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How long have you lived in your home? Let’s say it’s been a few months or even a few years since becoming a homeowner; have you ever felt that your home space needs a renovation? Trust me, I’ve been there. Even though my hardwood floors give my home a rustic look, I can still see small cracks and minor scratches that need immediate tending. With enough money saved and even loan options available, I can invest in home renovations to refresh my environment. You can, too!
Renovations can sometimes be confused with remodels, as they are used interchangeably when referring to real estate or interior design. To clarify, a renovation is when you restore something to a previous state and a remodel is innovating what’s already built and creating something new. In this blog, we will be covering renovations and ways to restore your living space, essentially building the dream home you’ve always wanted.
Reasons to Renovate Your Home
As we all know, a home is not invincible. No matter the material used to build the space we happily live in, it is still susceptible to damage, some of which aren’t easily visible to the naked eye. Over time, parts of a home will deteriorate, and its entire value will decrease.
This is why as a homeowner, you want to keep your home in tip-top shape to prevent additional damage in the future and make it presentable for future buyers. Here are other reasons as to why renovating is a valuable option:
- Increase your comfort or enjoyment
- Fix a safety issue
- Save the cost of moving
- Increase property value
- Upgrade your home’s functions
- Restore to a newer version
- Refresh your space
Renovating is purposeful beyond just creating the home of your dreams and resolving minor defects. It’s also a way to make a higher return if you plan to sell it in the future. If you think that any of these reasons above apply to you, it may be time to start a renovation project.
If you’ve never renovated your home before, it’s normal to not know where to start. Do you start with the bathrooms? The kitchen? The exterior of the home or the interior? After all, depending on how large your living space is, there may be a lot of room to cover! To help you get started, here is our renovation checklist on questions to ask yourself to see what needs renovating:
- Are your walls losing their original color?
- Are there visible holes in your walls that are not being utilized?
- Do your floors have cracks or scratches?
- Are your floors losing their clean or glossy look?
- Do your lights seem dimmer?
- Is your AC and heating system generating enough airflow?
- Are your doors secured properly?
- Does your backyard or front yard need work?
- Do you hear creaks from your garage door when you open it?
- Is the exterior of your home falling apart in any areas?
- Are your windows secure?
- Is your roof deteriorating?
I think you know where this is going. Of course, there are several other questions you can ask yourself to see if something needs renovation, but if you already answered “yes” to any of the questions above, then you’re headed in the right direction.
After deciding which parts of your home need renovating, list them down in order of priority. Unless you have the budget for it, you’re probably not going to want to do all the renovations in the span of a few days or weeks. You may want to prioritize them based on what matters to you the most. For example, do the outdated walls hold priority over new lights? Or is safety your top priority so tending to maintenance and repairs should be first on the list? This will help you understand your own renovation goals.
On the other hand, if cost is a factor to you, you’re going to want to know how much each unique project will cost, which we’ll cover next.
Cost of Home Renovations
The cost of doing home renovations varies from project to project. The overall cost depends on several factors, including time to complete, amount of material used, size of the project, the extent of the renovation, the location you live in, and any underlying issues that may be exposed when taking a closer look at the area in question.
According to homeadvisor.com, renovating an entire house costs $10 to $50 per square foot on average, but you might spend up to $150 per square foot. As expected, the larger your home is, the more you can expect to pay. If you’re interested in renovating a certain area of your house, it is known that kitchens, bathrooms, and any structural or mechanical repairs are known to be the most expensive. When estimating the total cost, we suggest adding 20% of the total cost to your budget for any underlying issues revealed during an initial inspection.
With these costs in mind, you are most likely paying upward of a few to tens of thousands of dollars to renovate your home. To get a better idea of how much your upcoming renovation project will cost, get in touch with your local contractor. They can perform an inspection of your home, discuss the project in length, and provide you with an estimate that aligns more within your price range.
Renovation and remodeling companies are bound to be accessible near you. You can simply look up “renovation companies near me” to be met with several local businesses and their info. We suggest supporting your local businesses by finding family shops or asking your neighbors if they’ve ever worked with a contractor, so they can provide you with a valuable and trustworthy referral.
Home Renovation Loans
Renovations may be pricey, but the long-term benefits can easily be worthwhile. Even if you don’t have the cash to pay for renovations up-front, RWM Home Loans has loan options available to help you makeover your living space.
The process is simple. As a homeowner, you would refinance to access the growing equity in your home. Let’s say, for example, the current value of your home is $500,000 and your outstanding mortgage balance is $350,000. Remember that you can borrow up to 80% of your current home value, which in this scenario would be $400,000. Subtract $350,000 (your mortgage balance) from $400,000 (how much equity you can borrow) and you end up with $50,000 to use on whatever you wish. In this case, your home renovations.
With this option available, you can create the home of your dreams without incurring consumer debt, an additional loan, or dipping into your savings! Reach out to us if you’re interested in learning more about renovation loans.
Treat Your Home to a Makeover!
A home is our safe space, a thriving environment where several memories and milestones happen under one roof. So how about we treat it the way a home deserves to be treated? By renovating your home, you are restoring its life and providing yourself with a better living space than before. If you do plan to sell your house later, your hard work and efforts will be rewarded with a higher appraised value, which possibly means a higher return for you!
If a renovation loan is an option you’re considering, learn more about applying for a mortgage to ensure you’re ready for the process. Also, we love hearing about your success stories, so don’t forget to send us your completed renovation projects! Happy renovating!