Planning a home renovation can be an exciting experience. Comprising much of the joy of getting a new home without the hassle of actually buying a new home, there are many positives associated with redoing your house. However, there are a number of negatives too. Among them, a recent study found significant waiting lists of people in line for projects. So if you want to renovate your home, you need to plan ahead, you may have to wait awhile.
But this is just one of the factors you’ll need to consider.
According to the Houzz Renovation Barometer Backlog Index, homeowners can anticipate wait times averaging 4 to 7 weeks before a pro can take on their makeover project. Kitchen and bathroom remakes are reported to be up in 2017 by nearly half of all general contractors, remodelers and design-build firms around the country. Wait periods are varying from 2 weeks in Houston to 14 weeks in Boston.
However, buried within these statistics are a nugget of good news; these lengthy waiting lists will give you more time to plan ahead.
Home Renovation Benefits
Whether you’re adding more space for entertaining, accommodating an expanding at-home business or simply modernizing your environment, you’ll find a core set of benefits to redoing your home. Chief among them are added energy efficiency when you incorporate modern appliances and building materials. Increased curb appeal is another win, should you ever decide to sell and there’s always the added comfort of an expanded space. Ultimately, you can turn your existing home into the house of your dreams with a renovation.
Within those advantages must come some realistic deliberations.One of the main things to look at it is the amount of time you plan to stay in the home after the work is done. If you’re thinking long term and looking at the house as a legacy to pass down to subsequent generations, invest in materialscapable of withstanding hundreds of years of use.
Before adding a second story, reflect on the age of your family members and whether or not your plans will create physical hardships for them in the near future. It’s also a good idea to calculate the total expense of doing the work against the price tag of a new house. Sometimes it’s less costly to find a place with the features you want already built in. Plus you won’t have a waiting list to get on a contractor’s schedule. You should also get some fresh home insurance quotes so you’ll know how the planned changes will affect your coverage costs.
Home Renovation Drawbacks
While those home makeover shows get a remodel accomplished in 22 to 44 minutes (plus commercials), you’ll be looking at several weeks of living in a construction zone. If your budget permits, you can stay in a residence hotel while the work proceeds, but this will make the overall expenditure much higher.
Unless you have the cash on hand to cover the cost of the work, you’ll be getting a home equity loan, making payments to the contractor, borrowing from family members or the like. Either way, you’ll probably need collateral, often in the form of equity in the home you’re redoing. If you don’t have any, it’s going to be difficult to get the money together to finance the work.
Bear in mind, makeovers work best for smaller projects such as bathrooms and kitchens. If you’re thinking to completely overhaul a house, you’ll probably be much better off putting that money toward a home already configured the way you’re envisioning.
The Bottom Line?
Long story short, it’s a good idea to plan ahead when you want to renovate your home. While you may have to wait awhile because of the current backlogs, that wait can give you time to determine the best course of action when your turn comes up.