Common upgrades include bathroom or kitchen renovations, plus new appliances and finishes, so condo renovations often require higher budgets. While some homeowners remodel for their own aesthetic enjoyment, others choose to renovate to increase the resale value of their home. Instead of dealing with the hassle of moving, consider a home renovation project to update the look and feel of your home. While owning a historic home is a dream for many homeowners, keep in mind that renovations may be restricted under local laws.
Certain renovation projects can make it difficult, or totally impossible, to live in your home during the process. As renovating an entire house is a big project, it's important to prepare your budget accordingly. Most home renovation programs make you believe that gutting and remodeling your home is as simple as a 30-minute programming block. The cost of gutting your home and renovating it will vary depending on the size of the home, the cost of the finishes, and the scope of the remodel.
Talking openly with your general contractor can help clarify questions and avoid miscommunications in home renovation costs. For example, a house built in the 1930s may have old wiring that will need to be replaced, resulting in additional renovation costs, while a house built in 2000 will have modern wiring. If you meet certain guidelines, you may qualify for a government-backed loan for home renovations, such as the Fannie Mae HomeStyle Renovation Mortgage or the FHA 203 (K) rehabilitation mortgage. When deciding on your home renovation budget, it may be easier and more affordable to prioritize projects by room and create a budget around the cost of each individual project.
Once you've selected your contractor, ask them to look at your project plan and home renovation budget to see if there are any costs they may have missed. Not to be confused with a remodeling, home renovation usually keeps existing structures in place, but updates materials and surfaces. That could help boost the popularity of renovations, as homeowners often turn to home equity loans or lines of credit (HELOCs) to finance renovation projects. The cost of most renovations will still be lower than the cost of buying a home, so it's worth considering renovating your home to meet your needs if you have the time, space, and money to do so.