Funding Home Improvement Projects

Home renovations are on the upswing: according to new research, more Americans choose to remodel their homes rather than relocating to a new residence entirely. However, with any major renovation, the costs add up quickly: last year, the median cost for home renovation in America was $15,000, although this figure varies widely by geographic region. Before taking on a major renovation project, be aware of common financial options and ways of saving money on the costs associated with turning your home into a dream-come-true.

Look At Financing Options

Once you crunch the numbers for your home improvement project, you may need to take out a loan to cover the expenses of hiring professionals. The good news is that most banks and lending services offer loans designed specifically for home improvement. It’s a good idea to shop around for a good loan offer as loans vary widely from bank to bank, even if your credit score is consistent. Older families and longtime homeowners can also try tapping into their home equity, a financially viable option for covering the expenses of a remodeling project while raising your property’s market value.

DIY What You Can

The biggest rule with DIY home improvements is to not take on projects you aren’t qualified or prepared to complete. There’s no worse feeling than leaving a project unfinished for months because it gets put on the backburner in everyday life! That said, DIY is an excellent option for minor home projects, such as painting, furniture refinishing, and countless other tasks. DIY is also a viable option for making your home healthy and allergen-free, which is something many homeowners choose to do when they undertake a major renovation.

Hire Wisely

For the areas of your project that require hiring a professional, it’s so important to go with a professional company that you can trust. Ask around about good services in your area to obtain firsthand knowledge of what it’s like to work with your contractor before choosing one. In general, contractors charge between 10-15%  of the total budget, making it the biggest expense most homeowners will pay for their renovation. When hiring a contractor, it’s a good idea to insist on a firm contract so that, in the event of unexpected delays, you have formal documentation of what you expected and agreed upon.

Ultimately, you should think of your home remodeling as an investment: by expanding, you can effectively boost your property’s value rather than pay costly moving fees. It’s a big step, but well worth the financial and personal reward for your family.

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8 thoughts

  1. My father in law and I finished our basement when we moved into our home 12 years ago. My wife is from Anchorage, AK and her Dad built the house she grew up in. He also built many of the houses in their neighborhood. I followed his lead and we completed our basement in a little over two weeks. It was one of the hardest and most rewarding projects I have ever been a part of. It saved us a ton of money because we didn’t have to pay for labor, but there is no way I would have been able to do that without my father in law. He was the foreman and I just did what he told me to do. He taught me so much over the years that I do most of the maintenance on our home myself now. I agree with you, only do projects that you know how to do or you have a pro helping you with! It can get real expensive and even dangerous if you don’t know what you are doing. Framing, dry wall, electrical, hvac, and plumbing are serious business. Get help and hire pros when needed! Great advice! God bless!

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