Every year in America, homeowners spend more than $150 billion on home repairs and improvements. Some homeowners want to incorporate 2018's hottest trends into their home design. Others are hoping to raise the value of their property. No matter what your reason for remodeling your home is, one thing is certain; you're going to have questions. Here are some answers to a few of the most common questions about remodeling.
Will renovating raise our home's value?
Your home is an investment, and renovations are a great way to increase the value of that investment. There are several factors that determine how much value a renovation adds to a property. Consider the age of existing finishes, the value of homes in your neighborhood and current design trends before agreeing to a lengthy and expensive renovation.
Which projects have the largest returns?
Some renovations have huge returns, while others aren't worth the time or expense.
Renovations That Increase Property Value
- Kitchen Upgrades. Kitchens sell homes and add the most value.
- Green Technology. Adding smart appliances, efficient electronics and solar panels can drastically increase a property's value.
- Bathroom Upgrades. Outdated fixtures in a bathroom can be detrimental to property values.
- Hardwood flooring is as beautiful as it is durable, and there are plenty of options to choose from.
How long does the average renovation take?
Every situation is different. We've listed the expected duration of common renovation projects, but you should still discuss the timeline with a contractor before a renovation begins.
- Full Kitchen Renovation - 2 to 3 months
- Kitchen upgrade - 1 to 2 weeks
- New roof - 1 week
- New siding - 1 to 2 weeks
- Bathroom renovation - 2 weeks to 1 month
- Converting an attic into livable space - 2 to 3 months
- Converting a basement into livable space - 1 to 2 months
- Refinishing hardwood floors - 1 day to 2 weeks
- Installing hardwood flooring - 2 to 4 weeks
What should I do to prepare for a renovation?
Being prepared can help a renovation get off to a great start.
- Store your belongings in sealed cardboard boxes.
- Remove mirrors and pictures from walls.
- Close or cover air vents to keep dust contained.
- Cover furniture with drop cloths.
- Find a temporary home for pets, renovations are stressful for animals.
How can I save money during a home renovation?
Set a budget that includes a contingency fund for unexpected costs. Map out the renovation process with your contractor, and be very clear about how much you're willing to spend. If the renovation requires a lot of demolition work, consider doing the demo yourself. Donate old fixtures and building materials instead of trashing them. Not only will you save money on garbage dump fees, but you'll also get a charitable tax credit.