Tips For Remodeling Your Current Home Instead Of Purchasing New To Save Money
For some people moving into a new home is not just the obvious choice; it’s the only one. If you want to move to another city for career reasons, or you’ve finally saved up enough to put a down payment on a mortgage and own your first property, these are valid reasons to get a new home. But if you already live in a home and you’re thinking of a change, is buying a new home always the best option, or should you consider remodeling your home instead?
These tips will show you how your old home can feel like a new one with the right planning.
One very effective way to make your home feel like a new place is to look at finishing incomplete areas, such as the basement or attic. It’s important to make sure these areas are structurally sound first. Attics should be checked for insulation and roof issues, while basements should be evaluated to see whether there is any water leakage into the foundation, or whether the foundation itself is sound.
Once the structural concerns are addressed, if any, you can get a big boost in available space that can be converted to extra bedrooms, offices, home theater rooms, or even in-law suites, or rental spaces for extra income.
At the planning stage, it’s very easy to go crazy and start checking off items from a home wishlist like Italian marble flooring everywhere or building a new sunroom extension. However, unless you’re wealthy, remodeling a home without exercising restraint can rise in costs so dramatically that it rivals the purchase price of a home.
An out of control kitchen remodel, for example, can easily exceed $100,000 if no one is closely monitoring the choices and the available budget. Always remember to plan with a comfortable budget and then stick to choices that fall within that budget.
Plan For Downtime
Depending on the scale of remodeling that occurs, some parts of the home may need to be worked on for a few weeks, or it may take a few months. A major kitchen remodel, for example, that tears down walls, relocates water and natural gas pipes, calls for new flooring, new island counters, cabinets, and even puts in new windows to let more light in during the day can easily take a few months all by itself.
With bathrooms, this becomes even more problematic if a home only has one bathroom, and that bathroom is being remodeled, with no new additions. At some point, water will need to be turned off as new toilets, sinks, tubs, or shower stalls are installed. If your contractor warns you you’ll be going without toilet facilities for a while, make sure to account for this in your plans.
If you’re thinking about remodeling your home, we can help. Contact the Empire Construction Group, and we can assess your home, listen to your plans, and assist you in planning for a remodel that meets both your living and budgetary needs.