Home renovations can be a great way to add value to a property, improve it for sale, or make it better for you and your family to live in. However, while many rewards can come from the money, time, and energy you invest in a remodel, renovating is likely one of the most stressful projects you undertake in a year.
To help you streamline processes, reduce anxiety, and lower the chance of major hiccups along the way, research well and consider some of the main checklist items to work out before you commit to the work.
Get Clear on Costs
Make sure you understand what kinds of costs will be involved in your renovation work. Research average costs for kitchen and bathroom renovations, new flooring or tiling, or whatever other projects you want completed. Don’t start on a renovation and have demolition tasks done and supplies ordered only to realize you’ve run out of cash before it can get finished.
Doing some numbers will also help you weigh up the pros and cons of renovating to ensure it’s a better option for you over selling your home. Remodel work can seem a cheaper choice than having to move home, but once you factor in all the charges involved, sometimes it’s more cost-effective to sell and buy again or even build a new home. It all depends on your requirements, location, the availability of contractors, and more.
Set a Budget
If you’re confident that a renovation is the best choice, the next step is to set a budget for yourself. It’s dangerous to start remodel work without a final number in mind that you can afford to outlay. Having a budget will keep you on track and stop you from getting so caught up in the fun of buying new materials and planning upgrades that you neglect your finances.
The research you did in the previous step should help you work out what kind of budget is feasible. In addition, find out about home loan rates if you need to refinance to pay for the remodel work. For example, search online for Ashburn, VA mortgage rates or information about the rates in whichever part of the country you live in. Alternatively, talk to your current lender directly or go into some other banks to ask about current rates and if you’d qualify for the best ones.
Understand What Does and Doesn’t Add Value
To ensure your money is well spent, take the time to learn what does and doesn’t add value to properties in your area. You want the money you spend to be a good investment, whether you plan to hold onto the house for a while or sell it in the next couple of years. Each suburb can have differences based on the buyer demographics, so don’t assume you necessarily know what people want in their homes.
Trends change over time, too, so if you haven’t bought or sold a property in recent years, you might be surprised to learn what buyers are currently favoring. Attend some auctions and open homes in your area to see what types of features homes include for different prices. It also pays to speak with local real estate brokers to get their opinion on adding value without overcapitalizing.
For example, in some locations, people pay a premium for extra bedrooms and lots of storage, while in others, it might be about home offices, low-maintenance homes, or new appliances and added technological touches.
Create a Plan
Planning is something to check off your list, too. Work out the order in which tasks need completing so you don’t have a project that drags on for longer than necessary. Also, if you’re getting major renovations done, such as new kitchens or bathrooms, consider how you and your family will live and potentially work in the home. It can be tough dealing with worker noise all day, mess, and the inconvenience of packing up your gear. Make a plan for how you’ll combat such issues.
Before you start renovation work, obtain approvals from your local council or other authority for certain elements. Some things can change without the need for outside seals of approval, but if you have a historic property or are adding a new structure or extra level to your home, for instance, you’ll generally need to have the work approved.
Some other items to include on your renovation checklist include choosing the interior décor scheme and color palette, reading over contractor quotes and contracts, and checking the home’s foundations for structural, damp, or pest issues. Also, consider electrical needs such as the number and positions of power points and light switches.
The time and energy you invest in all this thinking and planning upfront will help reduce the likelihood of budget blowouts and other problems arising during your remodel.