In this episode of Home Trends with Ken, I address the Top 3 questions you should ask yourself before undertaking a major home renovation. Watch the video by clicking on the link below. A synopsis of the questions is also included below.
First question, what are your goals?
Consider how the home renovation project will improve your quality of life. For example, if it’s a kitchen remodel you dream of, imagine your joy sitting around the kitchen island visiting with family and friends. I call this “Quality of Life Equity.”
Consider how the renovation project will improve your home’s value. I call this “Home Value Equity.” According to Remodeling Magazine, a minor kitchen remodel will recoup 80 percent of its cost, while a major, mid-range kitchen remodel will recoup 65 percent of its cost.
Keep both Quality of Life Equity and Home Value Equity in mind when setting your goals.
Second question, what is your budget?
Plan not only for construction costs, but also for other project-related expenses that may follow. For example:
-You may want to buy new furniture to go with that new renovation;
-You also may incur meal expenses to eat out; or,
-Costs for short-term housing if you decide to move out of the home temporarily. Staying in the home during a major renovation has some pros and cons. On the plus side, you’ll save money and it will be easier to keep track of the contractors’ progress; On the down side, you’ll have to live with noise, dust, and interruption of your daily life.
Third question, what is your timeline?
Consider your work and vacation schedules, as well as any upcoming important family events such as a wedding or graduation; Then, plan your construction project to minimize the impact on your schedule and life events.
After answering these three questions, you’ll be well prepared to start talking to contractors. If you need a referral to a good contractor, please let me know as I frequently work with and meet highly qualified contractors in our area.
And, when it comes time to sell, give yourself the Ken Trotter Advantage and reach out to me!