Instead of moving to a new house, why not renovate the one you're already in? Thanks to the expertise of a local home remodeling company, you have professionals who can provide the home upgrades you've always envisioned. When you hire such a service, you may wonder how much you'll have to spend. Here is some insight on how much to spend with a home remodeling company.

Needs

According to Architectural Digest, the median spending among American homeowners on home renovations increased by 20% from $15,000 in 2020 to $18,000 in 2022. This rise reflects the growing interest in home improvements and the importance of investing in functional and aesthetic upgrades. How much you spend on a renovation will largely depend on the most popular or functional areas of your home. Most homeowners allocate a significant portion of their renovation budget to kitchen and bathroom upgrades, as these spaces are often the most used and can greatly impact daily life. Additionally, investing in these rooms often provides a better return on investment (ROI). However, it's important to consider other personal needs and preferences. For example, if you have an expanding family, you might want to invest in additional bedrooms or a playroom. If you enjoy recreational activities at home, it could be worthwhile to consider adding a swimming pool, a home gym, or an outdoor entertainment area.

ROI

As you invest in the services of a home remodeling contractor, it's essential to consider which updates offer the best return on investment (ROI). Kitchens and bathrooms are consistently the top renovations in American homes, as these areas deliver the highest ROI. Other projects with strong ROI potential include basement remodeling, which can add valuable living space, and outdoor enhancements, such as patios and decks, improving your home's curb appeal and functionality. By focusing on these high-impact areas, you can ensure that your investment enhances both your home's value and your quality of life.

Budget

Before spending on your renovation project, it's crucial to be realistic about your budget. Even if you don't have a strong cash flow, you may have options to finance your project. For instance, you might consider pulling from your existing home equity or refinancing your home to fund necessary updates. Regardless of your financial situation, it's wise to set aside additional funds for contingency issues and unexpected changes that may arise during the project. Having a well-planned budget will help ensure that your renovation stays on track and meets your expectations.

Our home remodeling company has served the community since 1983. We pride ourselves on our commitment to quality remodeling and full-service building. To get started on the renovation you've envisioned, contact us for a consultation today. Our team at B & D Construction Co., Inc is here to help you every step of the way, from initial planning to project completion.