7 Tips Before a Major Renovation

Home renovation is an adventure that can easily go off the rails. There are a mind-boggling number of wrong choices homeowners can make, from going over budget, or hiring a shady contractor, to just realizing that the paint color or quartz counters they picked are so wrong- after the work is done. So if you want to make sure your renovation turns out alright, it's important to be prepared. Here are 7 tips to consider before a major renovation that will help you streamline the whole process and get the job done faster!

Know Your End Goal

Before you decide how to extensively to renovate, you need to know what your end goal is your place. Are you renovating to extend the value of your property, or will you be staying put for years to come? Take into consideration the condition of your neighborhood before you begin. There is nothing worse than having a beautiful home that won't sell because it's overpriced for the neighborhood/area.

Besides that, be aware of which renovations are good in terms of investment, and which will be considered overdoing it for the area. Besides that, be aware of which renovations are good in terms of investment, and which will be considered overdoing it for the area. For example, the average price of a kitchen renovation is $22,905 or $150 per square foot. Most homeowners spend between $12,549 and $34,199 or $75-$250 per square foot. Total expense varies depending on the quality of materials, the size of the space, and whether or not you change the layout.

On the other side, the average bathroom remodels fall between $9,600 to $11,000 in costs. If you go for a low-end remodel you will have to pay around $2,500 while high-end remodels price around $23,000.

So which renovation should be the priority?

Kitchen remodels are more expensive and invasive than bathroom remodels, but they tend to provide more homeowner satisfaction and better resale value.

Having a specific plan for your future will help you decide how deep to go with your renovation project.

Write Everything Down

Mistakes are made and sometimes people don't really listen or maybe they hear something different than what you said, so writing down everything is important. That way you will avoid misunderstandings like wrong tub size, wrong depth of fridge, misplaced warranties, etc.

Decide to DIY or Hire a Pro

There is another decision you should make before starting with the renovation and that is to decide which tasks you can do by yourself and for which to use a professional contractor. Our advice is to be realistic about what skills you have to complete it to your satisfaction, as well as how much free time you have. No one wants to have to use the downstairs bathroom for a month because the suitable one in the primary bedroom is not done yet.

Determine Your Budget

It is important to figure out the amount of money you have for your renovation to be able to allocate accordingly. In case you are looking for a major renovation on your property, you have the option of applying for a home equity line of credit or a home equity loan.

A home equity loan is a lump sum of money that a borrower applies for from a lender, while HELOC is a line of credit that revolves, and can be used like a credit card for large and unexpected expenses, home remodeling, debt consolodation, etc. The similarities between the two loans lie in the way they are secured, with the equity a borrower has built in their home representing the collateral. To choose the better option for you, you need to consider your financial situation, and why you might need a loan. The application process for both types of loans is similar. Lenders will look at your credit quality, down payment (in case you are buying) or equity (if you're a homeowner), and ability to repay.

You can also explore other options to fund your home improvement with a contractor financing, reverse mortgage, or something similar.

Plan a Reno-Free Zone

Before starting with all the mess, it's good to plan a renovation-free zone for your family to gather in semi-relaxation. Make sure you have all you need in one place, such as a kettle or a microwave, so you have one functional space to gather, eat, or just unwind at the end of the day. Reno-Free zone will give you the chance to clear your mind without being distracted by all the clutter around.

Don't Forget to Clean Up

After a long day of working, it can be tempting to just turn off the light and leave the mess for tomorrow. Don't do this! It will probably cause delays, lost tools, and lost sanity along the way. Be sure to plan a little amount of time in your renovation plan to tidy up at the end of the day. Your future self will be grateful!

Time Your Renovation Right

Time is the most valuable resource in the world. And since renovation projects are notorious for running over schedule, you must be aware of issues like necessary materials getting back ordered or some of the subcontractors getting sick. It's wise to just expect these delays and plan the renovation with ample time. Also, note that summer is considered the best time to start a major renovation due to multiple factors - summer break from school, contractor availability, more sunny days and less rain, more time to settle in, and more.

The Bottom Line

A major renovation of your home can be a long and tedious process with many pitfalls. We hope our 7 tips will make you feel more confident and prepared for it. Just don't forget that the right mindset is as important as planning everything before you start with the hard work of renovating your property.

Post a Comment