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Stay or go? 3 factors to help you decide during a home remodel

Posted on Monday, March 9, 2015 at 11:48:23 AM

This year is shaping up to be a good one for home improvements. According to the National Association of the Remodeling Industry, a number of remodelers across the country are reporting growth and improved business conditions. 

Overall, more homeowners could be starting a home improvement project this year. If so, that means more people will be planning for a renovation and dealing with the construction on a daily basis. This can be a bit tricky at times, so Home Loan Investment Bank's Daniel Murphy shared some tips to make that experience a little easier for those involved.

First off, Murphy recommended choosing whether or not to stay or leave. There are two main types of home improvement that impact your living situation: major or minor. The latter includes siding, roofing, windows and doors. These won't get in the way of your daily life too much. Major projects, on the other hand, include additions, basement renovations, kitchen upgrades and bathroom remodels. 

These projects will get in the way. Murphy highlighted these three factors when deciding whether or not to stay:

  1. Money
  2. Family
  3. Peace of mind

1. Your money
"The money factor encompasses a lot of elements," he added. "Generally, the budget is stretched thin during a major remodel to begin with. By relocating you may be adding substantial stress to the situation."

It can be fiscally beneficial to relocate, however. For example, if your contractor will charge more for daily cleanings during the project.

"If the contractor has to work in unison with your schedule and the electrician, plumber, plasterer and so forth, then he or she may not be able to keep your project moving full steam ahead if the utilities have to be managed for purposes of showering, cleaning and cooking," explained Murphy.

2. Your Family
Your family is another important consideration during a home improvement.

"If you have young children who regularly nap then you cannot expect silence during nap time," Murphy noted. "Pets are also possible deterrents. Their natural curiosity may put them in harm's way or their protective instincts could distract and disrupt the labor crew."

3. Your Peace of mind
Peace of mind should be high on your list when deciding whether or not to stay during a home remodeling project. 

"The perpetual mess of dust, materials and tools can be expected," Murphy pointed out. "Not having the solitude to take a nap or read or even watch your favorite program can take its toll, though. You also lose your anonymity to use the bathroom or take a shower and prepare a meal."

A budget can help here. From the start, plan out the cost of relocating. You can have the expenses built-in to your home improvement project.

"When you have already budgeted the cost of a hotel and meals it is less financially painful and it leaves you free to follow your routine the best you can," he concluded.

Home improvement financing, a budget and a plan will all help you make this important decision. In addition, keep these three elements in mind as you prepare for your next major project.