If you ask any homeowner, there’s often a dream remodeling project they’d love to pursue. Aside from increasing the beauty and conveniences of a house, the right remodel can have all sorts of additional benefits. Whether it’s new interior design throughout the household or a new kitchen and master bathroom, home additions are the best way to increase property value. According to most real estate agents, the right remodel projects can dramatically boost a home’s future appraisal.
In general, a full remodel or renovation project is conducted in an older home, with the homeowner looking to modernize the household’s style or operating systems. However, there are differences in both remodel or renovation concepts, and both budget and necessity can dictate which is the best way to go. Here, we will look at a few ways to help you decide if you want to pursue a home remodel of your own, and the many benefits of revamping certain areas of your house.
Remodel vs. Renovation Projects
The first step is determining whether your home requires a renovation of certain key areas or a full home remodel. Unless you have specific home improvement projects in mind, it’s important to note that your price range will play an important role in your decision. With a home remodel, a complete revamp of your home’s interior or exterior takes place. For a renovation, however, a single area or room can be targeted for interior design in current household fashions. In the case that you have a new home, it may be easier to find a general contractor to redesign a section or area with which you’re unsatisfied. Even if this happens to be your first home, it’s not a bad idea to consult your original realtor for tips on what types of projects can retain or increase the home’s value in the long run.
In keeping both property value and your family’s comfort in mind, certain home renovations can be very practical. For example, you may want to keep energy efficiency on your list of priorities. If you decide to revamp your kitchen, swapping out the appliances for modern models geared towards less power and water consumption can save you a bundle on monthly utility bills. Likewise, future homebuyers may find energy efficiency to be a great selling point. When you consult a contractor or interior designer, be sure to ask if a renovation of your faucets, fixtures, and air systems may be a practical project.
Financing Your Home Improvement Needs
With all the great options that a homeowner can choose from for their home remodeling project, the budget should be worked out well in advance. If you’re a first-time homebuyer, you may just now familiarizing yourself with the financial steps to take before buying a home. If that’s the case, your mortgage loan, as dictated by your income ratio and monthly payments, is most likely providing the monetary needs for the home itself. However, depending upon the loan type, experienced homeowners can also benefit from contacting a mortgage lender for home improvement options. There are different home loan options specifically for remodels and maintenance. Depending upon their financial situation and credit report, a homeowner may contact their original mortgage lender and express their hopes to refurbish existing areas of the home requiring repair.
As a potential borrower, it’s important that you research the different home loans available for different types of renovations, as well as how much money is needed to meet your project goals. If you’re currently looking to make cosmetic additions to your household’s interior or exterior for the sole purpose of putting the house on the market, there are mortgage loans that can roll over your existing mortgage to a new homebuyer. Likewise, a cash loan could be ideal for smaller, short-term projects such as single room remodels.