As you might have seen over the past few months, I’ve been renovating my new home this year. It’s time-consuming, costly and really tiring! But I’m loving the progress we’ve been making. Sure, some home renovations are a waste of money, but not all projects are bad investments. If you can renovate your home properly, the value will increase and you’ll have a much nicer space to live in, too. Here are some tips that will help you plan a successful home renovation:
DON’T UNDERESTIMATE THE COST
Most homeowners set an unrealistically low renovation budget, which means they have to dig deeper into their pockets once the project starts because they cannot leave a job half done. I never realised just how much things like water pipes – and even screws! – cost. Plus, if you’re tackling a bigger job, you’ll need to consider the cost of hiring a licensed electrician as well as plumbing experts like www.plumbingfix.com when doing a kitchen or bathroom refit. When you factor in the cost of high-end finishes, the expenses will start to increase rapidly.
New windows and new floors can soon add up, simply because of the size of the project. And even fencing your property can be a huge expense. To avoid under-estimating the cost, do your research and ask licensed professionals for quotes. Once you create a renovation budget, you will be able to make the right adjustments your overall budget to ensure that you can afford to complete the renovation.
ARE YOU OVER-RENOVATING?
Many homeowners think the best way to increase the value of their homes significantly is by spending money on high-end finishes. However, the truth is that the simplest renovation projects bring the best returns – so overspending on a remodelling project is unnecessary. Ask the experts how much you should expect to recoup from a certain project before spending your hard-earned money; an estate agent can give you an idea of the increase in value that similar homes achieved after adding an extension or loft conversion. According to hvaccontractors.com, you should ask for the opinion of a few experts before making up your mind. That way, you will be able to make the best possible decision regarding your finances. Moreover, you need to reconsider the reasons why you are doing the renovations and spend money accordingly.
SET A REALISTIC BUDGET
When it comes to home renovations, you need to avoid unnecessary expenses. You can do the following to set a realistic budget:
Get several quotes – do not choose a contractor before meeting and interviewing several. During the interviews, ask how the contractors handle sudden problems.
Answer questions honestly – if you are handy, you can handle some of the tasks yourself instead of hiring a contractor. Do you have the time? If you cannot set aside enough time to finish the project, you need to leave it to the experts.
Always add more – extra costs have a way of creeping up even if you were diligent in coming up with a budget. To avoid last minute problems, include unexpected costs in your renovation budget.
Do not compare your home to TV shows – you cannot renovate your home in two weeks no matter what you see on TV. As a matter of fact, stop believing everything you see on television!
WHERE IS THE MONEY COMING FROM?
Before you start hiring contractors, you need to figure out the money source for financing the project. Do you have savings in the bank? If not, consider chatting to your mortgage adviser to investigate a home equity line of credit. Whatever you do, do not rely on your credit card to fund a renovation project!
Because home renovations are expensive, you need to be patient. I’d love to start work on a utility room conversion right now, but I know I’d end up with a half-finished project when I run out of money! Waiting before starting work means you can save more, and won’t get into debt by spending money you can’t afford to spend. Put a little aside each month for your renovation plans so you won’t end up having to use cheap materials or get into debt. A hasty renovation might end up devaluing your home instead of adding value to it!
Let me know if you’ve recently renovated your home, and please share your tips for cutting costs and getting the project finished – leave me a comment below with your ideas or tweet me @Cassiefairy.
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