Whether you’ve just purchased a home or you’ve been living in your house for a long time, a remodel can seem like the right answer to elements of the place that just don’t suit you. But is remodeling the right solution, and if so, how should you go about it? Asking yourself the questions below can help you make the decision.
This question will help you apply the right criteria to your decision-making. If the reason is because you want to increase the property value of your home so that you can sell it for more money in a year or two, you need to make sure that the changes you’re planning will have that effect. On the other hand, if you are already in your forever home and the remodel is more about what will make your space more pleasant and comfortable, you’ll have different considerations.
Whether or not you’re hoping to eventually profit on your remodel, it’s important to know what your budget is so that you can assess how affordable your plan is. It’s generally a good idea to add around 10% to 15% to any estimate. If you don’t have enough money and you’re set on having the work done, you could look at other ways to fund it. At the Marketplace by Navient, you can compare rates on personal loans that could help you cover your costs.
Are you a DIY person, or will you be hiring contractors to do the work? Keep in mind that even if you’re enthusiastic about doing the work yourself and have studied home renovation tips on your own, you may want to hire professionals for certain aspects, especially if electrical work is involved. Don’t underestimate the amount of time doing it yourself can take either. While many people do enjoy taking on this type of work themselves, if you aren’t one of them, it’s probably better to pay someone to do it.
If there are things to be done and you have a limited budget, you might wonder what you should focus on or where you should start. If you’re remodeling to increase the property value, kitchen renovations are often considered to give some of the best return on investments, but they can be pricey as well. In some cases, you may simply need to pick the most critical items to start with. If your roof is in bad condition, that needs to be fixed before you can move forward with any other changes.
It’s also smart to consider when you’ll plan on having the work done. If you know that a stressful period at work is coming up, it may not be the best time. Likewise, if you have a new baby or a new puppy, you may want to postpone for a year or so. If you have children, consider whether the work would be more disruptive to them during the school year or over summer vacation. Weather may also be a consideration depending on where you live.