This post was last updated on October 17th, 2022 at 10:39 am
Renovating your home is a big project that too often goes unfinished or improperly done. While it is something that can massively change the way that you view your home, the amount of time and effort dedicated to renovating your home is something that makes this project extremely daunting for people without a lot of time, money, or resources.
Here are the top factors you should take into consideration to figure out if now is the right time to renovate your home.
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Size
Whenever you’re preparing a renovation plan, the size of your home can factor into a lot of important decisions that you’ll be making — especially when your current life circumstances are changing. Did your kids just move out to college? Expecting triplets and need to add another room or two to your small house? Now may be the time to renovate — but the bigger the house, the bigger the cost!
Or maybe you’ve been watching a lot of home renovation shows and want to incorporate modern home design trends to replace your dated interior. For example, maybe the newest kitchen trends of white and gray cabinetry is really appealing to you, and you want to replace your current dark cabinetry that is oh so 2000s. But even if you’re doing minor renovations, like replacing the cabinetry or changing out countertops, renovating certain areas of the home may not be possible if the house is too small or financially unfeasible if the house is much larger. A great example of this is the kitchen. The size of your kitchen can greatly impact the type and size of cabinets that you would need, and the availability of these will vary.
That said, if your interior is pretty dated, and if new cabinetry, shelves, or whatever you’re looking to replace is available, it may be time to renovate!
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Financing
Another important aspect of renovating your home is recognizing what is financially feasible for you in the present. Whenever you begin your project, there are two main ways of financing your project: cash and equity. Easily, the cheapest option is to use cash or personal savings so that there is no accrued interest on your equity. This is because leveraging your equity can result in more debt in your name, and paying more over a longer period. If you’re finding that it’s hard to afford a down payment for the renovation now, then it may not be the time to renovate, as tempting as it is!
There is also a cost-benefit analysis to take into consideration. A great example of this is the decision to repair a fence. If you spend an hour every two days chasing after your dog, have property stolen constantly, or find that the broken fence is costing you an arm and a leg in HOA fees, you shouldn’t wait to renovate. If something on your property is costing you a lot now, don’t let it keep costing you in the future. Repairing or renovating would be well worth it to avoid these recurring costs!
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Weather Conditions for Outside Renovations
While it’s hard to wait for the right conditions to begin a project, especially with something as unpredictable as the weather, weather conditions play a big part in the cost of your home renovations. This is because outside maintenance needs to happen in prime weather conditions. An example of this is whether or not you want to replace your front lawn with artificial grass. If done during the recent drought across the west, most notably in California, then it may be worth the cost out-of-pocket due to the amount of maintenance that it would require to keep natural grass alive.
Things such as garden lighting, deck renovation, and patio renovation can be done regardless of weather conditions while actively changing the way that your outside life looks. If the weather conditions in your climate are extreme, outside renovations like insulation, deck extensions, and gravel may well be worth it to make your home more comfortable, as well as make more use of the outdoor space that you have.
Are All of These Factors Needed for Home Renovation?
Whether you’re rebuilding after damage or simply looking for a new start on your home, home renovation is always a great project. While renovations can provide an innovative spin to your kitchen, bathroom, or living room, the amount of dedication that you put in will determine your results. No matter what renovations you’re planning, timing is everything. Make sure that you’re in a stage of life where downsizing (or upsizing!) your home is a good idea, pay upfront provides the most cost-effective solutions regardless of your income level, and wait for weather conditions that will allow you to do exterior renovations without any interruptions!
