How Much Does a Remodel Cost, and How Long Does It Take?

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A Home Improvement project can be exciting when families transform old rooms into new spaces designed for spending time together.  A place to gather each day before work or school, or a place to enjoy special occasions such as parties or Holidays.

Home Improvement may also be necessary and inevitable, especially if you are going to live in your home for several years.  Choosing the right remodeling company and figuring out a reasonable budget is the first step in getting it right the first time.

Houzz has recently released a great article entitled “How Much Does a Remodel Cost, and How Long Does It Take?” which has sparked a lot of interest from both Homeowners and Professional Remodelers. The study doesn’t actually answer the question, but rather gives some insight into other Remodeling Projects.

 

Crunching the Figures

Houzzers Tell Us How Much It Cost, and How Long It Took

Even before digging deeper into renovations, it is important to understand what the statistics say. According to Houzz, 31% of homeowners take on renovation project without a pre-set budget. Another 31% exceed the budget with only 3% coming under budget. This only leaves us with a meager 36% that stay on their budget.

Looking further into the figures, it was discovered that the average money by homeowners with no budget is $44,100 while $52,300 was the average spent by homeowners who stay on budget. Those who exceed their budget spend an average of $83,400.

So, How Much Is The Cost?

The cost of home remodeling cannot be stated without looking into the factors that determine it. The very first one is the cost of the work that needs to be done. Another factor that is worth noting is the section of your home that needs to be renovated. Ideally, many home remodeling projects cover the bathrooms and the kitchen and this demand alone is enough to put the remodeling costs of these sections high above the other sections of the house.

It is also seen that the materials and technology used in the process also dictate the cost. For example, the cost of remodeling a hardwood floor is significantly different from that of a tiled one, and so is the case with a tiled roof against other types of roofs. Generally, the higher the cost of the material used, the higher the remodeling cost.

So, What’s The Duration?

As a homeowner, you want your home remodeling process to be carried out within the shortest time possible. Just like the cost, the duration of remodeling your home will be closely dictated by the scope of work and the more the work, the longer the time it takes. You may also find the size of your house as another factor to determine this. A smaller house tends to be renovated much more efficiently.

We’re Here to Help.

At Scott Hall Remodeling, we employ a systematic process to budget – design – plan – schedule – deliver – and warranty your project. It’s called Design Build. Design/Build is a proven philosophy of delivering construction projects in which the Contractor is the Project Leader and a single source of accountability to the homeowner. Design/Build, when carried out by a skilled and experienced team like Scott Hall Remodeling, provides the highest level of satisfaction and value to the homeowner.

Contact us today to learn more.

10 Key Components to Think About When Planning Your Kitchen Design

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There is a reason why the kitchen area is referred to as the heart of any home: it’s the place where you and your loved ones gather together for cooking, eating, socializing, and, occasionally, catching up for a snack or cup of tea. In most homes, the kitchen area has turned into a multi-purpose room, which has an eating table, a computer table, entertainment area, and even a fireplace.

These are 10 basic things to think about when planning your kitchen design. Read more

Replacing Dilapidated Ohio Housing Will Aid Lower Income Residents

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The Central Ohio housing market may be growing at a record pace, but there is still a lack of affordable housing options for low income families. Policymakers have discussed some of the ways that they can address these problems. One of their options is by replacing some of the abandoned houses that are falling apart around the state.

New Report Shows Need to Replace Abandoned Housing

housing-market-reportsPolicy Matters Ohio recently published a report that showed the problems with the state housing market. The report said that many foreclosed properties have fallen into disarray. These properties have been held by lenders since the foreclosure crisis took hold nearly a decade ago. They probably won’t be sold anytime soon, since they are in dire need of repair.

Policy Matters Ohio said that these properties should be replaced. Their presence could threaten prices of other properties, which could derail the state’s otherwise stellar performing housing market.

The question is what to do with the land if these buildings are torn down. Some groups recommend replacing these buildings with units that would house low income families, since there is a great need for that.

Replacing housing units would also benefit the state taxpayers. The number of residents receiving assistance for public housing has been elevated in recent years. In fact, a recent report from the U.S. Housing and Urban Development Inspector General showed that nearly 400 families are receiving housing aid that they aren’t eligible for. Some of these families are generating six figure household incomes, which means that they are taking up spaces that are needed by people without the resources. Local housing officials are given discretion over enforcing these policies, but many of them have been reluctant to take action.

While some of these families are actually making high incomes, the shortage of available housing units in many parts of the state is a driving factor. The state recognizes the need to increase the supply of housing for middle and working class families, but has yet to release any substantive proposals to address the issue. The state legislature is currently discussing a new bill (HB 134) that would expedite the process of acquiring, destroying and transferring properties, but some details may still need to be ironed out.

Many policymakers will likely be swayed by the recent report and may consider trying to purchase foreclosed units to develop new affordable housing programs.

 

Zillow Report Predicts Ohio Housing Market Growth to Double in 2016

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The Ohio housing market had been growing tepidly between 2008 and 2014. However, recent reports from Zillow shows that the market is finally starting to recover. Experts from Housing Predictor feel that local real estate investors should be optimistic about the long-term direction of the market.

Zillow Expects Growth to Double in 2016housing-market

Zillow reports that demand for housing in Ohio increased by 1.7% in 2015. This is stark improvement over prior years, while the market had been stalling. Zillow’s research also predicts that the market will grow by 2.6% between May 2015 and May 2016.

There appear to be a number of factors that are fueling the local housing recovery. The strengthening job market is probably one of the biggest reasons for the turnaround. The unemployment rate in Ohio was about 10% in 2010, but has since dropped to 5.6%. The state could reach full employment by the middle of next year if the economy continues to improve at the current pace.

Demand for housing will continue to grow rapidly as the job market continues to improve. Ohio has proven to be home to one of the strongest economies in the country, so growth is expected to continue through the next year.

Some temporary problems may hamper the state economy to some degree, which could curtail housing market growth. Precipitation has been heavy this summer, so the farming industry hasn’t been as productive as possible. Economic growth may accelerate if weather patterns change before the fall, which could spur the housing market for the future.

The Cleveland Index shows that housing demand in the Cleveland area has grown more rapidly than most other areas in the state. The demand for housing in

Construction and Sales of New Homes Still Menial

The housing market as a whole is proving to be rather robust. However, demand has primarily increased in areas with older housing units. Construction and sales of newer homes have failed to increase to nearly the same degree.

Housing starts could pick up in the coming year if prices rise faster than originally anticipated. Many experts have raised concerns about affordability as prices rise with demand. However, David Blitzer, chairman of the index committee at S&P Dow Jones Indices said that prices will eventually begin to taper out, although he didn’t specify whether the deceleration would be driven by increased supply.

“Over the next two years or so, the rate of home-price increases is more likely to slow than to accelerate,” Blitzer wrote.

Source: Zillow