Budget, budget, budget. The highest consideration given to the “to renovate, or not to renovate” conundrum, for most homeowners, is financing and budget. Keep in mind that the cost spent to remodel a room in your home should cost no more than than the value of that room as a percentage of your overall house value. Meaning: if your home is worth $200,000. you would want to put $30,000 or less into a kitchen remodel, as kitchens account for 10 -15% of your home’s value.
There are many options to weigh when considering how to get started. One, do a little over time, small changes throughout say, the course of a year, can be less daunting than that of a full undertaking all at once. This is usually a good option for homeowners that are do-it-yourselfers. If you want to keep costs at a minimum, investing your own time is the best way to save. Give your kitchen a “spruce up” by painting cabinets, applying a new backsplash, updating appliances, and etcetera. Two, you have many home loan options to consider. A helpful list of loan options from Zillow 2018, may have the perfect solution. Some contractors, like Jewell Remodeling, are certified 203k mortgage loan contractors. Learn more about this fantastic HUD program here.
Once you’ve decided what you want to spend, do your homework. Finding reputable companies that will offer no cost quotes should not be a difficult task. If it is, you may not want to use that company. Carefully compare quotes and remember, cheaper is not always better. The difference is in the details, compare what’s included and what’s not and ask questions. Renovation can sometimes take weeks to even months so make sure it’s someone you trust and can work with. Hire a team that manages the stress for you. This should be an exciting journey and you deserve to enjoy it. Happy renovating!