Planning a Remodel Amid Rising Prices. Is it Possible?

Home Additions

October 16, 2022

With mortgage interest rates surging, many people feel they missed out on a prime opportunity to trade up to a bigger or more suitable house. The good news is that there is still an exciting and viable solution—home renovation. St. Louis Park, MN, general home contractor Executive Remodeling shares how to plan a home renovation even in a challenging economy.

Renovations Remain Strong

Rising mortgage rates have priced many out of the home-buying market. However, this does not mean that homeowners are stuck with a home that does not meet their needs. Home additions and renovations provide homeowners with a vast opportunity to adapt their existing homes to meet their needs and manage costs. In fact, the Leading Indicator of Remodeling Activity (LIRA) published by the Joint Center for Housing Studies of Harvard University says, “While beginning to soften, growth in spending for home improvements and repairs is expected to remain well above the market’s historical average of 5 percent (in 2023).”

Top Reasons to Consider Remodeling

There are many relevant reasons to consider a home renovation today. Firstly, the available home stock has dwindled. With fewer homes being built and more homeowners opting to stay in their homes, homebuyers have far fewer choices in properties that meet their needs. Secondly, opting for a home renovation can be an opportunity to create a customized space for far less money than buying a new home. Thirdly, room addition or renovation project can help increase the home’s value and place the homeowner in a better position to sell later. Lastly, with the help of an expert home renovation company, remodeling can be done in stages which helps manage costs responsibly.

Planning a Home Renovation or Remodeling Project

No matter the economic climate, a home renovation represents an excellent opportunity to manage costs while attaining a space that meets the homeowner’s needs. Here are expert tips for planning a home renovation project on a budget.

Determine Goals

While the goal might be a completely renovated home, it is important to prioritize what the spaces and objectives are from most to least important. It may not be possible to accomplish them all at once, but with the right planning, they can all be achieved over time. By determining the priorities, experienced design-build firms can help develop a logical stepped process to address them.

Set a Budget

Before beginning, consider the budget. This might be a current budget and a projected budget for future planned renovations to complete the project. Most experts recommend setting aside 10% to 15% for unforeseen issues that commonly arise in building projects.

Work With an Expert Design-Build Firm

Working with a general contractor and design-build firm offers many advantages to help homeowners expand or renovate their homes in the most economical way possible. Here’s how.

Experts can help homeowners plan a phased renovation based on their budget and future budget projections.
Local experts can get materials at the best prices and pass savings on to the homeowner.
Local general contractors have relationships with local building officials, which can help expedite the process and avoid costly delays.
Remodeling contractors are on top of industry news, trends, and prices. This information is invaluable in planning projects and managing costs.
Experts have extensive knowledge of material options and project alternatives to save money.

Home Remodeling Company Minneapolis-St. Paul Can Count On

A home remodel project can be a money-saving option for meeting changing needs without relocating. If you are looking for “general home contractors near me,” it is time to consider the St. Louis Park home addition experts. Executive Remodeling is a full-service home renovation company with nearly 20 years of dedication to the community. Connect with the team by calling (612) 333-5577 to schedule a free consultation.

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Carlotta P.

1. This was our first big renovation. We weren't prepared for some of the decisions we needed to make before the project started. 2. Guidelines for what was expected of us before the project began wasn't clear, such as selection of: backsplash, lighting , tiles etc. 3. Once the project began, Executive Remodeling gave us a clear timeline with weekly updates. 4. Executive Remodeling staff was very courteous and respectful as were their contractors. 5. They informed us of what they were going to do with construction details i.e. - poly barriers, dust, etc. 6. They also had an excellent cleaning crew who did more than we expected. 7. We are extremely satisfied with the kitchen renovation and we will definitely have them involved in our other renovations.

Reviews

Laura S.

'I can't recommend Executive Remodeling highly enough! From start to finish, they were responsive, communicative, and very easy to work with. They built a bathroom addition for us and stayed on budget and timeline throughout the entire project. All the people they brought in to work on the project were also kind, competent, and efficient. The team at Executive Remodeling went out of their way to ensure that everything went smoothly and the project turned out great!'

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John S.

After meeting with several Twin Cities contractors to find the right fit for our dream home addition, we chose Executive Remodeling because we valued their honesty, experience, and straightforward approach to planning and project execution. The team was easy to work with and responsive. We were treated with honesty and integrity and got an incredible amount of value for our investment. We couldn't be happier with the results.

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Karen A.

Our experience with Executive Remodeling was excellent from Day One! We had our entire basement done, and they were great at helping put together our ideas with what was doable, staying within budget, and turning out a beautiful finished product. All of the trades that came were professional, courteous, cleaned up well after themselves, and did a beautiful job. We couldn't be more pleased and heartily recommend them!

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Catherine R.

We emptied out the basement for drain tile then re-installed what was taken out to preserve the investment in our nearly 100-year-old house. Executive’s team was supportive every step of the way. Their optimism and 'can do' attitude were helpful as we discovered complications. They got the right craftsmen for every step. We even added a new garden window to the kitchen upstairs, knowing we could trust them to do a great install. We sleep well knowing our wiring is up to code, and we enjoy a great deal of natural light in the basement because of their work.

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William F.

Excellent. Prompt and great workmanship. Very little disruption to our routine, and they cleaned up professionally. Handled the dealings with the insurance company as repair was caused by hail damage. This made the whole process easy. They also brought all the samples to our house for selection which was very efficient for us. Highly recommend Executive Remodeling.

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Mark L.

'We recently needed some work done on our home and used Executive Remodeling. The communication and suggestions concerning our project were clear and very helpful. The workmen respected our home, were professional, left the worksite clean, and, when on-site, accommodated our need to be in and out of our home. The project was completed on time, and the costs were exactly as quoted.'

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Samantha M.

We used Executive Remodeling to finish our basement. As first time homeowners with no construction experience, we could not have asked for an easier process. Workmanship was incredible, everything ran on time, communication was excellent, and we couldn’t be happier with the end product. We would recommend them to anyone, and already have! We will definitely use them for any future projects that come up. Thanks so much to Ryan, Reed, and Katie!

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