After being at home for the last year or so, you may have become tired of the color of the walls in your living room, noticed that warmer lights would be a better choice for your dining area, or speculated that your home would be less cramped if your kitchen didn’t have those hanging cupboards. And the truth of the matter is that you’re not alone. The pandemic has caused a huge surge in home renovation projects in the US, with Americans spending a collective total of $420 billion on them. This upward trend is only expected to continue.
To this end, if you’re planning to remodel, these key considerations can help you get started.
What’s your end goal?
Do you have a basement you want to polish up for everyday use? Make major structural changes like taking out a wall? Or do you want to expand upward with an extra floor or outward into your backyard? Either way, decide on a concrete objective to build on (no pun intended).
This makes your goal realistic, worthwhile, and detailed enough to be easily communicable to the designers and contractors you may hire. This will also ensure that you’ll be satisfied with the end result. Otherwise, you may find yourself done remodeling but still feel that your house is missing something.
What’s your budget?
Remodeling is a great step for any homeowner: It can increase both the sentimental value of your home, as well as its actual value on the market. Still, this means that you need to have the money to make the home improvements now. Fortunately, homeowners have several financing options that can help them out.
A home equity loan, for instance, gives you access to a considerable sum of cash by letting you borrow against the current value of your house. The interest rate is generally lower than those on credit cards, too. However, failure to pay back the loan gives the lender the right to foreclose on your home, so you need to have sufficient equity and the ability to pay the loan back over time to avail of it.
Newer homeowners can’t apply for home equity loans just yet, however. Thankfully, personal loans can give you anywhere from $3,500 to $40,000 upfront, and allow you to pay the amount back in equal installments over time. Just be sure to read the fine print and look for loans with rewards and no fees.
Whichever method you choose, make sure it’s a realistic way to finance your remodeling plans. And be prepared for anything: Set aside 10% of your money as a contingency fund, and have the entire budget ready at least three months to half a year in advance.
What does your homeowner association say?
When drafting your project, keep in mind the requirements of the neighborhood you live in. If you reside in an area full of historic homes, for instance, your options may be limited. If ever, ask for permission if you’re planning to make changes visible from the outside.
Moreover, remember to look over your local building code’s rules and regulations and apply for any permits you may need.
Should you get a contractor or DIY it?
In 2020, many cited the risk of COVID exposure as one reason why they preferred DIY to contractors. And with the Delta variant making its way across the country, you might want to do the same. If you’re going DIY, a wealth of online resources, like This Old House, can help you out.
However, it’s still best to hire a contractor for the biggest jobs on your list, especially the ones you’re not confident doing on your own (like flooring). If this is the case, interview multiple contractors and compare bids, so you can choose one that gives you the best deal.
Is now the right time?
Think about how the project will affect your daily routines. Consider, realistically, how long it will take to get the project done. If you start now, is there any possibility that the project will continue into the winter? If you’re expecting a baby, will the project be finished before the due date? Ask yourself these questions, and if you’re unsure about anything, rescheduling may be a good idea.
Wrapping it up
Once you’ve answered all these questions, embarking on your own unique home remodeling journey should be much easier.
Be sure to login to your HomeBinder account to utilize the “Add details” and “Add projects” tabs to keep track of paint colors by room, tile styles, the brand of flooring, etc. Also, be sure to take advantage of HomeBinder’s Home Valuation Tool to determine how certain projects can improve your home’s value!
Article written by Ruth Joyce
Exclusively for homebinder.com