Five Expensive Home Renovations for a Contractor
Consider hiring a contractor for your more involved home repairs and renovations
Doing home repairs and renovations yourself seems like a great way to save money, but if you don't know what you're doing, it can get stressful and expensive quickly. You never know what snags you'll hit along the way, from discovering pests or mold, to wondering if that wall between the kitchen and dining room is load-bearing. Plus, if you haven't done a large home repair before it can be tricky to pinpoint how long it will take and how much it will cost. Whether requiring technical skills, special tools or more time and involvement than you can afford, these expensive home renovations are better left to the professionals.
Building an addition
With an addition, you’re significantly adding to the size of your home and that can be pricy. Unless you understand construction, this is definitely one of those expensive home renovations you want to leave to the pros. Whether it’s a one-story sunroom or two-story bedroom and work space, you want the new addition to match the design of the house, line up correctly and have working utilities. Choose one contractor to manage your renovations and ensure unity throughout your project.
Upgrading to a master suite
Whether it’s a part of the new addition or you’re combining existing rooms, a lot of planning and energy goes into the creation of a master suite. This is a personal retreat for you and possibly a spouse or partner, and you want to make sure it's the perfect combination of relaxation and practicality. Since the construction of a master suite typically includes new plumbing and wiring, fixtures, closet space and flooring, find a contractor who understands your vision and has a team equipped to handle all the elements.
Completing a major kitchen remodel
A full kitchen overhaul, with quality materials and appliances, can be costly. And with plumbing, gas and electrical elements, you may want to hire a contractor to handle your renovations. Kitchens have to be measured and laid out very carefully, which means a lot of prep work. When you’re doing more than just re-tiling the floor, it’s best to bring in a contractor that will work with you to create the perfect room for your culinary creations. Plus, they’ll probably get it done in half the time it would have taken you!
Roofing and siding
Repainting a house yourself is one thing, but a DIY roofing or siding job can be a bit more dangerous. Costs vary depending on materials, but these home repairs are both technically challenging and expensive. Take the time to plan out what type of roof and siding you want. You can even choose eco-friendly products! Then, find a contractor who specializes in that material.
Installing an HVAC system
Let's face it, most of us don't know how to install a furnace, and a full system renovation is expensive. So, if you're thinking of a heating and cooling overhaul, it might be best to hire a contractor for that renovation. Contractors not only know how to install your new appliances, but also how to quickly identify and fix problems with your existing system. While it might be a more expensive home renovation with a contractor, you'll have the confidence that comes with a professional handling the job.
Tips for hiring a contractor for your renovations
Before you hire a contractor, be sure to do your research on the project and shop around. Get a good sense of what you want to do to the space, what materials you need, what building code restrictions you could encounter, and how expensive a home renovation you can actually afford. Planning out your project can also give you an idea of whether or not you can realistically do it yourself. Then, get quotes from several different contractors to decide which one has the best price and best captures your vision for the space. Ask for recommendations and find out if they finish their jobs on time, if their crew is efficient and respectful and if their work is of good quality. Finally, get everything in writing. You don't want to end up with a non-insulated garage door when you thought you ordered an insulated one! Even if you shook on it, it's not a bad idea to have something written and signed.
Use a home improvement loan to cover the cost of expensive home renovations
Whether you're building an addition to support a growing family or renovating to grow the resale value of your home, a home improvement loan from Citizens Bank can help cover the costs. Our home equity loans and lines of credit are great financing options for home repairs and renovations. You can borrow a lump sum, which is helpful when paying contractor fees and ordering materials upfront, or use a home equity line of credit to pay for expenses along the way as needed. Speak to a home loan originator from Citizens Bank to learn more about financing your expensive home renovations using the equity in your home.