The size of the U.S. Home remodeling market surpassed USD 340 billion in 2020 and is projected to grow at a CAGR of more than 4.1 percent between 2021 and 2027.
Are you thinking of starting a home renovation project? Remodeling your home won’t only enhance your quality of life; it will also pay off later in resale value.
While home remodeling often feels like a daunting task, a strategic approach will help bring the big picture together. Think of how long you will live there, the project’s driving force, and the amount of money you wish to invest.
Having such ideas will provide a road map of what you need to consider before remodeling. Note that hidden expenses and issues exist, making the whole process complex.
So, before you go down the renovation path, here are eleven factors to consider.
1. Potential Return on Investment (ROI)
The number one factor to consider before starting your home renovation project is whether it will improve your resale value. Ensure you do a measured and honest view of the project’s long-term value.
By having a clear vision, you avoid going deep into the fantasies of crafting the perfect living space. A nice way to get ideas about how much to invest in your remodeling project is by checking your neighbors’ properties and real estate prices.
By remodeling your kitchen, you will dramatically increase your resale value. That’s so because the space you entertain family and guests is the most important room in your entire house.
Lifestyle often changes over the generations. So with it, upgrading the kitchen area is becoming very necessary.
True, finding the best balance of upgrades is challenging. You can start by ensuring you modernize the basics like cabinets, appliances, flooring, and countertops.
That way, you will know how expensive the items are in comparison to other renovation projects. You can find a professional remodeling contractor like milanbuild.com to help with your kitchen remodel.
The contractor will know more about the equipment prices and the required budget. You also have to upgrade the bathrooms.
Bathrooms will be cost-effective improvements in your living situation. Since bathroom equipment has many styles and pricing, remodeling a bathroom is within reach for every homeowner.
2. Financial Capability
Renovation often requires a lot of money. But, not all situations will call for a lot of money. Having a budget will assist you in bringing the best out of your apartment.
By knowing your financial capabilities, you know your limits and what you need to buy or sell to swap with other materials. You don’t want to be bankrupt after completing your interior renovation project.
It’s also not alright to work on credit or loan during your home remodeling project. Check your financial records to know the budget to work with and ensure you are sticking with it.
As you come close to the end of your budget plan, consider contacting a financial manager for your checkbooks. Have the exact figure when doing your home renovation.
3. Insurance Policy
When signing an insurance cover, you must adhere to some strict policies. Your insurer will either sue or terminate your contract when you violate these agreements.
Ensure you first go through what you agree upon according to the contract. We have some insurance policies that go against the contract terms if you renovate your home without involving the insurer.
So, the insurer won’t be accountable in case of an accident. Also, some people use renovations to cause fires and later demand compensation from their insurers.
That’s the main reason insurance companies are very strict with renovations. Consider consulting insurance companies before beginning your home remodeling process.
4. Design and Style
Consider the current home design and the desired outcome after remodeling. What is your reason for renovating your home?
You can involve designers to help bring the idea to life. Renovating your house isn’t about some little changes and repairs.
Since it’s a whole project on its own, there will be some major changes. Ensure you have the required space and all components and materials necessary for your desired style.
When the process becomes complicated, you should hire a contractor to assist with the job. You can provide your desired design and style and leave the rest to the home renovation expert.
Whether you want a rustic room or a modern kitchen design, your home renovation expert will help you with the layout and the overall design.
The contractor will also provide expert advice on the options available. They will inform you about materials, fixtures, and supply brands to have a look you desire.
5. Family Specifications
Your household members are very crucial. That’s true because they will determine how the house will look.
Remodeling will involve everyone because they will assist with suggestions on how the house should look. Also, consider how many family members you have to know the number of rooms required.
Also, some family member may have their specifications. They may want varying room designs and colors in their rooms.
Others may want their rooms facing a specific direction with windows facing specific locations. Others may want some specifications due to medical reasons.
Some family members may require special attention because they are physically impaired. Ensure you heed their doctors’ recommendations, such as how their bathroom should be and necessary changes to their rooms.
All your family members should feel comfortable living in your home.
6. Building Permits
Have a building permit from your city to carry out some home remodeling projects. Such permits apply to huge projects that involve an increase in the footprint of your home (I.e., adding new rooms).
The location has a big influence on the required permit. If you are not sure if you need a permit, contact city officials with the project plan to verify if you need a permit.
The contractor you choose to work with might also offer to do that for you. Failing to acquire a permit may lead to costly fees later.
Also, unpermitted additions might make your home harder to sell because buyers will need to obtain a permit first.
7. Make a Timeline
Important home improvements often take about four to eight weeks to finish. So, ensure you plan your remodel by scheduling it to where it won’t affect your daily routine.
For instance, if you have kids, it’s best to plan your remodeling when they are in school rather than when they are home for holidays or summer breaks.
Check on the season as well. If you plan on adding a pool to your backyard, start in the fall or winter to have your pool before summer arrives.
Note that the timeline will determine whether you hire a home improvement contractor. The contractor will slot you into their schedule.
Some of your renovation options may take longer than you expect. So, make accommodations to avoid frustrations in the long run.
You might think that replacing your outdated vanity in your bathroom will be quick. But, removal of the old fixtures may take a few hours, and finding the new tub and vanity you love might take several weeks.
Also, the delivery time may take about two weeks. So, expecting your bathroom renovation to take a few weeks may turn into six weeks waiting period. Be realistic about your renovation process and timeline.
8. Will You DIY or Hire a Pro
Planning to do a DIY or hire a pro is challenging for most naturally inclined DIYers. Will you attempt your home improvement, or will you hire a contractor?
It’s often tempting to take ownership of the project from the ground up if you are handy and know the outcome you want. Your project can include a mix of DIY and hired contractors for the part of the renovation you can’t tackle on your own.
You can break the home improvement projects into different stages. Have a list and identify the pieces needing high-level professional training. You may end up saving money after all.
If you do not plan on working on yourself, consider hiring a remodeling contractor or designer. Professional home designers will help polish your project’s scope of work, order material, and provide a timeline for your project.
Here are a few steps to follow when hiring a contractor:
- Interview a few contractors; those with relevant experience
- Have a detailed scope and budget for your project
- Ask for references and samples of their previous work
- Verify their insurance and certification
After settling on a contractor or company, write everything down on a written contract. Include the project budget, scope, and expenses.
Ensure you clear everything out from the get-go for a more seamless project.
9. Review and References
Note that most people design their home remodeling websites to inspire confidence. Talented web designers can make businesses look impressive. But, photographs may sometimes be deceiving.
Reviews and references from homeowners will offer vital information. You will know about their professionalism, design, build process, project quality, and communication.
Ensure you ask for a list of references from the contractor before making that final decision. Here are some questions you should ask homeowners:
- What made you choose the contractor?
- Were you satisfied with the results?
- How was the work the company performed?
- How long did your project last?
- What communication channels does the remodeler have?
- What problems did you experience during the remodel?
- Would you hire the contractor for another project?
Once you have answers to these questions, you can make an informed decision. Your contractor should fulfill each of your desire when remodeling your home.
10. Where Will You Find Extra Space?
The question of finding more space is common among city dwellers. It’s a well-worn question among people who live in desirable cities like San Francisco or New York.
Most professionals find creative ways of living in tiny places by making unique changes to their four walls. Here are a few transformation trends you can have:
- Build your garage into a duplex
- Transform your kitchen into an in-home office
- Remove your attic insulation to create an extra room
- Repurpose a space under your stairway
- Enclose a porch creating an in-home spa
To begin your renovation in such a limited space, you must make critical decisions. You can acquire more room in your home if you know where to look.
11. Spend Time in the Space
Though it may seem obvious, hold off on some decisions like light fixtures and paint colors until you spend some time in the space you are renovating. For instance, if you wish to replace your old carpet, choices will be overwhelming.
Will you go with dense or loose fibers? Pattern or striated? And, what will be the exact shade of your carpet? The answer will depend on the carpet color you choose.
The paint pallets you chose before the renovation should be similar to the walls but can change as you spend more time in the house. New carpets and freshly painted walls may reveal that your chosen light fixtures don’t illuminate the space as you thought.
Spend more time upfront to know how everything works together in your home as you remodel. You will end up saving yourself many back-to-the-drawing-board moments.
Consider Remodeling Your Home
It’s a fun project once you know the factors to consider when remodeling your home. You will enjoy the new look, and it will be comfortable for you and your family.
There are multiple choices to choose from when remodeling your home. It’s amazing how often our gut is right.
When you feel uneasy about the renovation decision you are making, it’s time to look elsewhere.
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