When Should You Wait To Remodel?
If you are planning to do a whole house remodel anytime soon, there are a few important points to mention. Hopefully, you have a house-remodeling contractor on board, you’ve thought things through thoroughly, and you have a budget put in place. These are just the starting points.
Remodeling a house may sound like loads of fun and excitement in the beginning. But you need to be aware that it gets more challenging as the projects go along and if the whole improvement wasn't very well planned and the timing wasn't right, the result might be a disaster.
When is a good time to remodel? The timing will depend on you. But, there is more to deciding on the timing than picking a season or week. You’ll need to ask yourself a few questions in order to come up with the best time.
What’s Going on in the Behind the Scenes?
Timing is everything. Are you having a high school graduation any time soon? Are you starting a major project like starting a new business or going back to school? Are you overly stressed about something? Are you expecting a big event like having a new baby, getting a new daughter-in-law or son-in-law? If you answered yes to any of these, you may want to put the remodel off. The noise and chaos will only make things more difficult. A remodel is a big deal - and should be the only big deal happening in your life when you start it.
What Does the Budget Allow?
Does your budget allow for an entire home remodeling project? If you already struggle with finances, it would be best to wait. Set goals for saving and for financing your home remodeling project.
When you achieve your goal, then you can sit down with your finances and see how much more money or time you need. Do you need to take out an additional home loan or do you have enough in savings with money left over? Keep an eye on the future trends of your company. You don’t want to put yourself in harm’s way.
If you are not struggling too much, breaking down an entire home remodel into a phased construction project may work for you. Run your numbers for both methods to see if this will work for you and your budget.
Look at Current Events
Is it an election year? How is the economy doing? Look at current events to see what’s going on. You want to be aware of any trends in both politics and economics as they will affect your decision to take out loans, refinance, or take on a home remodeling project.
The more knowledgeable you are, the better able you’ll be to make a good decision. While, of course, no one can predict the future, it doesn’t hurt to stay on top of current events. These tips should help you make a more informed decision as to whether you should wait to remodel.