Across Chicago and the U.S., the COVID-19 pandemic is impacting everyone. Every business is in jeopardy of shutting its doors for goods. Every employee is in danger of losing their job. Every family is concerned about their health and wellbeing. And every single person in America is hoping to stop the spread of this deadly virus.
One thing that isnt stopping, however, is home renovation projects. Since everyone aside from essential workers are remaining in their homes almost 100% of the time, now is the perfect time for homeowners to improve their properties and begin (and hopefully finish) some important projects.
There is some concern over whether its even advisable to work on your home during this pandemic or not. Though there are some cons to beginning home remodeling projects due to the shortage of supply, potentially higher costs, and general feelings of being overwhelmed; there are plenty of advantages, too. For the most part, the costs are actually much lower right now. Several remodeling companies have come up with great deals and substantial discounts. Plus, if youre hoping to sell your home in the next few years, taking advantage of all this downtime and upgrading your home is a great option!
Here are some important things to consider whenever starting, or even thinking about starting, home remodeling projects:
There isnt a project on earth that wouldnt benefit from some diligent planning beforehand. Still, so many homeowners jump right into specific projects without an actual plan in mind, which can subsequently lead to a messy home, costly remodeling expenses, and high stress levels. Even skillful do-it-yourselfers need to plan out every step of their remodeling project. Without planning, chaos will certainly be the end result.
If you have a four-to-five-month timeline, you can talk to friends on who they used and look at Angies List reviews on their performance, said Kermit Baker, project director at the Harvard remodeling program. You can do your due diligence as you prepare to get the project ready.
Its important to have plenty of tools around the house, as well. If you just need a few things for a couple of quick projects, you can take advantage of tool rental programs. However, its best to own a legitimate set of tools so you can be fully prepared to take on any kind of home remodeling project. Here is a list of tools that every homeowner should have:
Every home improvement project will cost more than you think it will and will take more time than you planned, added Bob Harkson, a chief financial planner at Phase2 Wealth Advisors.
Remodeling contractors everywhere advise the same thing: the more thorough you are during these crucial planning stages, the more likely you are to stay under budget for each project.
Another great idea is to keep a detailed journal documenting every aspect of your home remodeling project. This can be helpful for all sorts of reasons! For instance, if youre working with home builders or a team of professional contractors and something goes wrong, you can use your journal in court or arbitration. Write down things exactly as they happen so you arent being charged for unnecessary costs down the line. Its best if your remodeling journal includes at the very least the following: project start date, major milestones, inspection dates, contractor work schedules, change orders, and all financial information.
Planning is one thing but budgeting can make or break not only your remodeling project ideas but your financial stability, as well. If you arent properly budgeting especially during these wild COVID-19 times, you are putting your entire future at risk. You need to carefully determine exactly how much you can afford to spend on every facet of your remodeling projects. Take, for example, home flooring projects. Your budget needs to account for everything, not just the final tiles. If you know what youre doing, you should still keep a strict budget and plan for spending on tools, materials, and everything else. If you are completely lost when it comes to flooring jobs or other potentially complicated projects like residential siding or plumbing repairs, consider hiring a team of professional contractors. But be aware, doing this will likely significantly increase the amount you spend on each project, which should be reflected in your budget.
Be realistic as you tour your homes interior and look at it as a buyer would with a very critical eye, said Gina Wolter, Broker/Realtor with The Real Estate Group. Determine projects that need the most attention. Some things on your list may require just a little elbow grease, while others may require assistance from a professional. Whichever the case, set your budget and work from there.
If youre working with a contractor, its important to ask as many questions as possible. This way, youll actually learn whats being accomplished. You wont have to hire a contractor for that specific project next time. Instead, youll be able to handle it all on your own! There is no better feeling than that. But dont be afraid of asking questions to the professionals. Even ones that might seem like are obvious its best to get the right answer than wing it on your own down the line. Plus, its your money that youre spending on these projects. You should know why youre spending that much and whats exactly taking place!
It might seem like a scary thing to do during these uncertain times, but there are loans out there available that are designed to help you and your family upgrade your home in a financially responsible way. A Federal Housing Administration (FHA) 203(k) loan or a Fannie Mae HomeStyle Renovation loan, for example, are great options.
An FHA 203(k) loan offers flexibility because you can finance up to 97.75% of the improved home value, said Catherine Holtman, operations support manager for Embrace Home Loans. Theres a streamlined version for improvements up to $35,000 that are nonstructural and a standard version for major renovations including structural changes.
Additionally, taking out a home equity line of credit will provide you with the necessary flexibility to take advantage of remodeling projects. Youll only have to pay interest on the actual line of credit being used and not on everything else. Plus, closing costs are using pretty affordable! Cash-out refinancing, personal loans, credit cards, and 401(k) loans are all great options, as well just beware of high interest rates.
Upgrading your home is exciting but it can also be quite stressful if you dont know what youre doing, arent properly budgeting and planning, or you make mistakes. Some mistakes are minor and are just a little annoying. However, some mistakes even the minor ones can lead to catastrophic issues and ruin your home and your bank account.
Here are some of the most common home remodeling mistakes that homeowners across the country make:
So, in short, the best way to prepare for these kinds of home renovation projects is to save as much as possible, do plenty of research beforehand, make sure youre acquiring all the necessary tools, think about taking out a renovation loan,
More here:
Home Remodeling and Repairs: Everything You Need to Know - Skyline
- WEDNESDAY, APRIL 17, 2024 Ad - Mt Pleasant Window & Remodeling Co - Tribune-Review - TribLIVE.com - April 17th, 2024 [April 17th, 2024]
- Experimental and theoretical model of microvascular network remodeling and blood flow redistribution following ... - Nature.com - April 17th, 2024 [April 17th, 2024]
- New Housing Starts Plunge in March, Remodeling Sentiment Remains Positive - CE Pro - April 17th, 2024 [April 17th, 2024]
- Power Home Remodeling Grabs 14th Spot on Fortune '100 Best Companies to Work For' - Roofing Contractor - April 17th, 2024 [April 17th, 2024]
- Monterrey Airport remodeling to be ready in one month - MEXICONOW - April 17th, 2024 [April 17th, 2024]
- County proceeds with plans to remodel school for government offices - The Augusta Chronicle - April 17th, 2024 [April 17th, 2024]
- Remodeling Market Sentiment Remains in Positive Territory in First Quarter - National Association of Home Builders - April 17th, 2024 [April 17th, 2024]
- Chick-fil-A in Mt. Juliet to temporarily close tor remodel work. When and for how long? - Tennessean - January 5th, 2024 [January 5th, 2024]
- Adobe Resort in Yachats kicks its $2 million remodel into high gear with lobby, bar, restaurant and room changes ... - Yachats News - January 5th, 2024 [January 5th, 2024]
- Roofers In Blue Ash, Ohio, Crown Pointe Roofing & Remodeling Announces Expansion To Kentwood - Yahoo Finance - January 5th, 2024 [January 5th, 2024]
- Main Street Threads in Vermilion to undergo remodeling in January - The Morning Journal - January 5th, 2024 [January 5th, 2024]
- Smithfield Burger King looks to remodel - Smithfield Times - Smithfield Times - January 5th, 2024 [January 5th, 2024]
- BCA Launches Public Campaign with Plans to Remodel the Second Floor | Prairie Communications, LLC - Radio Monmouth, IL - January 5th, 2024 [January 5th, 2024]
- Contractor starts repayments to Kodak couple 7 years after unfinished remodel - WATE 6 On Your Side - January 5th, 2024 [January 5th, 2024]
- Design approved for alternative school remodel | The Humboldt Independent - The Humboldt Independent | - January 5th, 2024 [January 5th, 2024]
- Police Department remodel awarded to Evergreen Construction | Free | emporiagazette.com - Emporia Gazette - January 5th, 2024 [January 5th, 2024]
- Warner Grand Theatre in San Pedro to Close Jan. 1 for Remodeling - MyNewsLA.com - January 5th, 2024 [January 5th, 2024]
- Dougherty County Tax and Tag Office set to begin renovations - WALB - January 5th, 2024 [January 5th, 2024]
- Assessment of Right Heart Remodeling Post PVR in Patients with Pulmonary Atresia or Critical Stenosis and IVS - Physician's Weekly - January 5th, 2024 [January 5th, 2024]
- Seven steps to save money on remodel - Akron Leader Publications - October 11th, 2021 [October 11th, 2021]
- This Schnucks location just got a makeover, with new dining hall and apparel store - KSDK.com - October 11th, 2021 [October 11th, 2021]
- MH issues 15 building permits in August - The Baxter Bulletin - October 11th, 2021 [October 11th, 2021]
- Rotating House by Self-Taught Inventor Is Awesome, a Testament of Love - autoevolution - October 11th, 2021 [October 11th, 2021]
- Herkimer Housing Authority, now Stone Ridge Residences, completes first phase of project - The Times Telegram - October 11th, 2021 [October 11th, 2021]
- How Broad Ripple's vibe was reflected in the design of HGTV's 'Urban Oasis' home - IndyStar - October 11th, 2021 [October 11th, 2021]
- NYC Kitchen Trends in Line with National Trends in 2021 - PR Web - October 11th, 2021 [October 11th, 2021]
- GE Appliance employees giving back to Louisville with year of community service - WLKY Louisville - October 11th, 2021 [October 11th, 2021]
- 11 crucial tips for your next home renovation makeover - AZ Big Media - October 11th, 2021 [October 11th, 2021]
- 2050-year-old Roman tomb offers insights on ancient concrete resilience - MIT News - October 11th, 2021 [October 11th, 2021]
- Harvard study shows metro areas with expected remodeling growth - LBM Journal - February 20th, 2021 [February 20th, 2021]
- U.S. Remodeling Industry Fully Recovered From COVID Outbreak - World Property Journal - February 20th, 2021 [February 20th, 2021]
- Jasco Products gets a $3.8-million remodel, and more Oklahoma City building permits from The Oklahoman for Feb. 20, 2021 - Oklahoman.com - February 20th, 2021 [February 20th, 2021]
- United States Commercial Windows Market Report 2020-2027: Renovation and Remodeling Activities of Existing Structures are Expected to Drive the Market... - February 20th, 2021 [February 20th, 2021]
- Outlet Recreation is opening a second store in Detroit Lakes - Detroit Lakes Tribune - February 20th, 2021 [February 20th, 2021]
- Blast from the Past / 1967: The finishing touches on a remodel - Lewiston Morning Tribune - February 20th, 2021 [February 20th, 2021]
- U.S. Home Remodeling Market to 2026 - Developments Strategies and Regional insights - Technology Magazine - February 20th, 2021 [February 20th, 2021]
- Titus ONeil helps remodel East Tampa grandmothers home, surprises her with new car - WFLA - February 20th, 2021 [February 20th, 2021]
- Home Improvement Spending is Projected to Grow in 2021 - The MReport - February 20th, 2021 [February 20th, 2021]
- So, the pandemic has you looking to improve your home. How do you pay for it? - Oklahoman.com - February 20th, 2021 [February 20th, 2021]
- Man Arrested After Claiming to be a Contractor and Allegedly Botching Remodel - Coral Springs Talk - Coral Springs Talk - January 20th, 2021 [January 20th, 2021]
- Budget team votes in favor of $800000 quad remodel - La Voz Weekly - January 20th, 2021 [January 20th, 2021]
- Home Remodeling Market Size to Observe Strong Growth with Key Drivers and Top Trends by 2026 - Jumbo News - January 20th, 2021 [January 20th, 2021]
- PHOTO REPORT: Universal Orlando Resort 1/13/21 (Remodeling of Ben &Jerry's Ice Cream Shop, More Walls in Jurassic Park, Low Wait Times, and More) -... - January 15th, 2021 [January 15th, 2021]
- House Flippers And Real Estate Agents Are Going Viral On TikTok - BuzzFeed News - January 15th, 2021 [January 15th, 2021]
- Reno of the Month: 5 Tips for Finding a Home Remodeler in Reston - Reston Now - January 15th, 2021 [January 15th, 2021]
- Working from Home is the New Norm: Time for a Home Office - Signals AZ - January 15th, 2021 [January 15th, 2021]
- A&K Remodeling & Turnkey Offers Aging in Place Bathroom Renovation in Houston, Texas - Press Release - Digital Journal - January 15th, 2021 [January 15th, 2021]
- A&K Remodeling & Turnkey Is the Place for Kitchen Renovation in Houston, Texas - Press Release - Digital Journal - January 15th, 2021 [January 15th, 2021]
- Ethics Commission: Hubbardston officer used deception to drive work to remodeling business - Worcester Telegram - January 15th, 2021 [January 15th, 2021]
- Scottsbluff moving to remodel all elementary schools, Roosevelt first on the list - Scottsbluff Star Herald - January 15th, 2021 [January 15th, 2021]
- Madrid gives up the machinery it uses in the remodeling of the Bernabu to remove snow - Sportsfinding - January 15th, 2021 [January 15th, 2021]
- AMLO's government grants $89 million pesos to remodel the stadium for the baseball team headed by his brother. - The Yucatan Times - January 15th, 2021 [January 15th, 2021]
- Tokyo area theme parks remodel themselves while waiting out pandemic - Japan Today - January 15th, 2021 [January 15th, 2021]
- Dispatch Top 10 - No. 10: Construction continues in city and Brainerd schools - Brainerd Dispatch - January 3rd, 2021 [January 3rd, 2021]
- Remodeling of old BMV continues - Record Herald - January 3rd, 2021 [January 3rd, 2021]
- Bathroom Remodeling Ideas To Spruce Up That Old Layout - California Herald - January 3rd, 2021 [January 3rd, 2021]
- 2020 Top 3 Stories-#2 Construction of the new school - Pipestone County Star - January 3rd, 2021 [January 3rd, 2021]
- Some MN businesses are booming amid the pandemic - TwinCities.com-Pioneer Press - January 3rd, 2021 [January 3rd, 2021]
- Paso Robles Contractor Reports 'Tips for Choosing the Best Windows' - Benzinga - January 3rd, 2021 [January 3rd, 2021]
- What Homeowners Need to Know About Making Their Bathroom Smarter - RealtyBizNews: Real Estate News - RealtyBizNews - January 3rd, 2021 [January 3rd, 2021]
- Coastal Commission Order to Homeowners to Remove Seawall and Pay $1 Million Fine Upheld - JD Supra - January 3rd, 2021 [January 3rd, 2021]
- Homeowner's Headquarters A Discussion with Encore Construction on Remodeling Trends - CapeCod.com News - October 23rd, 2020 [October 23rd, 2020]
- NAHB: Remodeling Industry Confidence Surges in Third Quarter - RisMedia.com - October 23rd, 2020 [October 23rd, 2020]
- Right Ventricle Remodeling Predictive of Covid-19 Death - Physician's Weekly - October 23rd, 2020 [October 23rd, 2020]
- Remodeling Industry Confidence Surges in Third Quarter DWM Magazine - DWM Magazine - October 23rd, 2020 [October 23rd, 2020]
- Local Event: Home Remodeling: 101 (VIP in-person or live streaming options) - Patch.com - October 23rd, 2020 [October 23rd, 2020]
- Thickening of arterial walls in the lungs of badly asthmatic horses seen in study - Horsetalk - October 23rd, 2020 [October 23rd, 2020]
- Contractor of the Year Awards: Diverse General Contractor of the Year, KOR Building Group - Las Vegas Sun - October 23rd, 2020 [October 23rd, 2020]
- 100 years ago: $3 million in construction, remodeling set - Bloomington Pantagraph - September 22nd, 2020 [September 22nd, 2020]
- Immune signature driven by ADT-induced immune microenvironment remodeling in prostate cancer is correlated with recurrence-free survival and immune... - September 22nd, 2020 [September 22nd, 2020]
- Remodeling Market Trends, Companies, Driver, Segmentation, Forecast to 2024 - The Research Process - September 22nd, 2020 [September 22nd, 2020]
- Bioabsorbable Stent Market Size Share Analysis and System Production (2020-2026) | Abbott, BIOTRONIK SE & Co. KG, REVA Medical, Inc, Elixir... - September 22nd, 2020 [September 22nd, 2020]
- In Excelsior, neighbors now can have a say on whether you can expand your house - Bring Me The News - September 22nd, 2020 [September 22nd, 2020]
- Richland Taco Bell gets makeover, more square feet - tricitiesbusinessnews.com - September 22nd, 2020 [September 22nd, 2020]
- Guard and protect your job site - Daily Commercial - September 22nd, 2020 [September 22nd, 2020]
- How to deal with a big hospital bill when jobless, uninsured - Los Angeles Times - September 22nd, 2020 [September 22nd, 2020]
- For the record - Sept. 19, 2020 | Community | thedailycitizen.com - Searcy Daily Citizen - September 22nd, 2020 [September 22nd, 2020]
- Small army needed to move L&C Library collection - KTVH - September 22nd, 2020 [September 22nd, 2020]
- Crosslake: Council votes 3-2 to proceed with fire hall remodeling project - Brainerd Dispatch - September 9th, 2020 [September 9th, 2020]
- Harvard and Cornell Grad Duo Shake Up The Kitchen Remodeling Industry - PR Web - September 9th, 2020 [September 9th, 2020]