LetsRenovate.com

Should You Renovate or Buy New?

Good question

The dollar investment to remodel your home could be used to purchase a new home.

The decision to renovate or buy is based on a number of factors, including type of renovation, cost, neighborhood analysis, market valuation, your desire factor and other issues.

Home renovation costs should be 30% or less of your home market value

Understand the numbers before you start:
go to our "analyzing the numbers" discussion

What Kind of Home Remodeling

This is the fun part of Home Remodeling — getting ideas and viewing home improvement galleries. We have suggestions on where to look:

• View home remodeling ideas and picture galleries:
  click for home remodeling ideas
  
  
• View house plans of new homes that are being built.
  
  Perhaps you can capture an idea from an existing design:
  view directory of house plans
  view home building plan from nationwide builders
  
  
• View our Home Improvement gallery by room.
  
  You will find a complete directory of home improvement ideas and trends for every room in the house:
  go to our home improvement gallery

Sketch Your Home Remodeling Plan

Understand design trends before finalizing your remodeling plans. Home remodeling considerations include:

• traffic patterns
  traffic should flow to one side of the room rather than through its center; i.e., by placing the door ways in the corners
  
  
• kitchens
  larger kitchens have a greater resale value than smaller kitchens — you will want to design the working area with appliances in a triangular position for easy working
  
  
• private areas
  bedrooms and bathrooms should be separated visually from the working areas of the house
  
  and much more considerations when designing your plan

 

You may require the help of an architect or designer

or if your remodeling project is simple, there are some nifty Home Renovation software that you can use. Either way, we have a complete listing of architectural services and designing software:

jump to our home remodeling design directory

Assembling the Specifications

Designing the remodeling specs is the most important task that you will undertake. This task can be the most complicated since you need to detail everything about your remodeling plans so that you can bid the project out to a contractor.

Let's us help with our step-by-step remodeling specification sheet and supporting home remodeling ideas.

It is a FREE download - no registrations
use it to note ideas for your remodeling plan:
go to home remodeling specifications plan

Selecting a Home Remodeling Contractor

The home remodeling specs will be used to bid the construction project. Take your specifications plan and follow these three important tasks:

 

1. Take your spec plan and have it reviewed by an architect or other home designer.
   
   It will help them design or revise a house plan to fit your remodeling specs.
   find an architect / designer
   
   
2. Take the architectural plan and submit a request for bids from remodeling contractors.
   
   The architectural plan should include your construction specs (if no, include your spec plan).
   
   Make sure to work with a network of contractors that have been prescreened:
   
   

   Use this quick search to find customer-rated contractors in your area.

   
   
3. Understand how to negotiate your contract —
   
   make sure you protect yourself and your investment.
   negotiate with the contractor

Arrange Financing

Once you approve an acceptable bid from a contractor, you may now seek home improvement financing from a lender.

The lender will most likely secure your financing using the equity value of your existing home.

There are two types of home financing:

 

1. home equity credit line or fixed-rate loan
2. home refinancing with cash-out option
   
   We have more information:
   home improvement financing
   
   Do you qualify for financing:
   see our notes: qualifying for home financing

 

Estimating Your Home Value:

The amount of financing lenders will give you is based on the equity value of your home. Use this LTV calculator to estimate your financing amount.

• What's it worth?
  order your personal
  home valuation report
  
  
  property reports:
• complete property valuation
• recent sales report
• comparable sales
• subject property report
  
  view sample reports: enter address-zip

 

Get a QUICK review of comparable homes in your area:

Enter Your Address to Get Started

Street Address: City:  State: Zip Code: Please select Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virgin Islands Virginia Washington West Virginia Wisconsin Wyoming Other   All fields required

Start the Remodeling Project

Be prepared to manage and control your project to avoid surprises and cost overruns

Now for the construction — learn how to manage:

• project management
• change management
• problem resolution management
• cost management
• financial management

Understand what's needed:
go to home remodeling project management

Inspect Your Home Remodeling Project

He who holds the money rules the process.

As your construction moves through construction phases, get the project phase inspected before making payment.

Once payment leaves your hand, you lose control of getting things done right.

Information about inspections at our Step 5 guide:
go to construction inspections

Decorate Your Project

Your decorating budget may be tight, so shop wisely for best ideas and plans.

Furniture, electronics, pictures, etc. — and that is just for the interior.

For the exterior, you have flowers, yard furniture, cooking grills, etc.

View ideas:
go to our home improvement gallery