They call it the lock-in effect. Homeowners with low interest rate mortgages are unwilling to buy new homes because of today's high interest rates. This means that many homeowners are unable to buy new homes, even if their house is too small or insufficient to meet their needs.
Staying in a home that lacks space or modern features can be frustrating, but home renovation projects can help. Renovating can help you meet the needs of your growing family, release pressure caused by lack of space, and can help turn your current home into the house you've always wanted.
In this article, we'll go over some ways that you can turn your current home into a place you'll love for years to come. Hiring the right contractor is important.
Add A Room
Adding a room to your home can give you that home office, nursery or utility room that you've been needing. It takes about 9 months to find a contractor, create a design and finish construction, if you take a focused and organized approach.
Plan to spend about $250 per square foot on a new room. Give thought to the location and purpose of the room before meeting with your contractor.
Install An Extra Bathroom
Living with only one bathroom can be inconvenient and frustrating when you share a house with other people. Installing an additional bathroom can relieve pressure and stop disagreements.
Cut costs on this home improvement by installing a half bath (toilet and sink) or 3/4 bath (shower, toilet and sink), instead of a full bathroom. Sometimes small bathrooms can be installed in the existing space inside your home, rather than adding to the foundation. This can save money and may reduce the time required to finish your project. If you're on a tight budget, talk to your contractor about installing a bathroom in your home's existing footprint.
Finish the Basement
Finishing the basement is a fantastic way to add to your home's value and square footage. Many homeowners use their basements to install extra family space (like a den). This creates a space where the kids can hang out while keeping mess out of your upstairs living room. Installing a bedroom in the basement requires egress, which can increase costs.
Like the home addition, plan to spend around $250 per square foot on this type of remodel. Your contractor will give you a more accurate quote when you discuss the specifics of the job.
Some basements need waterproofing and repair from water damage before the work can begin. Waterproofing adds cost to your home remodel, but your contractor will be able to tell you how much work needs to be done and how much it will cost.
Finish the Attic
Your attic could make a perfect space for a home bedroom, nursery, play room or home office, provided that there's enough headroom. Like finishing the basement, finishing the attic adds to your home's square footage and also adds to the value.
To finish the attic, your contractor will need to insulate, install a heating and cooling system and drywall. Finishing an attic can take about two months - less time than building an addition - but good contractors are often booked up for months. If you're in need of space fast, get started soon.
Install Bonus Space Over the Garage
If building an addition to your home is too expensive, building a bonus space over your garage may be more within your budget. This home improvement can add a bedroom, guest room or home office to your property, but because bonus spaces don't add to your home's footprint, they usually cost less than additions made to the primary residence. If you're in need of a space for an adult child or a hobby room, this type of renovation may be the perfect solution.
Tips to Get Started
No matter what kind of home improvement you're about to take on, the following tips can help.
- Make a budget. Know how much you can afford to spend. If you're planning to pay cash, making a budget may be a relatively straight forward process. If you're getting a loan, know the payment terms and how those terms will fit into your monthly budget.
- Work within your budget. Communicate your budget with your contractor. Work with a contractor that provides a detailed contract that lists the final cost. Avoid making changes to your job midway through your project. Making changes while the project is taking place can add to the cost (more than if the job had been planned this way from the beginning). Make a list of must-haves, and ensure that your design addresses these must-haves. Add nice-to-haves only when you can afford them.
- Vet several licensed contractors. Contractors in Connecticut must be licensed with the state. Vet several licensed contractors. Choose a contractor with good references, good communication skills, good organization skills and a reputation for performing excellent work.
- Know your goals before you get started. Know what you hope to accomplish, and be prepared to communicate these needs with your contractor.
- Work with a design-build contractor. Complex home renovation projects like home additions require some design services. Design-build contractors are businesses with design staff to create simple home designs. Many consumers can save money and time by hiring a design-build contractor for this type of home remodel.
Get Started With Your Home Renovation Projects
Good contractors are in high demand and often schedule their jobs months out. Home remodels can take time. Be ready for your project to take several months, depending on the work that needs to be done.
Need more information about starting a home remodel project? Litchfield Builders provides a free downloadable guide to hiring a home remodeling contractor. You can also call us with your questions, or schedule an in-home consultation.
