Are you thinking about remodeling? Whether it’s your first home, an upgrade, or your lifelong dream home, your home represents status and stability and is a true reflection of you! But often over time, your needs change. HGTV is full of home makeovers. But, before you invest in a remodeling project, here are 5 things to consider before remodeling.
1. Defining Your Needs & Wants
Clarifying your needs and wants will help you develop a legitimate scope of work. Let’s say you want to update/upgrade your kitchen. First, will that upgrade have a ripple effect on the floor plan of the rest of your home? Do you want to simply update the kitchen or create a more open floor plan, or both? Will the update include opening up walls and/or expanding the kitchen into the existing dining or living area? Which walls are load-bearing and which walls can be removed?
2. How Are You Paying for the Renovations?
Are you paying for the remodeling work with cash, or would you like to tap into the equity of your home? Parker has some financing programs, that allow you to utilize the ‘future’ equity of your home, taking into consideration your home’s value, after the renovations have occurred. This often means no cash out of your pocket! And, more importantly, this approach can often provide you some extra money to work with, for those special features you desire! Get pre-qualified for our special financing programs for remodeling, to see how much money you can get for your remodeling project.
Your budget is often the driving factor behind your remodel. It will help if you have already determined what features are must haves and what features can be sacrificed – as this will be a good area for compromise or value engineering. One of the biggest misconceptions about remodeling is that you should get three bids and choose the contractor with the lowest bid. This an area where a homeowner can be taken advantage of in a big way. Be sure to download our free guide on this subject to help you make good decisions before you begin the remodeling process.
4. Return on Investment
Renovating a home should really have two goals: 1) Improving the livability, functionality or appearance and 2) Providing a return on investment. A $200,000 home probably won’t recapture the return on a $75,000 kitchen upgrade, so you’ll want to evaluate the desired renovations with the market value of your home and neighborhood. On the other hand, adding an extra bathroom to that same $200,000 home may provide tremendous functionality and increase the home’s resale value. According to HGTV, the top five home updates that pay the best return are:
- Minor Bathroom Remodel
- Minor Kitchen Remodel
- Exterior Improvements (Vinyl, siding, paint, front entry, etc.)
- Bedroom Addition/Conversion
5. Choosing the Right Contractor
When you decide to remodel your home, choosing the right contractor is paramount to the overall experience. After all, you want someone that will:
- Respect your budget and time constraints,
- Make good field decisions – because almost all remodeling projects have some element of the unexpected,
- Help you value engineer the project,
- Communicate with you throughout the project, for the best outcomes.
Download our free contractor checklist for the 10 things you should ask any contractor, before you hire them!
Remodeling your home is a very personal experience that can have a dramatic impact on the way you and your family live. Don’t make the decision lightly. Talk to the experts at Parker Design Build Remodel or check out our free resources. Even if you don’t choose us, we’ll work to help make an educated decision and create the home of your dreams!