Planning to begin a home renovation project? While the total price of your project is determined by its scope, materials along with the fees of any professionals you hire, here are a few recommendations for beginning to craft a renovation budget.
5 Suggestions for Financing a Renovation
1. Determine where the money will come from
Will you use savings? Or will you take out a home equity loan? Once you determine your method of obtaining funding, figure out how much you want to spend on the project – and adhere to that limit.
2. Set your priorities
Before you pull out a calculator, clarify your factors behind renovating. Divide those reasons into “wants” and “needs.” For instance, reconfiguring your bathroom so that your currently questionable electrical and plumbing will pass an inspection is actually a “need.” His-and-her water closets, a whirlpool tub and built-in towel heaters are “wants.” Setting priorities will assist you to decide as you proceed through the renovation process.
3. Step away from the computer
Visit show rooms, model homes and design stores in addition to checking out pictures online. Before investing in materials and appliances, you’ll want to see and feel them, or samples of them, in person.
4. DIY or contractor?
The biggest question to answer when coming up with your budget is deciding if you should do the work yourself, or to hire a contractor. Doing the work yourself is usually less expensive – unless, of course, something (costly) goes wrong. Utilizing a contractor, however, often means your project is completed to professional standards and typically in a shorter time period. Be sure to calculate the value of your time (and your back and knees) and the inconvenience of having a bathroom or kitchen out of use throughout the project when deciding whether or not to opt for DIY or a pro.
5. Expect the unexpected
Regardless of whether you intend to do the work yourself or hire a contractor, include an extra 15 to 20 percent of your total budget for unforeseen expenses. Added costs inevitably arise, particularly when you’re working with an older home.
Want to know which home renovations could improve your resale value? & Cindy Davis. We are always just a click here or call to 813-300-7116 away.
