You may have loved your home when you bought it. However, as things change, it isn’t uncommon to realize that your home isn’t large enough or as functional as you would like. When this happens, you have two options. The first is to sell your home and buy a larger, more functional home or plan whole home remodeling to make your home more functional. Selling your home and buying a new one can be time-consuming and expensive; therefore, a complete home remodel could be the best option.
Whole-house remodels are more common than you think, and according to a survey from Trulia, 90% of homeowners plan to remodel their homes at some point, and 40 percent of them are planning a renovation within the next two years.
What Is a Whole Home Remodel?
The term “whole house remodel” can refer to remodeling your entire house, adding an additional room, or remodeling a combination of rooms.
What Are the Benefits Of Whole Home Remodeling?
If you aren’t sure if whole home remodeling is best for you and your family, you should consider the benefits of having your entire home remodeled.
- Your home will be more livable and comfortable: This is the primary reason why homeowners have their homes remodeled. Your home is where you feel safe, and the most comfortable, and a remodel can make your home more comfortable and livable. For example, the kitchen remodel can help with the cooking process and add seating space so your family can enjoy the kitchen together. A bathroom remodel can help you relax more after a long day, and dining room and living room remodels provide a better area for your family to spend time together. Finally, if your home feels cramped, you can rearrange the layout and knock down walls, improving and increasing the living space.
- Lower your energy bills: Whole home remodeling can help save money on your energy bills. For example, by replacing old windows and doors, your home won’t be drafty, and your heating system won’t need to work as hard. In addition, replacing your old water heater with a tankless unit can save hundreds of dollars a year in energy costs. Considering the money you can save and the tax credits available, you can recoup part of the cost of the project.
- Lifestyle changes: Whole home remodeling can help you make lifestyle changes that can save your family money. For example, a remodel could provide a well-designed kitchen, providing more space to cook and eat. With a more functional kitchen, you can eat at home more often, and invite friends and family over for dinner, saving on the cost of going to a restaurant. A remodeled living room can provide a comfortable place to relax with your friends, and you won’t need to go out as frequently.
- Increase your home’s resale value: Whole home remodeling can increase your home’s value. According to CNBC, “the average payback on a home’s resale value is 56 percent of the cost of the remodel”.
There are plenty of things that need to be done before the work on your home even begins. Before the project gets off the ground, you should iron out the following details.
- Funding the project: Before you start planning your home remodel, you need to make sure you have the money to pay for it. According to The Spruce, there are a few ways to fund your project, including, cash and liquid assets, sweat equity on top of your existing home equity, zero-interest home remodeling loans, a home equity loan, or getting a loan from family or friends. It is essential to get your funding in place before moving on with the project.
- Hiring a contractor: With funding in place, you can now start looking for a contractor, and you don’t want to hire the first person that comes up during a Google search. Checking contractors’ reviews online will help you choose a few good ones, and you can request bids. You should choose the contractor with the lowest bid that is close to the others. If someone gives you a bid much lower than the other contractors, they aren’t the right person for the job.
- Deciding where you want to be during the remodel: Whole home remodeling can be a long and messy process. Before the work begins, you have to decide if you are going to try staying home during the construction process, or if you think it will be too much, you can find a place to stay during the project.
If your home isn’t large or open enough, or it is no longer functional, whole home remodeling could be the solution to your problems. It’s easier to remodel your home rather than selling and buying a new one, and when the project is complete, you will have your dream house.