If you’re considering completing home renovations, it’s important you know everything that a significant home renovation project may entail. Between planning, creating a budget, or preparing your home, a lot of steps make up a home renovation. To ensure you have the best experience possible, keep reading for an ultimate guide to home renovations!
Develop a Plan
Before beginning any home renovation project, it’s essential to have a plan. With home remodeling, knowing what you want versus what you need will help you down the line if you need to make decisions between specific elements, such as choosing between granite or marble countertops and vinyl or laminate flooring.
Don’t sacrifice important aspects such as structure, energy-efficient options, or electrical and plumbing work for expensive and luxury cosmetic options. By knowing what’s important to you and your home remodel, you can effectively develop a project plan.
It may be a good idea also to establish a list of goals within your home renovation project plan. Your goals may include that you want to add space, repurpose a pre-existing room, create a new room, or update the style and efficiency. Once you decide what you want from the result of your remodel, you’ll be able to choose which room to remodel, your budget, as well as the materials you may select.
If you’re unsure of where to begin, consider popular home renovation projects like a minor kitchen remodel, master suite update, or bathroom renovation. These projects will not only bring functionality back into your home, but they will also increase resale value and provide you with a high return on investment.
For many, the choice is between hiring professionals or choosing to DIY your home renovations. Doing so can help if you decide on which aspects of your project you want to DIY and which you’d like to leave to the pros. While you may think that you can DIY a lot there are some projects better left to those with the training and knowledge to do so.
Establish a Budget
The next step in your home renovation process is to establish an efficient budget as this will help you avoid overspending. To successfully create a budget, first, assess how much money you’re willing to spend. To do so, start by researching average costs for remodeling projects.
For example, the typical price point for a kitchen renovation is $23,000. With the average price of $23,000 in mind, you can then decide which aspects of your kitchen you’d like to update. Factor in the costs of each element— flooring, appliances, countertops, etc.—to help you decide on specific materials you’ll need and areas where you’re willing to splurge. Keep in mind that various materials will affect the price range so it may be better to move forward with quality over luxury for a high-use room like a kitchen.
It’s also an excellent idea to receive at least three quotes from three contractors before moving forward with your renovations. Prices to complete a job will vary from person to person, so it’s best to speak with multiple professionals to ensure an accurate budget.
One last—but critical—aspect of setting a budget is planning for emergencies or mishaps. Anything can happen during a remodel, and it’s not uncommon for unexpected situations to arise. Instead of sacrificing aspects of your renovation you need or want, having extra money incorporated into your budget will help.
Hire a Professional
Once you finalize your project plan and budget, it’s time to hire a professional to get the job done. Rather than choosing a contractor at the lowest price, try to speak with at least three professionals to ensure they’ll get the job done right. It’s best if you make your decisions based on their years of experience, background check, and their payment methods, as most pros won’t make you pay the full price upfront.
If you’re also looking for opportunities to DIY some of your renovations, consider the pros and cons. Knowing when to DIY or hire a professional will help you complete the project with as few hiccups as possible. Don’t let this deter you from channeling your inner DIY-self as completing some aspects can be fun for you and your family to complete and enjoy time together. And, as a bonus, DIY projects can save you money for other aspects of your renovation.
Create a Timeline
Once you have your pros for your project, work with them to develop a timeline. Begin by choosing your start date. Or, if you have a completion date in mind, instead plan backward from the finish date to establish your start date; that way, your timeline is still accurate. Additionally, speaking with your contractors can give you a realistic idea of the length of time. Just be sure to leave room in your timeline for clean up, demo, and delivery of materials in order to prevent any setbacks.
Prepare Yourself and Your Home
You need to prepare yourself as well as your home for the improvements ahead, especially if it’s a significant project. You should decide if you want to live in your home during the renovation, or if it’s best to find another space. Major remodels such as a bathroom or kitchen can make your day-to-day life difficult, so knowing how to manage daily routines will be beneficial for you and your family.
It’s also important to clean before the renovations begin, as well as plan for where the waste will go and how you will dispose of it. An excellent idea is to rent a dumpster; that way, all of your waste is in one place for easy removal.
You must remain positive throughout the renovation process. While it may feel time-consuming and frustrating, remember the end result will be worth it as you’ll have a new space to enjoy. Even though problems may arise, and timelines can get skewed, it’s crucial that you do your best to remain on track.
Ultimately, by following this guide, you will have a complete remodel that you’ll be sure to love.
Do you have questions about renovating your home, or have general questions? Reach out to one of our mortgage experts today!
The included content is intended for informational purposes only and should not be relied upon as professional advice. Additional terms and conditions apply. Not all applicants will qualify. Consult with a finance professional for tax advice or a mortgage professional to address your mortgage questions or concerns. This is an advertisement. Prepared 12/30/2019.