Nation Renovation: things to consider when modifying your home

There are many reasons why you might want to buy a home. Maybe you like the kitchen or the ambiance of the master bathroom. It could be the large yard that gives your golden retriever plenty of room to run around. And schools could be great too.

So many great reasons to love a particular home, they’re almost never perfect. You might like to knock down a wall between the living room and the kitchen to create a more open floor plan. Perhaps it is a question of putting a skylight in the bedroom so that your children can sleep under the stars. You might want to remake that ugly lime green bathroom that’s straight from the ’70s.

Before we start taking a hammer on that piece of drywall that has been bothering you all these years – I imagine there is nothing more cathartic – let’s slow down and think about a few things to consider during the remodeling process.

Goals

You really need to determine your goals early on because that will guide everything you do. The first thing to understand in terms of goal setting is who it is for.

If you are looking to sell your home, consider renovations that will have the greatest impact on the value of your property. For example, remodeling a kitchen or bathroom adds the most value because these parts are in common use. Many buyers also don’t want to invest their own money to renovate. You can also consider updates with classic touches instead of crazy paint colors.

On the other hand, if you are just looking to do the remodel for your own satisfaction and plan to stay awhile, decorate to your liking. Make it your palate.

Budget

One of the first renovation considerations should be what you plan to spend. This determines the scope of the project. It can also help determine if the renovation is cost effective compared to other options.

Determine how you would finance the project, whether from your personal funds or using your equity to do a cash refinance. Make sure you have everything prepared in advance to minimize your chances of going over budget.

What should you include in your budget? There is the obvious, such as materials and labor. Don’t forget the cost of any inspections required after a renovation to make sure it complies with local codes.

What may not be obvious are the costs that are not really related to the construction. If you have your kitchen redone, you won’t have space to prepare your meals. Be prepared to eat a lot. If the renovation is big enough, you may need to budget to spend a few weeks in a hotel.

We’ll go into more detail on how to cost your project below, but keep it in mind throughout the planning stages. You may find it more profitable to move into a new house instead of renovating the old. The downside of having your life turned upside down can also make you want to buy new.

The flip side is that across the country property values ​​have increased, up 3.37% from the same period last year. Values ​​can vary widely, even between neighborhoods, so pay close attention to the market in your area to see if renovating might be a better idea.

Cost of materials

Once you know how much you want to spend, it’s time to forecast the cost of materials. The hardest part may be getting an accurate estimate of what is needed for the job. How much hardwood or wallpaper will be needed for your particular project?

Fortunately there is project calculators that automatically estimate the materials needed for just about any project. Then you will find out what kind of material you want. If you are looking for something durable, a porcelain countertop may perform better than a standard ceramic one. While you want to use good quality materials, there is one more thing to keep in mind.

If you’re selling your home soon, you could install hardwood floors, granite countertops, and professional-grade fixtures in a brand new kitchen. However, you may not see the immediate return on investment you expect, as the appraisals that determine the home’s value are based on finding comparable properties in your area. In order for you to realize the value of this kitchen upgrade, a neighbor needs to have a similar upgrade to their kitchen and sell their house for more because of it.

As Jamie Chapman, Director of Solutions Consulting at Quicken Loans, says, “You don’t want to be in the Castle Village of Bungalows.” In order to get the most out of your renovations in a sales situation, follow the Joneses, but don’t overspend them.

If you’re going to be staying there for a while, it’s important to do what your heart desires (or at least as much as your budget allows). You have to live with it, after all.

Labor

Before you look to hire someone, find out if you can save money by working on projects yourself. If this is a small update, you may be able to pull it out without any outside help. Need an idea of ​​what you can do on your own and what might need to be left to the pros? This post on DIY bathroom updates could spill the juice.

There might even be a way to save money by taking care of parts of a larger project before you call in the contractor. A lot of us aren’t practical enough to build anything from scratch, but there’s the teardown process in any remodel. As long as you’re careful not to mess up the load-bearing walls, you might be able to grab a hammer and tap into your appetite for destruction while playing the song “Welcome to the Jungle”.

Labor costs can vary depending not only on the scope and technical aspects of the work being performed, but also on where you are in the country. HomeAdvisor has a good tool for estimating the cost of many projects and renovations. The difference often comes down to the labor rates in your area.

Finally, when the time comes to hire a contractor, it is important to consider the following:

• When soliciting estimates, make sure that you and the contractor get in writing what is included and what is not included in a quote. This way you are both explicitly clear about the project settings. They should detail the quote for you.
• You shouldn’t always choose the cheapest option. Sometimes you get what you pay for.
• Make sure the contractor is licensed. This gives you options for recourse if there is a problem with the job. You can appeal to the licensing board.

Many factors come into play hire the right contractor, but the main thing is to make sure it’s someone you feel comfortable with. Check online and ask your friends and family. Also be sure to see photos of their work.

If you are looking to renovate, now you have a place to start. Questions? Let us answer them for you in the comments.

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