A Guide to Home Renovations During Uncertain Times
If you, like many other Americans, have been spending lots of time at home during the past several weeks, you must have become familiar with flaws in your home.
You may ask yourself, “Is this the right time to renovate?” Answer: it depends. Many renovation contractors are accepting interior renovation projects. If you want to renovate your basement, you may have to wait till next year.
If you want to play safe and are willing to wait till the pandemic ends, you can still use this downtime to plan your project. You can talk to your friends who have recently wrapped up a renovation project and do your due diligence.
Budgeting and Financing
Every homeowner wants to maximise return on investment from a remodel. Kitchen and bathroom renovations yield the highest return. A kitchen remodel recoups an average of 62 percent of the cost, whereas bathroom renovations typically recoup around 67 percent of the cost.
Many unique home builders in Santa Rosa recommend spending around 5-15 percent of the home value on the kitchen renovation. Spend around 3-7 percent of your home value on the bathroom renovation.
Budget an extra 10 percent for unforeseen costs.
Financing a Home Renovation Project
There are several ways to finance a home renovation project. You can use your savings, take a Fannie Mae HomeStyle Renovation loan or a 401(k) loan, use a cash-out refinance, or borrow against the available equity in your home (HELOC).
Undertaking a Renovation Project
Depending on the nature and scope of your project and your budget, you can hire a
- General contractor: GCs have a supplier network and can get you discount on supplies
- Design-build firm: A design-build firm consists of architects and designers. Design-build firms manage renovation projects from beginning to end.
- Kitchen designer: Kitchen designing firms specialise in kitchens and can provide a customised look.
- High-end design firm: Are hired by homeowners with deep pockets who want the best of everything and do not mind paying a premium price for high-end services
Holly & Associates is one of the top unique home builders in Santa Rosa. We have extensive experience of creating dreamy homes that check all the right boxes. To discuss your project with one of our experts, call 707-541-0700.