When people speak about the home of their dreams, what they typically mean is an existing home renovated to look exactly like they want it. Very rarely does someone buy a home that’s the perfect fit for them. Few homes have everything that someone may be looking for. Though this is why the renovation market is so vibrant. With a little time, money and a good vision, you can easily turn your existing home into your dream home.
However, many people wonder about the best time to go through with a remodel when it comes to home renovations. Here is some information to help you choose the best time for your projects.
Is There an Ideal Time for Home Remodeling Projects?
The Fall and Winter Seasons are the Most Affordable
When it comes to the right time for renovations, it depends on what you’re after. Do you mean the right time to flip your home that’s newly renovated to make a nice profit? Or do you mean the best time to get the work done that’s the cheapest for your budget? If you’re speaking about the latter and wish to save money and get the job done quicker, then the best months for renovations are the fall and winter months. Companies are less busy and you can save money on the job.
The Spring and Summer Seasons are the Most Lucrative
According to most studies done on the real estate market, the market is the strongest during the spring and summer months of the year. This is when many more people are buying homes, which is the time of year where you’re going to get the biggest reward for selling your home with those new home renovations. However, as we spoke about above, these are also the most expensive months for you to renovate, as these companies are likely going to charge a bit more and even take longer doing the job, as they’re dealing with a lot more clients. So you have to weigh this out to see what’s the best for your situation.
Pay Attention to Market Change
The market comes in hot and goes out cold like high tide on a beach. A perfect example of this is to look at the Covid-19 pandemic. Oddly enough, despite high unemployment numbers and a big shut-down, the housing market is experiencing a relative boom in adjustable-rate mortgages’ interest rates. Sure, this is something that’s only good for lenders, but it means that tons of people can afford to pay. The market ebbs and often flows in strange ways, so timing your job up with a rise in the market is always a smarter move than relying on a stable or receding market.
Renovate for the Future
As you can see throughout this article, some times are better than other times when it comes to renovating your home, but there’s never going to be any time that’s set in the proverbial stone. So, perhaps the best thing you can do is remodel when you have the funds to do it. By ensuring that you get your renovations done when you can afford to do them, you can then sit on your investment. You don’t have to sell your home right away. You don’t have to remortgage right away. You should be in no hurry. If you were renovating for these reasons, well, the good news is that the market ebbs and flows and fluctuates constantly. So while it may have been a down market last spring when you got the work done, next fall might bring a 30% increase in what comparable homes are going for.
It’s really all about the right time for you personally, at the end of the day. We wish we could say something like, “The month of April is the cheapest for you and will bring the most profit,” but the fact is that the real estate market doesn’t work like that. The right time is whatever the best time is for you personally. Then you can always wait and pounce on a hot market to recoup that investment in a big way. Find out more at calgaryhomerenovations.com
