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5 Ways to Know When it is Time to Remodel

Nick Ludwig,

March 30, 2016

Managing Your Money

Articles

If you own your home, chances are pretty good that you’ve considered remodeling it at some point. But when is the right time? Sometimes it takes an event, like a high school graduation, to get the project started. For others, it’s the anticipation of creating a unique space they can really use. If you’re on the fence, here are 5 signs that it may be time to make your home remodel a reality.

1. Your home is in need of repair

Sometimes remodeling is a necessity rather than want. If your house and its systems are constantly breaking down, or the roll of thunder sends flashbacks of your basement filled buckets and industrial strength fans, it’s probably time to do something about it. Depending on the issue, you could end up spending more money over time trying to bandaid the problem rather than fixing it in the first place. And as long as you are remodeling, why not consider your ideal living environment? If you’d be more apt to use the space if you open up a wall, you might as well take care of those items while you’re already at it. Flexible financing options would work best for these projects, as the costs may not be as easy to estimate up front.

2. Remodel or relocate?

Maybe you have the perfect neighbors or love your children’s school. Either way, you’ve decided that you want to stay, but your home just isn’t quite what you want it to be. Unless you build your home (and even then…), many home owners have the itch to customize their house to fit their unique style, personalities and interests. Amateur chefs may need an expanded kitchen with a butler’s pantry, while the ultimate man cave may include a larger-than-life TV with theatre seating and all the amenities. If your current home is standing in the way of your passion, it may be time to crunch some numbers and see if you can turn your current address into the home of your dreams.

2. Your house just doesn’t fit

If you feel like you are in an ultra-trendy tiny home, except not by choice, it may be time to remodel. Expanding families or taking in aging parents can suddenly make your house feel too small. If decluttering isn’t enough to free up space, you may need to consider converting a basement to add more bedrooms, or even adding on. Remodeling can be a viable solution to such circumstances.

The opposite can also be true. Many empty nesters realize that they have a lot of wasted space after their grown children move out. This may be a sign it is time to remodel and repurpose some of the existing space to better meet your new needs. Those empty bedrooms could become part of a larger gathering space for when the children come home or perhaps knocking down a wall or two could create the master suite you have always wanted but never had room for.

4. Your house needs a makeover

If crossing through your front door feels like a time machine, it’s definitely time to update. It’s not just about what your curtains look like; older homes were designed for a completely different lifestyle. If you like to entertain, your house should have a more open, casual living space. A bigger walk-in closet might win out over a small unnecessary bedroom. Plus, letting your house become too outdated will likely impact your property value when you are ready to sell – and in a negative way.

5. You are ready

Remodeling can be a big deal. If you are really busy, haven’t created a plan, or just are not ready financially, it’s smart to get those items in place before you go knocking down drywall. And if you need help getting started, consider talking with a banker about your various options to borrow. As long as your credit score and level of current debt are in check, it’s likely that there is a financing option out there that will fit in your budget.

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This blog article is for informational purposes only, and is not an advertisement for a product or service. The accuracy and completeness is not guaranteed and does not constitute legal or tax advice. Please consult with your own tax, legal, and financial advisors.