Are you thinking of renovating? Many Americans are. $420 billion was sunk into home improvement and renovation last year, according to CBS, and that number is only set to rise with historic low interest rates and high levels of home equity. Americans are spending more time at home, they’re saving more dollars, and that’s all contributing to a need for their homes to be accommodating and ready-made for the home-working life. However, it’s not all plain-sailing. Home renovations continue to accrue higher and higher costs, and there’s a serious risk that homeowners will end up biting off more than they can chew. As with all home changes, the key is in planning.
Hidden costs
There are shortages with materials across the USA, and this can create serious price fluctuations depending on where you’re based. For instance, a sewer line repair Indianapolis will attract a better rate due to the general provision of materials in the state; on the flip-side, USA Today has noted a just-in-time industry being created in PA, where materials aren’t even touching the warehouse floor before they go out. In a nutshell, there are huge resource shortages across the country that can create gaps in your schedule. Be prepared for them, be aware, and don’t commit funds or timing until you’re sure you’ll be able to see it through.
Recurring problems
American homes are full of hidden problems. According to Forbes, the ‘slow’ aging of homes has obfuscated this for years – however, the problems are now unavoidable. Foundation issues, leaking roofs, inadequate drainage and infestations are common in many American homes, especially ones built in the mid part of the 20th century, and can put a serious and long-term dent in renovation ambitions. Before embarking on your renovation journey it’s crucial that you get a handle on issues. Refer back to any surveys made during your purchase of the property and, if necessary, look to have a new, in-depth survey taken out. Banks and conveyance companies don’t always take the full level of detail required.
Underestimating size
American homes are huge. According to Atlantic, they’re the biggest in the world – the median American family home comes in at 1,600-1,650 square feet. That’s up to 600 square feet on the closest competition. With that huge space comes a challenge – getting the work done. For many homeowners, renovations are incredibly ambitious projects that don’t gel with reality. Have close contact with your project manager, and make sure you stick to the plan. Costs will spiral out of control on even the tiniest adjustment – when you have your plan in place, it has to be sacred. Otherwise you risk a huge, expensive mistake.
This all comes to one point – don’t take on renovation lightly. American homes are a challenging feat for builders and renovators, and there’s a reason they cost so much to properly work. It’s a good idea to make the home perfect for you, but just be prepared.
