Renovation Budgets Expected to Hit Record Levels This Year
Home prices have skyrocketed among the COVID-19 pandemic. As of April the national median listing price was up 14.2% compared to last year and up 32.4% compared to April of 2020 (according to Realtor.com). Houses are also going quicker and often driving bidding wars.
Those who have dreamed of moving to a new city or have wanted to get into a new place to accommodate a growing family yet can’t afford it are now faced with challenges. Instead of buying a new home, many people are turning to demolitions and renovations to make their home fit their needs.
According to Bloomberg, homeowners are expected to spend a record $430 billion on home renovations by Q3 of this year, up nearly 20% from the same period last year. Nothing will point out all your pet peeves more than being stuck inside your home among a global pandemic.
If you’ve considered renovating your home this year, you’re probably already aware of some of the benefits. Junk Bros’ property clean-up experts highlight more of the advantages below that you may not be aware of:
1. It Saves You Money
On a larger scale, renovations save you the cost of a more expensive home as well as moving expenses. On a smaller scale, you may not realize how often you’re constantly replacing things that break. And when you are, you’re coming out of pocket more over time. Higher quality materials hold up better and will give you more years of enjoyment.
2. It Puts You in a Better Headspace
Everyone should feel good and comfortable in their own home, but this isn’t always the case. Living with frustrations over spaces that just don’t work for you, dealing with broken cabinets in the kitchen, having a cramped and cluttered space due to a poor layout. These are all stresses some of us face daily. Living in an inviting, practical space will improve your quality of life, making you feel more happy as you walk around and enjoy your beautiful space.
3. It Increases Your Home Value
Home upgrades are huge when it comes to increasing the resale value of your home. Even small upgrades like new faucets and light fixtures all contribute. Sometimes the devil is in the details.
Even if you’re not planning on selling anytime soon, renovating now will save you the trouble when you are ready. A lot of people constantly put off renovations due to financial or scheduling concerns only to have to do them in preparation to sell anyways. Doing the work now as opposed to later will enable you to enjoy the updated space until the time is right to sell. A lot of homebuyers, especially those with busy families or older families, are looking for turnkey properties and may pass on a home that requires a lot of work.
4. It Can Reduce Your Utilities
Similar to our first benefit, upgraded materials can add more back into your pocket in the long run even if the initial expense is a tough pill to swallow. If you’re redoing your kitchen or laundry room, energy-efficient appliances can make a significant difference. You can also replace your windows and insulate your home, which can save you 10-50% on heating and cooling bills alone.
5. It Can Make You an Even Better Neighbor
Homes with extremely outdated and dilapidated exteriors are not only offputting to your neighbors, but also potential buyers visiting your street. Each home can affect resale value for all the other homes. Just as nice as it is to walk into a beautiful home is how nice it is to walk out of one and appreciate the beauty of your entire street.
Should You DIY or Hire a Contractor?
Considering all the benefits of renovations to you and your home, you’re ready to move forward. But before you start slinging a sledgehammer around, decide if this project can, in fact, be done by yourself or if you need to hire a professional. Below are a few things to consider:
- Do you have the skills and/or vision? If you know exactly what you want and are handy enough to bring your vision to light, then it can be a great success. These are very specialized skills, however. Plus, some people struggle with even creating a design for their space. Contractors can be very consultative and help homeowners with this critical step.
- Is it safe? Do you need to change out a light fixture or work with heavy machinery and you’ve never done this before? Do you know how to properly and safely store materials and equipment away from any children or pets in the home? If the answer is no to these, perhaps it would be best to use a licensed professional.
- Do you have the time? Projects can be a huge undertaking. For busy families with small children, DIYing may not be the best option. For those with patience and flexibility in their schedules, doing a project yourself can work great.
- Can you afford to DIY? Even though many turn to DIYing projects because they think it’ll be much cheaper, that’s not always the case. If you have to buy equipment, that can creep into the thousands, whereas a contractor already has all the necessary tools to complete the project. Also, if you’re not actually ready for a DIY project and you have to go back and fix things through extra materials or hiring a professional anyways, that can add up.
These are among the questions you should ask yourself before diving head first into a home reno. Be honest with yourself about your strengths, weakness and everything else that is going on in your life at that time. Whether working with a contractor or doing it yourself is best all depends on each household.
When You’re Ready to Make a Change
If you’ve decided to DIY it, you don’t want to do anything to risk injury to yourself or others during the demolition stage. Nor do you want to have to stress about this daunting task. Our experts in junk removal in Treasure Valley do demolition in addition to junk hauling. We demo interior and exterior spaces, sheds, playgrounds, patios and more. We have the proper equipment and training to get the job done right and in a timely manner. Let Junk Bros take this burden off your plate so you can focus on the other steps in your exciting reno, like picking out tile and countertops. Junk Bros can also help you get rid of old appliances that no longer work or don’t fit your new aesthetic. We are well-versed in what can be donated locally, or if not, what can be taken where to be properly disposed of. Before you even start your project, make sure to reach out and have us scheduled.
Junk Bros also works with contractors who have been hired by homeowners. We coordinate with contractors on demo and junk hauling services. If you’re a contractor looking for a fully licensed, bonded and insured company to help your project go smoothly, contact our junk hauling experts today.