September 16, 2018 •Reid Geiler
Home renovation is extremely popular these days. The TV show Fixer Upper has made Chip and Joanna Gaines famous. However, we also know that it can be stressful and does not always turn out so well, as demonstrated by Christina and Tarek El Moussa's divorce in the TV series Flip or Flop.
The reality is that home renovations often involve unforeseen expenses. Before you get started, here are tips to help you stay within your budget.
If you plan on selling your house later, here are some guidelines from Money Magazine on budgeting.
Kitchen: 10% to 15% of house’s value
Master Bathroom Suite: 10% of the house’s value
Powder Room/Bathroom: 5% of the house’s value
Finished Attic or Basement: 10% to 15% of house’s value
Other Rooms: 1% to 3% of house’s value
Patio, Deck, Paths, and Plantings: 2% to 5% of the house’s value
If you want some DIY upgrades, check out this article from This Old House.
7 Small-Budget, Big-Impact Upgrades From Readers Like You
How do you know if you should hire a professional?
Tearing Down Walls- This seems simple enough, but if you do not know how to determine if a wall is load-bearing, you could easily cause more damage and break your renovation budget. Don't forget to check with your local government to determine the necessary permits before you begin work or hire a contractor.
Plumbing and Electrical- This is best left to the professionals. Why? A licensed electrician and plumber will know local codes and the inspection process. Nothing could be worse than going to sell your house and then finding out your DIY project does not meet the code, and you cannot sell your home until it is brought up to code.
Permits—This is often overlooked, as many have the misconception that if it is a DIY home renovation, you do not need permits. You really need to do your research before you budget. The average cost of permits is around $900.
HVAC—If you are doing a major addition or finishing a basement or attic, you need to know if your current system can handle the additional load. If your current system is more than 10 years old, it is probably time to consider a more energy-efficient system.
Geothermal systems can dramatically reduce your energy consumption.A geothermal or “ground-source” heat pump is an electrically-powered device that uses the natural heat storage ability of the earth and/or the earth’s groundwater to heat and cool your home or business at very high efficiencies.
Nobody likes a cold basement floor. Water-to-water heat pumps are excellent choices for radiant heat.
Remember to check out Split Systems. These systems solve the problem of one room being hotter or colder than the rest of the house. They require NO DUCTS, which means NO NOISE.
Tell us about your Home renovation experience in the comment section below. Share with others what went well and what you wish you would have done differently.
If you need help with your home renovation project, call us at 513-574-0025.