What to Ask Before Remodeling Your HomeYou need to ask several questions before starting a home remodel. If you’re serious about proceeding with the remodel, ask yourself these questions:
- Who’s the remodel for? A home renovation is either for you or for a future buyer. Who the remodel is for influences everything from the design to the budget. If the renovation is for you, it’s still important to consider how your remodel may affect the future value of the home, as it’ll likely become someone else’s in the future.
- What’s the cost? Cost is a crucial factor in home remodeling. It gives your project boundaries, as well as influences your decision to use a professional or do a DIY home renovation. Get price estimates before spending any money on your project. Seeing the full cost may lead you to adjust or revise your plan before obtaining a loan, if necessary.
- Who are you hiring? Even a DIY home renovation may require you to hire certain individuals such as a plumber for a bathroom renovation. Speak with the people you’re interested in hiring and ask for estimates. Add these estimates into your project cost to get a more accurate picture of your overall expenses.
- How much value will it add? You’ll find this question is the most influential when considering whether you should remodel your home. If your intention is to remodel for a future buyer, review the 2017 Cost vs. Value Report from Hanley Wood to see how much value your project would add.
- What’s the return? Analyze your home’s remodel from two perspectives: how much it’d add to your home’s value and how much of a return would you receive on your investment. A correlation doesn’t tend to exist between these two factors. A two-story addition, for example, raises your resale value by more than $100,000, but it only recoups around 71 percent of your costs.
- What’s the construction time? The length of construction is important because if you’re hiring people for your home remodeling project, their rates could rise if they’re paid hourly. Plan ahead and ask your team what the minimum and maximum time would be for their work. Their estimates can help you budget for any price fluctuations.