A highly informative infographic from E-Loan explained: see the bottom of the image for the graphic’s breakdown
This inforgraphic was created and originally published by E-Loan
5 Ways to Afford Your Dream Remodel Home Improvement: Breaking Down and Explaining The Inforaphic
1) Resale Value
The return on investment, or ROI, on remodels is constantly changing but usually shows that even the most expensive remodels are a good investment. The smaller jobs that are less expensive, like painting, handyman tasks, accenting your home with molding are not only great investments but are less of a hassle. And from what we’ve learned by working with realtors is that they are tantamount to providing curb appeal, marketability and a boost in market value. Visit Remodeling Magazine’s Return of Investment Tool for a more comprehensive analysis – broken down by region – of the cost, resale value, and recouped cost (return on investment) of several of the larger home improvement remodels mentioned in the graphic. But remember, sometimes its the smaller, less expensive home improvement projects that have the highest return of investment and resale value.
2) Buying Your Own Materials
This one can be tricky and may not be as easy as they make it sound. You need to know what materials you need to buy for the project, and without consulting with a contractor or at least doing extensive online research it would be very difficult to purchase EVERYTHING on your own. Even a simple painting job: know what type of paint for the type of rooms you’re painting, know which paint manufacturer is best, etc. A lot of contractors won’t work this way, as they won’t give up the opportunity to make money on the mark-up. We at CraftPro don’t mind if the customer provides materials for certain types of jobs, and we even let them receive our contractor discount on materials at certain building supply stores. We also help our customers make sure they buy the right materials so that we can execute the job properly. Make sure that if you’re going to buy the materials yourself you hire a contractor who will work with you and help guide you when you purchase the materials. We also suggest you remember that the contractor loses profit by doing this, and it should be taken as a sign that the contractor is probably trustworthy and flexible, which will make the job a lot less of a hassle. If it’s a do-it-yourself, or DIY, project: DO YOUR RESEARCH; be educated about the work you are about to put into your home, your investment. The graphic also provides some interesting places to find these materials apart from your local building supply store. Give them a shot! You never know, it could save you money. Just remember, buy the correct materials for the job. Then you have what you need to begin the project.
3) The Best Times for Saving on Materials
Building supply companies optimize their savings and discounts for certain materials and supplies during certain times of the year, which is likely based on their studies of the quantity of materials purchased during these times of the year. The graphic breaks down what time of year is the best for saving on the materials for your job.
Being a “green”, environmentally-safe company is a priority to many contractors, and CraftPro is no exception: we use only environmentally safe products and we’re certified by the EPA. The above graphic’s data on paint appears to provide prices that are more like the inexpensive paint you’ll find at big box stores. We don’t recommend these paints to our customers. There are just as many, if not more, environmentally-safe products from the quality paint manufactures (Benjamin Moore, Sherwin Williams, etc.): low-VOC (volatile organic compounds) paints that provide a durable and beautiful finish that the bargain brands simply cannot provide.. “There’s nothing more expensive than cheap paint” (a common saying among painting pros): you’ll come to know the truth of this if you paint rooms in your house with bargain brand paint that fails and fades prematurely and then you end up having to repaint it in half the time. We recommend spending the extra $15-$25/gallon so your paint project is durable and beautiful. If it’s a thing worth doing, it’s worth doing right.
5) DIY or Hire a Pro?
The NAHB wrote a great article on this called “Do it Yourself or Hire a Professional?“ and it shows stats about which projects homeowners tend to do themselves and which are generally saved for professional contractors. The question, however, is subjective: How handy are you? What do you have experience with? What tools do you own or have access to? You can always rent tools from your local rental center. You certainly don’t want to start a job and put time, money and effort into it only to realize you’re doing it wrong and you now have to hire a contractor to fix it, which is certain to be more expensive than hiring one in the first place. Know your limits! The article above generally shows that most homeowners know not to bite off more than they can chew.
All in all, a very informative info-graphic from the folks at E-Loan and hopefully now you have some more details on how to afford your dream remodel!
Find me, Richard D’Angelo, President of CraftPro Home Improvements and this article’s author on Google+. You can also visit CraftPro on Google+ and join our community of home improvement, maintenance and renovation professionals.