Is Now A Good Time To Renovate?

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Spring historically represents a period of rebirth and renewal. It marks the end of the winter season and the beginning of longer, warmer days. It typically also marks a period when homeowners perform a thorough deep cleaning and take stock of any projects they want to complete in their homes over the next several months. Some projects might be minor, like painting a room or cleaning out the garage. 

Other projects, however, might be more extensive – like a kitchen, bathroom, whole house remodels, a room addition, or even an outdoor living space or backyard oasis. If you’re in the latter boat and are eyeing a more extensive remodelling project, Progressive Design Build is proud to serve as your partner in the Southwest Florida area. 

And despite the challenges we’re all facing right now amid the COVID-19 pandemic, you’ll be surprised to learn that there’s no time like the present to act on any home remodel or room addition. Here’s a look at seven reasons why.  Looking for home builders? Look no further! MJS Construction Group has you covered. 

Is Now A Good Time To Renovate A Property?

Family Dynamics

You are looking forward to making your home more functional, and you need to look for the perfect design that will bring the best out of it. Determinants, like the presence of children, are vital when it comes to renovating a house. You need to visualize the design of your home when they are all grown. This step helps avoid extra costs involved in changing the design in the future.

Financial Plan

Any remodelling project needs sufficient funding. The process can cost you a significant amount of money and time. The sooner you have a budget in place, the sooner you can start tearing down walls. However, lacking the money for a project does not necessarily mean you drop the idea. Financial experts at NewSilver.Com recommend you seek a loan if you turn up short based on your calculations. Whether for initial or backup funding, you can set terms that you can pay off with small monthly payments that won’t hurt your pocket. It is also advised that if you are unsure whether a loan is right for you, that you seek advice from experienced lenders to assist you before making any decision. You should also remember to set aside some cash for miscellaneous expenses to make sure the process is not interrupted in any way. 

Choose an Architect

Once you sort out issues with funds, look for an architect who will formulate a project design. Coming up with a renovation design can be more complicated than building from scratch. The architect will need to spend some time in the house before drawing up a plan. This process allows the designer to build up ideas on how the house will work for your position. The best thing about seeking an architect’s help is that they solve intricate house designs that you will find hard to do yourself. The architect will also advise you on the best extensions and designs that will attract clients if you plan to put the house for rent or sale.

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Renovation Permit

You need to seek consent from the authority in concern before the renovation. Depending on the plan and location of your house, you will need planning permission. It is crucial to begin the process with steps that do not require planning consent. You will also need to take note of all the building regulations to avoid issues with authority. There is also the need to have a solicitor who will confirm your title deeds to solve any problem relating to the house’s development.

Renovation Insurance

If you own a property, it means you are responsible for it. It is vital to have appropriate insurance for it. Sometimes you may encounter difficulties when seeking a loan without proof of insurance. You need to have your property covered and get a warranty from the insurance providers before taking out a mortgage for your house. The insurance providers will make it easy for you to continue with renovation in case you face theft, flooding, or fire during the process. Ensure that the coverage includes all the building materials, the architect, and any other person involved in the renovation.

Timing

There are several things that you have to consider before setting time for a renovation. You must have seen painting projects that are affected by rain. You need to plan well and set the remodelling when the weather is favourable. If you are renovating your own home, you need to set the time when your kids are in school to avoid frictions. The other strategy you can use is remodelling one room at a time to allow you to have space for use.

Once all preparations are done, you can now start planning the right time to begin the renovation. Have it in mind that the process of remodelling is not easy; have a plan. With the information above, your renovation is bound to go as smoothly as possible. 

You Likely Know Exactly What You Want

Let’s face it, as you’ve sheltered in place during this crisis, and chances are you’ve spent a fair amount of time sizing up your home and thinking of how you can improve it. In some cases, that improvement might be the bathroom or kitchen of your dreams. In other cases, it might be an extension of your family room that you can turn into a comfortable home office or exercise space. Or maybe a spa-like bathroom where you can take the time to escape from the stresses of the day. Whatever it is that you want for your home, now is the time to talk to a trusted remodelling contractor about its inefficiencies.

Low-Interest Rates

Chances are you’ll need some financing to pull off any major home renovation or addition – and there’s no time like the present to act. Interest rates are at near-historic lows, making it a great time to apply for a loan. Put, by securing financing for any home renovation project now, you’ll see your money going much further and later with plenty of options to choose from.

Prepare Now to Beat the Rush

Once local economies are again fully operational, there’s bound to be a significant “catch up” period that we’ll all have to account for. We’ll likely see an uptick in work, municipalities will see an uptick in permit applications, and banks are likely to see more loan applications coming their way. All of these factors are going to delay how soon we’ll be able to start any remodel or addition once things open back up. It’s why now is the time to act to beat the rush that’s likely to come – and we’re here to help. We’re still actively working on design plans now.

Lesser Demand Means Faster Completed Work

To piggyback off the above point, there’s less demand for remodelling and additions right now – and you can make this work to your advantage beyond just beating the rush. By acting now, you can also expect to see your project finished faster as well. With fewer overall jobs in the queue, we’re performing work more quickly, meaning you’ll be able to enjoy your remodel or addition sooner than you would in the normal springtime activity. All remodels or additions come with some disruption and inconvenience. Reducing such can positively impact your project.

Bad Reasons to Renovate Your Home

You’re Trying to Be Trendy

If you’re enamoured of a trend you’ve seen on websites and in design magazines, it’s likely you’ll tire of it within the year. Choose only remodelling projects with the long-lasting appeal, and save the trendy touches for easily changed accents and furnishings. In other words, don’t pay a contractor to paint your whole home Ultra Violet, even if it’s Pantone’s current Color of the Year. Check out our range of Melbourne home builders for your dream house.

You Want the Biggest, Fanciest House Around

Though you can increase your home’s value by adding square footage or special features, you may have a hard time selling if you over renovate. Why? Buyers generally don’t want to purchase a house that costs significantly more than the neighbourhood average. Evaluate the price of comparable homes in the area and aim to improve your property’s value to within 10 per cent of that number.

You’re Set on a Project Despite Its Low ROI

Sometimes it’s worth undertaking projects with a low return on investment, such as adding a new bathroom, if it improves your comfort and your home’s livability. But many cosmetic changes (say, swapping out a perfect set of kitchen cabinetry for another) likely won’t have a high ROI if you sell the home and may not be worth the expense.

Your Finances Are Tight

Renovations often cost more than initially planned, so you should wait until you have 15 to 20 per cent more than the contractor’s bid in the bank before taking the plunge. Once the project gets underway, there’s no telling what money-draining horrors may be lurking behind the walls, from unforeseen pest damage to building code violations.

The New Design Is Too Custom

Resale value is less significant in your “forever” home, but if you’re in a starter home or somewhere in the middle, it’s a good idea to consider what future buyers will want. Quirky or excessive customization—adding brightly coloured tiles or vintage appliances, for example—may decrease the value of your home or make it languish on the market.

It’s Bad for the Environment

Remodelling can be very wasteful. In 2014 alone, 534 million tons of construction and demolition debris were generated, according to the Environmental Protection Agency. If you pursue a renovation, consider speaking with a LEED consultant to make the project as green as possible. Donate whatever materials you can to reuse centres like your local Habitat for Humanity ReStore.

It’s Not the Ideal Season

Consider the season before undertaking a remodelling project. Winter is a great time for indoor renovations if you’re looking to save a few dollars because contractors usually look for work in the off-season. For outdoor projects, weather conditions will probably be the determining factor. Plan early and consult with your contractor to nail down the ideal timeline.

Rethink Your Reno

After clicking through this slideshow, take a moment to ask yourself if a home renovation is a practical project for you to take on. There are a lot of temptations that would make one want to give their house a refresh, but the cost and time it takes might mean it’s not right for you at the moment.

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How Will You Pay For Your Renovations?

Some renovations are more expensive than others. If you’re looking at a low-cost project, you can easily pay for it in cash without making much of a dent in your savings, and then there’s no need to put it off because of the current health crisis. now’sNow’s an excellent time to embark on a time-consuming renovation project, given that you’re likely stuck in your home anyway in an attempt to self-isolate.

On the other hand, you may want to put off a more extensive, more expensive renovation. For one thing, if you’re planning to pay for that project using cash, parting with a massive chunk of it may not be the best move right now.

It’s too soon to tell how badly COVID-19 will hurt the economy, but if a recession strikes, jobs could be compromised — including yours. At that point, you’ll need all the money you can get to pay your bills while you look for work. So before you withdraw a substantial portion of your savings, think about whether you’re better off delaying that project another season. Finding the right duplex build  is an important decision. Check out our range of the best home design constructions at MJS Construction Group.

Along these lines, if you’re planning to pay for your upcoming renovation by borrowing money, whether, via credit cards, a personal loan, or a home equity loan or line of credit, you may want to rethink that. If your job does indeed become a casualty of COVID-19, the last thing you’ll want is another monthly debt payment to deal with when you’re scrambling to pay for basics. As such, it could pay to hold off, wait for things to stabilize, and then consider parting with that money. 

What’s The Right Move For You?

If you have loads of cash sitting in savings and can afford your renovation project while still leaving yourself with at least six months’ worth of living expenses in the bank, then you may be OK to move forward. Otherwise, you might consider holding off, provided that doing so won’t negatively impact your quality of life.

For example, if you’re looking to tear down a perfectly functional kitchen favouring an updated one, that’s probably something that can wait. But if you’re aiming to upgrade a heating and cooling system that doesn’t work very well, delaying that project could make home life unpleasant — especially at a time when you’re stuck in the house.

One final thing: With the economy potentially taking a turn for the worse, there’s a chance home value will start to decline in the not-so-distant future. Keep that in mind if you’re planning to renovate and sell shortly after the fact because you may not recoup your money the way you expect to.

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