When you own your home, you get to set the rules. You can choose if you want a pet, what colors the walls should be, and if you want to host a barbecue in your backyard. Buying a home also gives you the freedom to make improvements on your home through remodeling.
Some changes, such as repainting your bedroom, are relatively easy while projects like adding a new room could take months to complete. Whether they’re large or small, these renovations can not only improve your quality of life, but they can potentially increase the value of your property.
The Cost Of Renovation
If you only repaint a room, the cost of your remodel is easy to figure out. Add up what you spent on supplies, and the only other cost is your time. For larger projects, however, finding the price isn’t as easy. If you’re looking at adding a new room to your home, for example, here are just a few things you might have to pay before the project is complete:
- Having a floor plan made for the new room
- A local building permit
- A building inspection before and after the project is complete
- Land surveys (some towns require these before approving any building permits)
- Supplies to build and furnish the new room
- Contractor(s) trained to complete specialized work
Before embarking on any major projects, taking the time to get an estimate from a contractor will give you a ballpark for how much you’ll need to pay for everything start to finish. This can help you avoid the problem of putting a project on pause because you ran out of money.
Do It Yourself Doesn’t Always Save You Money
To keep costs down, many homeowners attempt to complete their renovation projects on their own. While this can make sense for smaller remodels, such as repainting a room or replacing large appliances, taking the do-it-yourself route might not save you money in the long run.
Working on the project yourself can be a significant time investment. Minor projects might only take an afternoon, but remodeling even a small room could take you weeks, or months, to finish. To you, the remodel is a side project you do after work, but it’s the contractor's job.
When you hire a contractor, you’re also investing in a professional who is much less likely to make potentially expensive mistakes that increase the cost of the final project.
Remodels Can Add Value
You want to invest in remodels because they improve your quality of life. Whether it’s a finished basement or an updated master bedroom, you’re already planning on how you want to take advantage of the new or renovated space.
When you’re ready to move, however, your remodel could make your home more valuable to potential buyers. When you’re deciding how to improve your home, your first thought should always be what you want to see. The better sale price could just be a bonus.
Use Your Settlement Money
If you have a project in mind and you’re looking at ways you can afford it, one of your options is to sell your future structured settlement or annuity payments to Peachtree Financial. We’ll offer you a lump sum of cash that you can use to buy supplies, hire contractors, or update your furniture.
It’s your home and your money, we just give you another option. If you want to learn more about your options, give us a call. We’ll answer your questions and let you know what we can offer for your future payments.
Peachtree Financial does not provide legal, tax or financial advice. Please contact independent professionals for those services.