4 Things To Consider if You’re Thinking About Renovating
Here are four things you should consider before you renovate.
Should you renovate and expand your home or move? Families grow and your needs change, so you might reach a point where the floor plan just isn't working. It can be challenging, but there are a few things you should take into consideration before making a decision:
1. How much will it cost? Get a really good ballpark estimate of what it’s going to cost to renovate. Additions are running $220 per square foot right now. This doesn’t include changes to the house; if you’re changing the kitchen, that may cost a lot more. Overall, renovating can be very expensive, but there are ways of paying for it like a home equity line of credit, a cash-out refinance, or a builder payment plan.
2. How long will you stay in that home? Renovating a home is labor-intensive, so you want to be confident that you’ll stay in the home for a while afterward.
"It can be amazing to create your own dream home, but it’s not a decision to take lightly."
3. How long will it take? If you’re doing an addition, the whole process will probably take 12 to 18 months, including planning and permitting. The actual construction time could be anywhere from six to 12 months. Most people live in a short-term rental during the active construction time, which has its own costs and benefits.
4. What homes are available? You might be able to find everything you want in a new home for less money than it would cost to renovate.
It can be amazing to create your own dream home, but it’s not a decision to take lightly. If you’re considering a renovation and want to know what the resale value would be afterward, feel free to give me a call. Of course, I’d be happy to answer any questions you have as well.