Remodeling your home is a great option if you are less than satisfied with your current home but love your community, have great relationships with your neighbors and simply don’t want to deal with hassle of moving. However, before you start the remodeling process, it is extremely important to think through your plan thoroughly. Below are some helpful tips on what to consider before you remodel your home
Re-sale should always be in the back of your mind when remodeling. If you plan to stay in the home short-term, 3-5 years, try to keep the remodel design basic so as to appeal to many different lifestyles. Unique elements and preferences should be kept to a minimum. Short-term homeowners may not be able to earn back the money spent on a major renovation project, therefore, consider easy cosmetic updates. Refinishing hardwood floors, updating hardware and light fixtures, and painting a space can make a huge difference without breaking the bank when looking to sell.
If you plan to stay in the home long-term, 5+ years, then a major kitchen or bathroom renovation can provide the greatest return on your investment. Appliances, flooring, countertops, fixtures, hardware, and finishes are extremely important to think about. These elements could separate your home from others in the area. However, it is very important to be aware of the housing market in your specific area. You do not want to over-improve and have the most expensive house in the neighborhood
Layout and Functionality
Before beginning any remodeling projects, it is very important to think about the flow and functionality of the space to be remodeled. If you are remodeling the kitchen, consider whether or not you want the family room integrated in with the space. Do you want space to entertain? Do you need extra cabinet space for storage? Will you need a space for every day dining? Consider the amount of traffic that passes through the space you are going to remodel and develop a layout that will increase the overall functionality of the space in need of the remodel.
Financing and Practicality
After establishing how long you wish to live in your current home and prioritizing what you wish to do, set a budget and decide how you are going to finance the project. Some homeowners ask for a line of credit through a mortgage lender to finance the project, while others use finances they have put away in savings.
Plumbing and Electrical
Nearly all kitchen and bathroom remodels entail moving or extending existing plumbing and electrical runs. Depending on the exact location of your home, local building codes may require you to hire licensed plumbers and electricians to do the work. It is in your best interest to consult building officials before starting any major remodels because they will be able to inform you of the codes and special requirements dictating pipe and wire sizes, types of fittings and electrical boxes, the number of fixtures allowed on a run, and how much framing you can cut/drill out to make the necessary runs.
Take into account the style of your home before beginning a remodeling project. If your home is rustic or traditional, then an extremely contemporary kitchen or bathroom is not recommended. The concept behind a great room remodel is suitable flow and visual consistency.
This article is brought to you by PrimeLending, A PlainsCapital Company. Our expert lenders provide Oklahoma mortgage loans to borrowers throughout the state of Oklahoma and nationwide.
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