Blog Posts about Renovations
Are you planning a renovation project but are worried about going over budget? Learn from builders and contractors about the rooms most likely to face spiraling costs and WHY, so you can make sure it won’t happen to you. Starting a renovation project is an exciting time, especially right now as homeowners across the country are rapidly rethinking what they want from their homes. In fact, a recent study has revealed that more than three in every four households in the United States have carried out at least one home improvement project since the start of the COVID pandemic, and 78% plan to undertake at least one in the next 12 months.
One of the most common reasons for home renovations is the positive impact that they can have on the value of your home. Taking out a home renovation loan can be a real investment in your future. And one of the main considerations when planning home renovation work is a home’s future value. In fact, there’s no ignoring that the right renovations and additions can add big bucks onto what a property is worth, and that’s just looking at the value that’s added today.
Let’s be real. No one can actually predict what interest rates will look like in a few years — or even a few months. But what we do know is that mortgage rates have recently hit the lowest number ever recorded. As a result, it seems like everyone and their mother has refinanced in the past year. But there is a group of these perfect candidates who could really benefit from refinancing now that are at risk of missing the boat: those of you planning a renovation project.
Did you know contractors actually hate construction loans? Since these loans will typically cost your contractor more time and money, it’s hard to blame them. But when your contractor actually refuses to work with a construction loan completely, then what do you do? Basically, you have two options. 1. Choose a Different Loan You do have other options; options contractors actually love—like RenoFi Loans. That’s because they’re way less of a pain than construction loans.
You’ll have a lot of decisions to make during your home renovation—how to pay for it is probably the biggest. That’s because making an investment in a home you love right now shouldn’t end up costing you for years to come. But too often homeowners make really bad choices when it comes to financing their project, and that’s exactly what happens. Here are 6 of the dumbest things homeowners do when paying for a renovation:
So, you’ve been planning a major renovation for months now. You finally found a contractor, and you’ve started looking for a construction loan. Hold up! There’s something you should know: contractors HATE construction loans. And you may not love using one either. But why?!? They’re A Lot of Work As much as you don’t like extra paperwork, neither does your contractor. And with a construction loan, there’s a lot of extra steps required of your contractor throughout the process.
Current Home Location: Malvern, PA Built in 1958 2,000 sq. ft. 4 beds, 3 bath Valued at $472,000 The Renovation Blow out walls between kitchen, living & dining rooms to transform entire first level into an open concept Completely update kitchen with all new finishes & appliances No additional sq. ft. Total Cost: $55,000 Post-renovation value: $510,000 For Joanne and David, moving from their current home was never an option.
Current Home Location: West Chester, PA Built in 1930 1,800 sq. ft. 4 beds, 2.5 bath Previous renovations: remodeled kitchen, hardwood flooring throughout Valued at $405,000 The Renovation Additional 850 sq. ft. New great room with entry from backyard New master suite with walk-in closets All new exterior siding & roof Total Cost: $200,000 Post-renovation value: $807,500 Five years ago when Justin and Nicki found their current home in West Chester, they had no doubts it was exactly where they wanted to be.
No matter what the motivation for your home renovation may be, you’ll want to know that your money is well spent. RenoFi helps you finance your project in the smartest way possible, and now we’re sharing which improvements provide the best return on investment (ROI) to increase your home’s value too. Here are the top 3 renovations with the best ROI: 1. Remodeling Kitchen & Bathrooms As the two most utilized spaces in a home, investing in these rooms makes sense for both ROI and quality of life.
Why does finding the right contractor always feel like the hardest part of a home renovation? Trying to find a professional who’s reliable and experienced, who really understands your vision, AND who you feel comfortable welcoming into your home — the process can be overwhelming. You have a lot of questions, so we’ve got some answers for you. Here’s what you should know when choosing the right contractor for your home renovation.