5 Signs Its Time to Renovate
If you’re wondering if now is the right time to renovate, here are five points to consider. The short answer is if your home’s functionality isn’t what you wish and you have the funds to fix it, then the timing could be right. The long answer is more complex. Use the following questions to help determine the right answer for you!
Do you need more space?
Whether it’s a roomier master bath or more space for family gatherings in the kitchen, “more space” is one of the biggest reasons people renovate. I have two kids fighting over the single sink hall bathroom with an old tub that isn’t ready for the abuses of two older kids – so it’s high time for a stand up shower and a second sink. We have a client now who is having a baby and needs an extra bedroom and also a couple whose mother is moving in, so more space is definitely their current goal. Many times the needs of family are the biggest driver to renovate a home they love and don’t want to leave.
Are you losing functionality?
If the oven doesn’t heat evenly, the island is too small and no one fits in your kitchen at family gatherings, you may not have the functionality you envision in your home. Unless you plan to move, updating your appliances, bumping out that back wall and designing a better space that fits the needs of your family may just be the right answer.
Times have changed, and many of us live in homes that were designed for the way family’s once functioned (in the 80’s!). Opening up spaces, adding areas for computer use, and really thinking about how we would like to use our home will not only make our lives better now, but will also be appealing to potential home buyers 10-15 years down the road if we plan to sell.
Does your space feel out of date?
Sometimes it’s not about need at all, but rather the desire to bring your home into the 21st century! Brighter and fresher, a new design can give an entirely different look and feel to your home. I always say if your tub is pink and your appliances are gold…you’re way overdue for a facelift! But on a more serious note, if you have been working hard for years and can afford to make a change, there’s nothing like a beautiful new kitchen or master bath to make your home simply more enjoyable, more “you”.
It’s kind of like updating your wardrobe and putting on a new outfit; clients report that renovating makes a direct impact on their quality of life as they spend time recharging and enjoying their family. Check out the images in our photo gallery of some of the updated designs and looks we’ve achieved with some of our client’s homes for great inspiration and design ideas.
Are you planning to sell your home?
So maybe it’s time to downsize, or you will be relocating. Selling a home often triggers the need to renovate. A few targeted updates could make the difference between your home languishing for months on the MLS, versus selling after the first open house. Our advice on how to get the most bang for your buck upon selling is often very different than advice to a homeowner who plans to stay.
Key areas are of interest to new home buyers who wish to purchase a property “move in ready” are usually things like an updated kitchen with bar seating for all their kids, a master bath that has a large shower, or a finished basement they can drop their large screen TV in immediately. Some homes really just need facelifts in order to make them more marketable. It’s possible to get top dollar and recover much of the cost of a renovation upon sale, especially if you take into account the cost of keeping a house on the market for too long. Check out Remodeling Magazine’s 2016 Cost vs. Value report to see current estimates on remodeling costs vs. recovery upon sale in our geographic area.
Is now the right time to refinance?
“If you didn’t take advantage of the historically low rates during the last refinancing boom, now could be your opportunity. With home values up this year and current rates the lowest since June of 2013, now is a great time to consider financing a home renovation”, says Tom Cramer of Wintrust Mortgage in Barrington. Depending on the size of the project; an equity line of credit, refinancing, and construction loans are some of the tools that can be used to plan a renovation.
Don’t wait until you have worked through your design to seek financial help as determining what you qualify for will help you set a realistic project budget early in the design process. An experienced design team will know how to get you through the process, and can even draw in a qualified loan specialist if you need help. Make sure your remodeling company has a full time financial administrator if you plan to go the construction loan route as the paperwork process is extensive.
“Generally speaking if you can keep your mortgage equity over 20% after your renovation, you still should be able to qualify for today’s interest rates below 4%”, says Tom.
Deciding when to renovate is a highly personal decision. Most clients plan for years to make changes to their home, and know the time is right when multiple reasons become overwhelming and they simply cannot put it off any longer. Whatever you decide, choosing the right team to make your project come together is critical.
See how our program “Common Sense Remodeling” was designed to walk you through your remodeling plan, systematically eliminating the common pitfalls homeowners frequently experience when embarking upon a project. Our team at Advance Design is well versed at all aspects of project financing, planning and design, and is ready to help you experience the most amazing project experience you can have! Call us today 847-836-2600, or visit us on-line to schedule your FREE consultation now.