An in-depth survey by Houzz, the online portal for home design and remodeling, shows that homeowners in the United States are ready to remodel. According to the survey, more than a 100,000 respondents revealed that kitchens and bathrooms top the list in planned renovations.
The majority of those remodeling their homes do so to increase space and to improve the look/feel of their homes. However, many are planning to increase the value of their home with the changes.
Here’s a few important things to consider when remodeling your home:
Investment Considerations
If you plan to stay in your home short-term (five years or less), an expensive remodel may not be the best way to go. However, there are low-cost, easy ways to freshen the look of your house. Paint, refinishing floors, adding new or improving lighting, and updated fixtures will go a long way in updating your home.
However, if you plan to stay in your home for the long run, the best areas to spend your money on are bathrooms and kitchens, the two most highly used areas of a home. As the saying goes, kitchens and bathrooms sell a house.
Increase Your Insurance
Don’t forget to let your home insurance agent know about any additions or renovations so they’ll be covered in case of any losses. Do this before, during and after renovations. Simple, yet very important. Most insurance agencies require that you insure 80 percent of the replacement cost of your home, and most remodels increase the value of a home by at least 25 percent. While your insurance may cover the cost of building materials during renovations, you may want to consider increasing coverage limits during the remodeling process. If a fire destroyed both your home and building materials during renovations, you might not be covered for the full extent of the damages. You should also make sure that any contractors you hire have adequate insurance, including workman’s compensation and liability insurance. If you’re overseeing the work yourself and hire subcontractors, you should purchase workman’s compensation to cover your liability in case of any possible injuries.
Use an Expert
Remember, you get what you pay for: Whether you’re doing simple renovations, such as painting your home, or going for an extensive remodel with room additions, use an expert. This cannot be stressed enough, especially if you own a home in Malibu. There are complex zoning regulations and other rules that are too difficult to navigate on your own, and you don’t want to pay thousands on renovations only to find out later your home doesn’t meet code.
