Remodeling can be both expensive and time consuming, so it isn’t something that you should rush into. In fact, even if you’re sure that you want to go through with a remodel, asking yourself whether this is the right time is important. You should also think about your budget and consider what you hope to accomplish.
Your Goal
What is your goal for the remodel? Is it to raise the property value of your home for when you sell it in a few years? Is it to make it a more comfortable retirement home? Do you need more space, or have you purchased a fixer upper on purpose? Your goals will affect how you go about doing the renovation and what you choose to have done.
If you’ve purchased a fixer upper, your approach to remodeling will be different than if you are adding some luxury touches to the home. In the former case, you might start by gutting the place entirely while in the latter case, you might just make a few changes, such as installing a home elevator or a hot tub. While these may sound extravagant, you may be surprised to learn they are not as costly or difficult to add to most homes as you might think. There are compact home elevators that can be built into most properties, and they can increase value as well as make it easier to age in place.
The Right Time
Function and décor are two reasons your house does not feel warm and inviting but tackling large projects to remedy that, at an inconvenient time will only make your problem worse. If you’ve got a new baby, a new puppy, or your life is otherwise undergoing significant upheaval at home, it’s probably not the best time to have people working in your space for weeks or months. Consider everyone’s schedule as well. If you have kids, it might be better to have work done during the school year when they are out of the house for most of the day than in the summer when they might not be.
The Right Budget
Making a budget for your renovation or project is one aspect of timing because you’ll want to remodel when you are financially stable, but budgeting deserves its own section. First, make sure that you build in a big cushion because renovation projects are notorious for going over budget. This is not because of any fault on the part of initial budget estimates or the contractors. It’s simply that complex projects rarely happen without a single hitch. At worst, you’ll set the money aside and then get to use it for something else if you do in fact stay under budget.
You will also need to think about where the money is going to come from, whether that is savings, a loan or selling an asset that you no longer need. Finally, think carefully about the balance between what you want to do and what you can afford to do. There are many areas where you can compromise on what you spend, but if you have your heart set on a particular luxury upgrade or you don’t want to skimp on quality, you may want to wait until you can afford exactly what you are after.