7 Things Every Homeowner Should Know Before Embarking on A Home Renovation Project
Renovating can seem like a daunting task for homeowners and first-time homeowners. The latter usually find it more intimidating. But no worries, to help you understand and orchestrate this process smoothly, we’ve compiled a list of 7 pointers essential to a successful home remodeling project.
1. Budgeting for Your Renovation
Home renovation would definitely be one of the most expensive investments you’d make in your life! Budgeting for your renovation is always a promising idea. It gives you a pathway to work on So here is a list to help you figure out costs and budget your finances properly. • Figure out what you should and shouldn’t do yourself. • Paying professionals for the bigger jobs can save you heaps in the long run. • Some DIY knowledge is a fantastic way to save money. • Manage your expectations and assess the scope of your project before you go further
2. Should you take up a renovation loan?
Buying a house is stressful enough, but there is a added pressure having to think about the renovation costs. You should expand your project’s budget by taking up a loan only if your home value can increase so much from the enhancement to justify the extra interest costs you need to pay. These criteria can be complicated, however, by other factors like your emotional needs as well as your financial leverage.
3. Choosing Your Materials
Whites, simple colours, and classic designs will work in any home. Avoid trends and choosing the cheapest option. When in doubt, less is more- don’t over clutter, or fill your home with extra furnishings and gadgets that will become out of fashion. The right finish can make a world of difference in terms of visual appeal and durability – so consider each material’s function and look against its cost and quality.
4. Choosing The Right Interior Designer
It’s perhaps not a smart idea to hire someone based off the flyer they left in your mailbox or attached to your front door! Worse yet, beware of contractors who like to canvass neighborhoods door-to-door asking to repair hail damage on your roof. These so-called ‘storm chasers’ usually offer to pay your insurance deductible for you so they can begin doing work on your roof and bill your insurer for it. Don’t fall for it!
5. Be sure your contractor has insurance
Protect yourself by only hiring people who have a current certificate of insurance, or by making sure you have enough liability coverage in your homeowner’s policy in case an uninsured person is injured on your property.
6. Renovate for the future
Trends are for accessorizing, not for renovating. A rule of thumb for renovating is that doing a high-quality job in a classic style is exactly that: classic. If you invest in quality finishes now, you won’t regret it. Forget about being a slave to fashion-instead, think how dated those olive-green appliances look 20 years later. At the end of the day, there’s nothing more classic than a basic white refrigerator or a white pedestal sink.
7. A higher price point might save money over time
After making interior and exterior renovations, many homeowners find that their budget has been stretched way beyond what they initially wanted to pay for a home. For this reason, it can be smart to adjust your price point a little to help you save money over time. By paying a little more upfront for a home that has all of the upgrades and extras you want, you won’t have to worry about paying for them down the road.
Hope you’ve learned a few valuable tips and tricks along the way. Good luck to anyone who is embarking on this renovation journey!