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.
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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