PROS AND CONS OF A HOME REMODEL
Whether this is your first home or fifth home, there are an unlimited amount of possibilities available at your fingertips. If home remodel is something you are considering, here are a few things to keep in mind.
- Design the home you want!
A home is the place you will spend majority of your time, so it’s important to make sure it satisfies all of your needs. Needs like the type of house, the neighborhood, structural integrity, and price point. If you choose a home that covers the basic needs then remodeling it during the move will allow you to add whatever personal touches you want!
2. Sense of Accomplishment!
It’s no secret home remodel is a stressful time, so it’s important to focus on what was achieved each day celebrating in the momentum and progress being made. Like all things in life, there will be bumps along the way. Accepting those bumps and finding solutions will help the whole project run smoother. Lastly, having a tight grasp on the budget and project costs will help you feel more in control.
3. Increase Home Value
Once those beautiful upgrades are done, the value of your home will increase. In some cases, this value can be quite significant. Exterior remodeling can improve your home’s curb appeal, and those kitchen or bathroom remodels can drastically increase your home value in general.
4. Purchase within your budget
If you are on a tight budget, buying a home that you plan to remodel can be more financially feasible than purchasing a move-in ready home. With the money you save, you can channel your funds back into home renovation and improvement, working at your own pace until you are satisfied with the results.
1. Construction Zone
You may be living in a construction zone for a bit while your home is becoming the dream you want it to be. Remodeling is a decision you won’t regret in the long term, but the short term issues can be quite stressful on you and others in your household. Time estimates on remodeling jobs can vary, so it’s important to be in constant communication with the contractors working on the remodel.
2. Tax Increases
If your home increases in value from these renovations, you may be required to pay for higher property taxes. It’s important to understand how your tax situation may change after a home remodel.
3. Cost might be higher than you think
A common scenario during home renovation is to receive a quote and sign off on the work, only to run into obstacles and bumps along the way. You may see additional material costs, structural issues, or the city may impose building code requirements. Any of these obstacles may increase your renovation spending amount.
4. Longer timeline than you think
What may seem like a short term project of a few months, may easily turn into four or five or six months long. Many factors can contribute to this like the contractor you choose or the tools they require.
Weighing the pros and cons of any home remodeling project is important and should be done in advance. Make sure you have thought through all the good and bad scenarios, communicated with your contractors, and have a set budget with wiggle room for those unexpected costs.