Your Home Renovation Needs a Good Plan

and Teresa Greenhill

Image via Pexels

Get Ready for Your Home Renovation With a Good Plan

With the continued rise in today’s housing market all across the country, more and more homeowners are making investments in their properties by remodeling and renovating. They’re not only adding more space or more up-to-date features, but they’re also adding value to their homes.

If you’re ready to upgrade your kitchen, finish your basement, create a home office, or make your outdoor space more attractive and useful, then you’ll need to be prepared because planning a home renovation is no small feat. From Pinnell Enterprises, here are some home renovation considerations to keep in mind.

Hiring a General Contractor or DIY?

This choice will depend a great deal on the type of home repair or renovation you’re planning and your skill level and experience with that type of work. Thanks to easier-to-use building materials, and loads of online information like YouTube tutorials, many homeowners feel comfortable tackling smaller jobs like replacing windows, installing bathroom fixtures, or refinishing hardwood flooring.

You can also be your own general contractor by hiring subcontractors for the jobs you need skilled help for, like electricians, plumbers, and roofers.

When hiring any tradesperson, avoid the temptation of using untried, cheaper help, like the friend of a friend who knows someone. Instead, hire a professional who you know will be insured and from whom you can get references. Most independent contractors are listed online with ratings and reviews from previous homeowners.

A professional contractor will also hire subcontractors for the work, but their experience means they know exactly the kind of skilled and reliable tradesperson will be needed for the job and can usually get them in faster than you could on your own. And a professional contractor will also be able to provide you with a much more accurate estimate of what your final cost will be. For instance, when you hire an HVAC contractor to oversee repairing or upgrading your home’s heating and air conditioning, they can use HVAC software to create an accurate and reliable estimate. This means you’ll be better able to budget for your other renovation needs.

Creating a Budget

The average American spends more than $45,000 on a home renovation. The National Association of Homebuilders suggests using per-room renovation costs as it relates to the value of your home. For instance, 15% is a good ROI for a kitchen renovation, so if your home is worth $100,000, then $15,000 is the top amount you should spend for that upgrade. A bathroom has a 7% ROI value, which means that in that same home, you don’t want to go over $7,000 for the bathroom.

To find the value of your home, use an online home value research tool that can tell you what houses are selling for in your area. You can see market trends, cost per home, and per square foot value, which can give you a very close estimate of your own home’s value. The best way to ensure you get the most return on investment is to not go over 15% for any home improvement project.

Get Your Home Ready

A home renovation is messy and chaotic, no matter if you hire a contractor or DIY it. There’s just no getting around the upheaval. It can feel a lot less stressful if you make a few plans now.

Find a storage unit for pieces of furniture and appliances that will need to be moved out of the way. You can either purchase a small shed to place on your property or find a self-storage unit near your home.

Scan all your receipts and upload them to be stored digitally so that nothing gets lost. Do the same for any product warranties. This will be valuable when you sell and want to show how much you spent upgrading your home to increase its appraised value.

Download a shareable calendar that you can link with other family members, so everyone is on the same page as far as what to expect each day or even each part of the day.

Let your neighbors know what’s happening. They should be aware of the timeline you expect for the work to be completed and if there will be an interruption of services like water, power, or internet. A nice way to say you appreciate their patience is with a gift card to a local eatery.

A home renovation is a great way to add value to your home, make it more comfortable and attractive, and increase its appraised value. It will take more than a little work, planning, and investment, but in the end, it will be something you’ll enjoy having for years to come.

Get More Real Estate Market Info... Subscribe Below!

Learn more about us and find other resources on buying investment properties with us. Like us, follow us, connect!

Access Local Michigan Investment Property Deals...

Handyman Properties - Fixer Uppers - High Equity. *These are not on the MLS - Many are below $100k. Available properties on the next page.
  • This field is for validation purposes and should be left unchanged.

Leave a Reply

Your email address will not be published. Required fields are marked *