.H. Blanchard today to discuss remodeling your investment property and home remodeling in Boston.