Homeowners

Black Friday Home Remodeling

What's the Deal for Homeowners on Black Friday?

Black Friday is known for its extreme shopping deals, but did you know it's an opportunistic time of the year for not only shopping for gifts but also for saving on home remodeling projects? While this sounds almost too good to be true, there's a perfectly good reason for this and now may be the time to address your home renovations wish list.

Take a look at which home improvements can increase the value of your home.

Tis the Season for Affordable Home Renovations

So why exactly is it in your interests to be checking out Black Friday Deals on building materials and contractor services? Well, timing is everything and the housing market and its related industries typically experience a slowdown during the holidays¹ with many consumers focusing on decorating, traveling, and shopping.

Conversely, contractors are often more accessible and more willing to advertise deals or negotiate prices with fewer customers interested in home improvements during the holidays and a crew that's available to work. As a consumer, you can benefit by shopping during a more affordable time of year to stretch your dollars even further, while getting your projects done faster with workers who are ready to take on your remodeling tasks.

Check out 5 small home improvements that can pay off quickly.

What Kind of Home Improvement Projects?

Before you get started, it's important to prioritize what needs fixing most. For a significant portion of the country, the winter weather may hinder outdoor construction, so starting indoor projects makes a lot of sense. Timing may also be optimal as July-September is typically the busy season for bathroom remodels², so going against the trend could be an affordable alternative.

Indoor projects worth exploring include everything from designing your dream kitchen and installing new flooring to redoing a garage or a bathroom. (Kitchens and bathrooms also add value to your home, which is especially helpful if you are thinking of selling your home shortly.) Winterizing your home is another timely project that can keep your winter utility bills lower. Home improvements such as insulation in the walls/attic, energy-efficient windows, and weather stripping can mean sizable savings.

Average Costs for Major Home Improvements

Depending on the size, scope, and materials of your project, these figures represent a broad range of the average costs of the corresponding project. This rough estimate of your costs can help you plan your remodeling projects accordingly:

• Kitchen remodel (minor to major): $20,800-$62,200³
• Bathroom remodel (minor to major): $5,000-$30,000⁴
• New deck: $5,620⁵
• New windows: $15,955⁶

Warmer Regions Offer an Even Brighter Outlook

If you live in a place where the weather isn't as harsh in the winter, there are even more project possibilities—perhaps even outdoor projects such as a new roof, jacuzzi, pool, outdoor kitchen, fencing, landscaping, and more. If a new deck for the backyard is feasible, winter is typically the slow season, which gives you ample opportunities to find a more affordable deal to ensure your deck is ready for spring and summer. (Interestingly, deck builders report that pressure-treated wood, which is best for building a deck, stabilizes when humidity is low, making it ideal for winter weather. In summer weather, surface cracking of the wood is more likely to take place.)

Did Someone Say Appliances?

While it's no secret that Black Friday offers sizable savings on appliances, the ones that you need for your renovation project may also be available with more affordable installation from a contractor in need of work. So there may be added advantages to purchasing a new dishwasher, garbage disposal, oven range, and more for Black Friday.

Money Makes It Happen

Whether you're an experienced DIYer or need the expertise of a contractor, many remodeling projects can be costly when you factor in the costs of building supplies, equipment, permits, and labor. With other competing expenses such as saving for your child's college tuition, car, mortgage, and everyday living costs, it can be a challenge to make the money stretch. However, there is an easy solution.

Give Yourself This Black Friday Gift…

Now that you've considered upgrading your home, New American Funding can help make it happen with competitive rates and a home loan that's right for you, including a cash-out refinance or a home improvement loan. To help get you started, our Loan Officers will be happy to share the details to make your home improvement dreams come true!

Sources:

¹https://www.militaryvaloan.com/blog/money-saving-renovations-for-winter/

²https://patch.com/us/across-america/home-101-when-best-time-remodel

³https://www.homedepot.com/c/cost_kitchen_remodel

⁴https://www.homedepot.com/c/cost_bathroom_remodel

⁵https://www.improvenet.com/r/costs-and-prices/wood-deck-estimator

⁶https://modernize.com/windows/replacement-cost-calculator