The Wall Street Journal recently published an article titled “America Is Primed for a Home-Renovation Resurgence.” In short, the article discusses how falling interest rates are making it easier for homeowners to finance big renovation projects, leading to an expected surge in spending on home improvements.
I’ll leave the economics of this to the experts, but we think there are five important things to consider if you are planning a major renovation.
1. Plan for future you and your family. Kids grow. Parents get older. If anything, the last five years have taught us to prepare for the unexpected – which might include aging in place or grandkids.
2. Construction costs don’t typically decrease. Our experience, generally, is that construction costs don’t go down. Financing rates will change, as this article shows, but in general, we haven’t seen any drops in pricing or costs.
3. Don’t skimp on the hidden stuff. The things you can’t see are often the most expensive to fix if they fail. That means good windows, insulation, paying attention to framing and air sealing, HVAC, and electrical are critical components. It’s better to do a smaller project well than a big one poorly.
4. Your renovation team is essential. Ask good questions. Look for experience. Talk about communication expectations. Your team can make or break your renovation experience.
5. In a shameless pitch for architects – hire one. Particularly for an extensive renovation or addition. They can help you sort through options, solve problems, vet your team, and provide you with information early in the process to make decisions.
With these tips, you’ll be well on your way to a successful renovation that meets your current needs and adapts to your future lifestyle. If you have any questions or need further guidance, we’d love to help.