Planning a Remodel Amid Rising Prices. Is it Possible?

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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