Ways to Make Sure You Are Getting the Most Out of Your Remodel
In 2020 many of us spent more time than ever in our homes and that led many to discover things about our surroundings that we no longer love or just do not work for our new reality. With an average of 3 out of 5 (61%) Americans tackling at least one home improvement project since March 1, 2020 there are a lot of changes happening within our households. If you fall into the percentage making updates, read on for tips to get the most out of your remodel.
Consider the Return on Investment
Yes, you want your home to work for you, but you also need to make sure you are not making changes to the home that will lower its value. Kitchens and bathrooms are typically the spaces that require the largest budgets and have varying degrees of return on your investment. If you are thinking of selling in the near future it may be in your best interest to call a Realtor who can help you look at the typical return for your projects based on comps in your area.
Depending on your long term goals, the immediate return may not be as large of an issue for you as the project itself. Sometimes your happiness will outweigh the financial benefits, however, certain changes like removing bedrooms and/or bathrooms may be changes that are hard to overcome in the future.
Analyze Your Assets
While making a list of the projects you want to tackle, make sure you keep your budget in mind. I’m sure we would all love a state-of-the-art chef stove in the kitchen, but whether that is feasible for the budget we have available is another thing. Before getting too far down the track, sit down and analyze where the money for the project is coming from and how much is realistically available. Make sure that your budget includes room for any overages or unexpected costs that typically surprise us during a project of any size.
Keep in mind that your home may actually be a great source of funds for your project. With the rise in equity coupled with low interest rates, a cash-out refinance may help you access the cash you need to make your renovation dreams a reality. Reach out to your Cambria Mortgage Loan Officer for a review of your situation and a free rate quote to get you started.
DIY vs Contractor
Once you have your list of projects and your budget set, look for savings with projects you may be able to tackle on your own. Be sure to be realistic about your skills and if doing the work yourself saves money versus the cost of hiring a professional. If you are not saving money or time by completing the project yourself, hiring a professional is probably the best idea.
When looking for a contractor make sure you do your research. Just like you want to be realistic with your skills, you want to make sure the professional you are hiring is qualified for the job you are hiring them to do. If possible, try to see examples of their previous work and make sure they have experience with the products you are looking to install in your home. A little bit of research upfront could save you a lot of headaches in the long run!
Call Cambria Mortgage Today
No matter what you decide to do with your home, Cambria Mortgage is here to help you along the way. If a cash-out refinance can help with your renovations or if it is time to purchase a new home, your Mortgage Consultant is just a phone call or email away.
Renter, E. (2020, September 15). 6 Ways to Avoid Costly Home Renovation Mistakes. Retrieved November 21, 2020, from https://www.nerdwallet.com/article/mortgages/ways-to-avoid-costly-home-renovation-mistakes