Is Now The Right Time To Start A Home Renovation?

Renovations are a critical tool that homeowners make use of when seeking to improve their houses for more efficient use. A renovation can remake a property to include key aspects or features that help the lifestyle and routine needs of the homeowner. These improvements are personal and precise, from installing a home office to transforming an underutilized bathroom to making room for a new tub and relaxation space.

It's often a good idea to speak with a contractor with as much lead time as possible to finalize plans for the renovation and ensure that all the requirements are squared away to commence the operation. U.S. News & World Report notes that in the current climate, it can be difficult to foresee challenges to your particular remodel because of localized supply chain issues, backlogs for certain parts that seem to arise out of thin air, and more.

In addition to saving up for the project or making intelligent use of home equity loans or other financing means, you'll need to ensure that you are prepared for the commitment to the renovation and, in fact, can benefit from the structural change to the property. Consider these aspects of the home improvement space to ensure that you are launching a new renovation at the right time.

Are your finances in order?

The financial aspects of a home renovation are some of the most important pieces in the whole endeavor. Financing the restoration may be done with years of saving and planning or through the use of a lending product, such as a mortgage refinance, Bankrate says. Many options exist in the marketplace for homeowners, and some are more effective than others depending on your specific situation.

However, regardless of the way you plan to skin this cat, there will be fiscal repercussions. In using a lending product, you'll tack on a new monthly repayment obligation to your existing, outgoing expenses. For those who have saved for the renovation, sticking within the budget may be even more important in an effort to maintain financial viability without resorting to credit cards or additional loans. Ensuring that your household finances can bear the additional weight of this expense is crucial when considering any structural changes to the property.

Do you have a place to stay, if necessary?

Many home improvement projects begin with a disconnect from power and water sources. Unfortunately, this means that you'll need to find a temporary home for the duration of some or all of the renovation, according to U.S. News & World Report. Even if the improvement won't require the shutoff of these living space essentials, the dust, noise, and tight fit alone may be enough to make you consider relocation during the bulk of the work.

If you haven't planned for this exodus from your home, you may be looking at a surprise hotel bill that balloons the project's total cost by a significant factor. Staying with family or friends is a great help, but springing this on someone at the last minute can lead to hard feelings and strained relationships. Planning your time out of the house, as well as backup plans before engaging in the remodel, is a crucial piece of the puzzle and one that many people forget about until it's too late.

Is there time in your schedule for a remodel?

Schedules are often hectic, and making time for renovations in the home isn't always easy. The benefits of remodeling your house are apparent and widespread, but these improvements don't make the execution of the task any easier. Therefore, planning out your routine through this process in an effort to balance work, obligations, children's schedules, and the renovation itself is crucial to finding success throughout.

U.S. News & World Report calls this bandwidth. Making time in your timeline, daily schedule, and even budget to continuously maintain oversight, even through the chaos of your other commitments, is the best way to end the project with a marvelous renovation that you'll be proud to call your own and happy to enjoy. Maintaining bandwidth for the task at hand is a tough ask, but it's an essential consideration when planning and executing any type of home improvement project.

Did you line up contractors and other professionals to support your goals?

Working with contractors is a core component of any successful home improvement effort. For a remodel in the property, you'll need to consult with a contractor that you trust, as well as a number of subcontractors and specialists that they bring into the project to complete certain tasks, like electrical work, spackling, foundation pouring, etc. Angi reports that it's best to speak with multiple contractors before starting any of the work. Getting quotes and comparing backgrounds, reviews, and recommendations is an essential part of the research phase that precedes breaking ground in the remodel.

Contractors can also help you polish your design plans. For example, you might have a new, bright and airy breakfast nook in mind for the kitchen, but your sketches may be hastily put together or lacking in clarity regarding sizing and scale. Your contractor will help you nail down some of the finer details in the build so that they know exactly what you are hoping to achieve with the remodel. They can follow your instructions to create an accurate representation of your desires while keeping to building codes and structural necessities.

Have you finalized a plan to account for setbacks and delays?

Lastly, it's essential to consider delays and setbacks that may creep into the project. For example, renovations are often delayed due to material requirements, unexpected conditions within the building space (for instance, the discovery of rot in the subfloor or walls), and delays in getting a building inspector to sign off on a part of the work, and more.

In the current marketplace, there are often delays in sourcing key materials and appliances that will bring the project to its natural conclusion. The University of Missouri System suggests considering purchasing all your necessary supplies before starting the demolition work within the space. However, this raises a different kind of problem for homeowners seeking a stress-free remodel. Purchasing the materials upfront places a heavy financial burden on you in the early phases of the build that aren't typically present.

Doing as much prep work as you can to account for potential pitfalls, setbacks, and other issues will help you maintain focus on the project and weather any storm that may come your way during the construction.