Home Remodeling and Repairs: Everything You Need to Know – Skyline

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,

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Home Remodeling and Repairs: Everything You Need to Know - Skyline