With jobs and earnings on the up, Americans are looking to remodel their homes – now more than ever. According to Reuters, Americans will spend $340 billion on home remodels by the end of 2018, marking a 7.5% increase from last year. With such huge figures being bandied around, it may well be you that’s looking to revamp the home.
A remodel can be rewarding, but it requires careful planning and execution. That’s both in terms of financial estimations, getting the right materials, and doing the work properly. By doing it by hand, you’ll save a lot of money – just make sure you’re up to the task.
Financing your remodel
Home remodels are typically calculated by feet. HomeAdvisor suggests that a 1,000sq ft home – typically possessed of an open plan living area and kitchen and two bedrooms – will cost on average $18,000, while a 4,000sq ft home will cost $36,000. The costs don’t necessarily double with the footage. The prices are steep either way, and it’s essential to properly finance your project.
Cutting corners due to a bad budget will lead to costly future repairs, according to US News, whose survey of renovation projects found up to three sets of repairs on poorly planned projects. Ensure that you have enough money to cover your costs – plus some wiggle room. If you don’t, consider moving towards bank rates or state subsidies. There are many credit routes tailored towards your circumstances and state schemes will also offer help in certain properties.
Putting a plan into place
It’s well established that the biggest cause for your budget to be skewed is botched work. The remedy to this? A comprehensive plan. You should speak to an interior designer to ensure that what you want to put into the plan is realistic and works in a design setting. You should establish exactly what it is you want in a home, and how that’s achieved.
From here, you can plan exactly what materials you want, and see about making savings – there’ll be areas of the house you’ll be less concerned with than others, so you can put your money where your heart is. Now is also the best time to consider environmentally friendly features – green roofing helps urban environments, according to studies, as one example.
Executing your masterplan
With a budget and plan in place to get your renovations off the ground, it’s a case of executing your plan. You should have a timeline by which certain increments should be reached, and stick to them. Incidents happen, but a great project will take place if you have foresight. Is there a major roof renovation planned? Check the weather to see when you might be out of work. Also, be prepared for a bit of discomfort – you’ll be eating a lot of takeout and the house will feel like a building site. It’ll all be worth it in the end.
A house renovation is incredibly exciting, but there are a lot of risks involved. Protecting yourself is achieved by budgeting properly, sticking to the plan and having determination to prevent problems down the road. With your plan in place and adhered to, you’ll have a wonderful fresh home with a minimum of fuss.
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