The home improvement sector in the United States is booming. According to IBIS World, the renovation industry's revenue grew to reach $96.6 billion by 2020. In the wake of the COVID-19 pandemic, Americans are spending even more time at home, making the drive towards creating more functional and aesthetically pleasing places even greater.
CNBC confirms that pandemic home remodeling is on the rise. You don't have to spend big bucks to craft your dream property. With careful planning and the help of the right professionals, you can make cost-effective changes. Renovations loan providers like Ruoff Mortgage can help fund your improvements, further minimizing the immediate financial burden.
Plan your Renovations to Target High-Value Areas
The key to keeping home remodeling affordable is realizing that you don't have to change everything. Create a well-thought-out plan, focusing on those elements of the house that will add the most value. According to Dave Ramsey, for example, a kitchen remodel can result in a 54 percent return on investment. Meanwhile, moving.com reports that a bathroom remodel can recoup 67.2 percent of costs, according to Moving.com.
Need ideas on what to upgrade? When it comes to the bathroom, try ideas like installing a jacuzzi tub, updating the fixtures, and adding a double sink. For the kitchen, Family Handyman proposes cost-effective changes like laying down vinyl flooring or updating kitchen backsplashes. The master bedroom is another area worth targeting. High-quality upgrades range from installing a skylight or big bay window to crafting a gorgeous walk-in closet.
To plan your renovations, enlist the services of a building information modeling professional. This allows you to better visualize any changes you. As Autodesk explains, building information modeling, BIM, is a method of 3-D modeling that can be used by professionals in the engineering, architecture, and construction fields to plan and design buildings. You can find skilled professionals to take care of the task via work-for-hire platforms like Upwork.
Vet the Experts You'll Need to Get the Job Done
Building modeling professionals are just one of the experts who can help with your renovations. Depending on the type of remodeling at stake, you may also need to consult electricians, plumbers, painters, roofers, and more. If you want to cut costs, hire a general contractor. As Level Set explains, this pro can oversee diverse aspects of remodeling, allowing you to consolidate the project under a single management professional.
To get the best deal, shop around and get quotes from different contractors before committing to one. What should you look for in a general contractor? Queries to ask include whether they have a contracting license, how long they've been in the business, what the anticipated timeline for project completion is, and if they are insured.
Figure Out How Much Money You'll Need and How to Fund It
Once you've gotten bids from various contractors, you will have a better idea of how much your renovations will cost. You can then determine how to best pay for them. Even if you have a sizable nest egg set aside, you probably don't want to spend all of your savings on remodeling. A renovation mortgage can cover the costs. Use an online calculator to determine how much you can expect to pay in interest based on the principal you take out.
Affordable home renovations require advanced planning and support from the right professionals. With some careful thought and effort, however, you can create your perfect property.
Ruoff Mortgage Company can help you achieve your dream home, whether it's a question of buying a new house or renovating your current one. We have over 25 years of experience in the mortgage industry. Find out more about our loan options online.