Important considerations before renovation of a home
"Renovation is hard work, is it worth your trouble?"
This is the first of seven part series. Please check back often to see the next one.
Step 1: Should I Stay or Should I Go?
Depending on the size and scale of your project, renovation of a home can be a daunting experience. It's especially difficult considering the living situation during construction. Depending on the scope of the project you have to think about how you will be living day to day, like sleeping, cooking, bathing, etc.
On one hand is the construction process and all its byproducts like noise, dust and men trumping through your home at odd hours of a day. On the other hand the project could take from a few weeks to a few months!
I have had clients who had chosen to stay and toughed it out, with mixed levels of challenge and experiences, and others who took temporary residence elsewhere to avoid all that. The issue can be even more complicated if you have children.
Most people renovate their homes because they love where they live but need the improvements to make the house responsive to their changing needs, while others find very little suitable choices and options available in the housing market. They figure it's worth the hassle to go through the remodeling process rather than to move.
To come out on the right end and at the heart of that decision, there is one important question they need to ask themselves with diligence and honesty. That key question is whether or not they are able to find another home in the neighborhood they like, with features close to what they are looking for and for the right price.
They also ought to look at their current home value and equity, plus the cost of renovation to compare to the area property value of similar homes and what they can get out theirs in the market. Remember, in most cases you wouldn't want to end up with the highest price home in your neighborhood and market.
You'll never find exactly what you are looking for, but you can come close to that in various degrees. To make the right decision and avoiding possible pitfalls, you need to consider a few more things before moving forward.
Please check back as we go through the next steps to consider before renovating your home.
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