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Quarantine Project: Is Remodeling Your Home Worth Your Money?

Since the pandemic started in 2020, people are encouraged to stay at home to prevent the spread of the coronavirus. Staying at home allows many people to spend more time with their family, clean their home, or get more sleep since they don’t need to travel to work or school.

Although staying at home can be fun, eventually, you’ll miss going out and doing things you enjoy outdoors. That’s why people try different projects, such as learning how to bake, gardening, and even remodeling their homes.

In 2020, a survey shows a 58 percent annual boost in the project leads for home professionals. Outdoor projects were the most in-demand where homeowners seek pool and spa professionals. Doing the job on your own may sound exciting, but working with a professional handyman makes the process easier, especially for the big ones.

But is it worth it to spend money on home improvements during these uncertain times?

Home Remodeling May Cost More

Many homeowners are not entirely sure whether or not to invest in home remodeling projects. Some decide to remodel their home hoping that it will increase the property’s value when they sell it. While certain projects can help boost your home’s value, keep in mind that that does not apply to every house.

Remodeling your home in the middle of a pandemic may also cost you more. A report explains that it can cost you 50 percent more. The report also emphasizes that the project would take longer than expected, which could cost you more.

The cost of your home remodeling project depends on the size of your house and the extent of the project. Materials and appliances can also affect the overall price. On average, the cost of remodeling a house ranges from $19,800 to $73,200. Meanwhile, remodeling a kitchen or bathroom costs about $100 to $250 per square foot.

Since you’re at home most of the time, you might consider doing the remodeling by yourself instead of calling your local handyman. This may be the perfect chance to test your skills, it’s important to know your limits first. There are DIY projects that you can learn quickly, but some tasks may require professional help. Otherwise, you’ll end up spending more on fixing the problems.

Home Remodeling Projects to Invest in

Regardless of the situation, expect to spend more if you want to remodel your home. The important thing is to focus on projects that are worth your money and likely to add value to your home.

Data from Remodeling magazine show that a mid-range minor kitchen remodel offers 77.6 percent recoup. A mid-range bath remodel, meanwhile, offers 64 percent recoup in 2020. Investing in these remodeling projects can give you better yields.

If you want to increase the curb appeal of your home, using manufactured stone veneers to a part of your house is a smart choice as it offers 95.6 percent recoup. Replacing your garage door is also an ideal investment because you can recover 94.5 percent of the cost.

Repainting your walls can also add value to you. Plus, you can do it yourself. A neutral color scheme is an ideal choice if you plan to put your house on the market. It will make the interior look more prominent and pleasing to various potential buyers.

Updating fixtures in your home, such as curtain rods, outlet covers, and doorknobs, is another DIY project you can do. They cost less but can make your home look more sophisticated and modern. Be creative but make sure to choose designs that appeal to a variety of customers, especially if you’re planning to sell.

Financing Your Home Remodeling Projects

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Before you start planning your home projects, make sure you already know how you will finance them. There are several ways to pay for your home remodeling projects, Using your savings, for example, is the most convenient way since you don’t need to wait for approval or pay for interest.

If your savings are not enough, your other options can be a personal loan, credit card, and 401(k) loan, among others. Each method has its advantages and disadvantages, so take time to research and find out which one will work best for you.

When setting your budget, keep in mind to spend within your property value. In case you’re struggling in choosing the right materials to use and at what price range, look at other houses with similar value as yours and see what they used. This will help you make a smart decision.

Remodeling a part of or the entire house is a major decision for homeowners. You can still remodel your home during the pandemic, but you need to carefully plan your projects before spending on it. Spend your money on home improvements that surely add value to your home, so you can maximize the return on investment.

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