6 minute read
START SMART
>STARTSMART
WHICH REMODELS BUST THE BUDGET?
Advertisement
HOME-IMPROVEMENT FINANCE SPECIALISTS REVEAL WHICH ROOMS ARE MOST LIKELY TO GO OVER BUDGET DURING A RENOVATION … AND WHY.
The kitchen is the room that's most likely to go over budget, closely followed by the master
bathroom. According to a new report from home finance specialists, RenoFi, kitchen remodels can be quite complex because you’re dealing with so many different elements: countertops, cabinets, appliances, plumbing, flooring, and more. In a bedroom, for example, there is no tiling involved, no major appliances being installed, and no countertops or cabinets, which add to the price of a kitchen not only in materials but in installation costs. Oftentimes, kitchen renovations will lead to a redesign of the first-floor layout, and first floor layout changes will be costly.
When it comes to master bathrooms, the many functional features combined with expensive installation costs play a part in pushing up budgets. Showers often strain the budget because of the many optional upgrades and features homeowners want. Faucets, plumbing fixtures and shower components can be more expensive than people may expect. The price of water-resistant materials, such as tile, also varies widely, ranging from $5 to $25 per sq. ft. In many cases, homeowners will pick cheaper materials for the bathrooms to try to cut costs, not realizing that the cost of installation will still be quite expensive no matter what material you use. It’s also important to note that even “small” changes to a shower, like increasing space by six inches on each side, require complete relocation of the plumbing to get the space up to code and move supplies over.
4 TIPS TO CUST COSTS
1. Splurge in the design phase, not the
construction phase. Get all the specifics of your project finalized before you begin construction. Stick to a plan and avoid succumbing to the “while you’re there” syndrome, which is the temptation to add unplanned amenities once the project is underway.
2. Factor into your budget the expectation of previous contractor errors or building
deficiencies. In many old houses, poor workmanship and mistakes from other contractors can cause homeowners to go over budget during a renovation, because the new contractors need to redo or fix things. Allow for an extra 3-5 percent of the overall budget to cover unexpected costs.
3. Don’t necessarily go for the contractor
with the lowest price estimate. Homeowners are often fooled by a lower hourly rate, but if you want good work done, it will be more expensive because you’re paying for the tradesperson’s expertise.
4. Explore your payment options. If cash is not an option, then research the available home-improvement loans, which include the choice of a RenoFi Loan, a Construction Loan, a Fannie Mae HomeStyle or FHA 203k Loan, a HELOC, a Cash-out Refinance, or an Unsecured Personal Loan. Home renovation loans let you borrow against the after-renovation value of your property, but you should research the options to determine the best fit for your financial situation. Learn more about the details and advantages of financing options at www.renofi.com.
WHAT’S ON TREND FOR 2021?
HOW HAVE HOME TRENDS EVOLVED IN THE WAKE OF THE PANDEMIC? HOMES.COM HAS PUBLISHED A FORECAST OF TRENDS FOR 2021 THAT REFLECT AN EVOLVING LIFESTYLE.
“Grandmillenial” and “Cottagecore” home
styles will take focus. According to the report, Cottagecore is “taking the feel of living the life in a cottage out in the country, but bringing that vibe to our homes no matter where we live. Cottagecore is also centered around a cozy feeling focusing on the simpler pleasures of living.” Characteristics include softer colors, functional décor, with lots of accents and textiles.
The Grandmillenial style incorporates all the “comforts of grandma’s home,” including vintage touches, patterns, nostalgia, but adding a touch of modern vibes of bold colors, coordinating patterns, “or even the soft touch of a velvet couch.”
The open-floor design so popular prior to the pandemic is now being reconsidered for 2021. According to the report. “Now that more members of a family are working or learning from home, having enough spaces for everyone to have quiet, and less distractions is key, especially during video conferences. … Dining rooms during the day function as work spaces, while at night they transform back to a place to enjoy dinner together. Even home offices are getting a major facelift due to the shift in need. … Basements are gaining popularity, especially building them out to be something other than storage.” Read the full report at www.homes.com.
ASK MATT
QUESTION: How does cured-in-place-piping work for sewer drains?
ANSWER: Cured-in-place-pipe lining (aka CIPP or structural pipe lining) is a type of trenchless sewer repair for when your main house sewer line is damaged. The “trenchless” term refers to doing underground construction work using a minimally invasive technique without the extensive digging normally associated with sewer repair. CIPP or structural pipe lining involves creating a new pipe within the old one by inserting an epoxy-soaked liner into the damaged pipe and leaving it to cure for a few hours to make the pipe as good as new. The main benefit is that the repair can be performed without having to re-route traffic or dig a trench through your house. It’s faster than conventional methods and can usually be performed in hours rather than days.
QUESTION: How do I control the spillover at the roof line where rainwater flows down a roof valley with such velocity that it ramps over the gutter?
ANSWER: A Gutter Splash Guard is an aluminum accessory that screws onto to the upper edge of a gutter to keep water from shooting over the gutter in a heavy rain. Typically measuring about 3 inches tall and 16 inches wide, they’re designed to deflect water back into the gutter. These attachments are sold in straight or 90-degree corner configurations. Check your local hardware store for availability or search online for “gutter splash guard.”
Need more info? Visit Matt’s blog at HomeImprovementAndRepairs.com.
NEWSWIRE
WORLD OF CONCRETE 2021 ANNOUNCES NEW SHOW DATE
World of Concrete has made the proactive decision to reschedule WOC 2021 from January to June. WOC will now take place June 8-10, educational offerings June 7-10, at the Las Vegas Convention Center. World of Concrete is the construction industry’s largest
annual international event for concrete and masonry professionals. Equipment manufacturers from around the world and exclusive U.S. distributors of equipment, tools, products and services for the construction, concrete and masonry industries. The event attracts approximately 1,500 exhibiting companies and occupies more than 700,000 square feet of indoor and outdoor exhibit space. Learn more at www.worldofconcrete.com.
Trex Company has been named to Forbes’ 2021 List of America’s Best Mid-Size Companies. The composite decking and outdoor living leader ranked #12 overall on this year’s list of 100 companies.
Trex is the world’s largest manufacturer of wood-alternative decking and railing and a leader in outdoor living with an extensive product selection that includes everything from decking, railing, lighting and deck drainage to fire and water features, pergolas, lattice, outdoor kitchen components and outdoor furniture.
For more information about Forbes’ 2021 List of America’s Best Mid-Size Companies, visit www.forbes.com/lists/best-mid-cap-companies.
To learn more about Trex, visit Trex.com.
