Are you eager to renovate a house? While you'll need to do some research to achieve an affordable and amazing renovation, it is possible to craft the perfect space where you can enjoy family time or work remotely. An updated, beautiful home is within reach if you're ready to make it happen. Curious to learn more? Keep reading to find out what steps to take when you're looking to renovate a house!
Assess the Scope of the Renovation
When you start plotting out a renovation, it's easy for the project to escalate quickly. What might have started as a few cosmetic changes can snowball into a major overhaul. That's why it's important to determine how big your project will be — and stick with a plan!
If you have a number of things you want to update in your home, prioritize renovations that impact the safety of your home first. You may even want to hire a home inspector to help with the assessment. That way you'll know if you need to address something structural before you start thinking about things like paint color or granite countertops.
Look into the status of your electrical system, foundation, roof, windows, HVAC system, and siding. If any of these critical parts of your home are in disrepair, it is smarter to tackle them first. They might cost more or stand in the way of more appealing updates like a new patio or deck but keeping things up to date helps to maintain the value of your home.
And if you find out that you need to spend thousands of dollars on a new HVAC system, you don't have to pay for everything out of pocket. With the right loan, you can ensure that these bigger problems get the expert attention they deserve without gouging your bank account.
Know Your Budget
Before you get too emotionally invested in a renovation, it's wise to look at the financial picture. How much are you willing to invest, and are there ways to focus on one project at a time to preserve your budgetary goals? You don't want to find yourself in a situation where you're overspending what you can reasonably afford.
Having the right financial support when you take on a renovation makes all the difference. A great option is to use Town & Country’s Home Equity Line of Credit (HELOC) to finance your efforts at an affordable rate. You'll get to see your renovation come to life without the headache of a confusing application process or high repayments!
Prioritize your renovations and plan for unexpected costs. Have back-up options ready so you can downgrade your sofa if needed in order to spring for a more expensive backsplash or exterior finish. .
Get Input Before Your Renovate a House
When it comes to home remodeling, it's always a good idea to ask for another opinion — or two. An interior designer can help you avoid making a costly — and ugly — change to your home. Whether it's a licensed designer, carpenter, or close friend, you'll be happier with your final results if you bounce some ideas off of trusted individuals.
You might even be able to request consulting from a contractor. For a fee, they can offer tips so that you can do some of the renovation work yourself. You'll get expert assistance and learn something in the process! For bigger renovations that involve adding rooms or remodeling your home's appearance, schedule a consultation with an architect. Knowing that you're making an investment that will stick around for years, it's worth taking the time — and spending the money — to do home remodeling right.
And don't be afraid to map out your vision for the home. Use painter's tape to mark off what a remodel could look like or build a scale model of the space you envision. You'll be able to get a sense of what to expect and catch any major flaws in the process.
Find the Right Help
While it might be tempting to take on remodeling yourself, a project can escalate quickly. And if you're not experienced, you're better off seeking out help from the professionals. Contractors, subcontractors, plumbers, electricians, architects, and designers are all trained individuals who can help your renovation dreams come true.
A good step is to make sure you check references when you're hiring a contractor. A reputable contractor should be ready and willing to provide you with a list of recent clients you can talk to. Before you sign a contract, put in the time to make sure you have a reliable and experienced team for the job.
And if you have family members or friends with expertise or a willingness to help, just ask. You might be surprised at their eagerness to chip in a few hours of time. This will speed up your timeline and provide an opportunity to work with people you enjoy.
It would be great if a home renovation lasted only a few days, but most of the time, that's not the case. You'll want to stay organized as you begin the process of planning a renovation. You can do this the old-fashioned way with a pen and paper or keep a spreadsheet handy on your computer.
Maintain a list of contacts so that you can get the answers you need quickly if there are delays or unexpected situations. Understand the timeline for renovation and be realistic about it. Contractors might get delayed, or the materials you want might be back-ordered.
Know that you'll need to be flexible when it comes to renovation. Determine where you'll live during the renovation and commit to seeing projects through to the end so you don't end up with unfinished projects around the house.
Look for Ways to Cut Renovation Costs
It's important to do some research before you start demoing your kitchen or windows. There may be ways to trim costs without sacrificing quality. Be on the lookout for recycled materials, paint mistints, or used furniture as easy ways to shave off a few dollars.
With any renovation job, you'll end up with a fair amount of trash. You could hire people to cart it away for you, but you'll save money by taking trash to the dump yourself. You can save money by opting for cheaper materials, too. Choose laminate floors instead of hardwoods or go for a concrete patio rather than a brick one. You'll still get the added space or fresh look that you want, but without the added costs of a fancier material.
The cost to replace windows in a three-bedroom house can reach $7,000, so look for alternative solutions to let more light into your home — or only replace the most damaged windows. Single-pane windows tend to be a cheaper option if you don't want to spring for something more expensive. You may also be able to score a deal on installation if you ask, too.
Schedule your renovation at a quieter time in the work cycle. Contractors may be looking for more business in the middle of winter or early spring, while they could be swamped in the summer months. You could save money by scheduling a project during a dead season since your business will be welcome!
Do Some Work Yourself
Another way to save money and avoid extra traffic through your home is to do some of the work yourself. While bigger jobs like dealing with plumbing or foundational repair should be handled by the experts, there are plenty of tasks you can take on yourself. For smaller renovation projects, like repainting a room or sprucing up your decor, save money by doing the work yourself or hitting up the second-hand shops. You may be able to find solid wood furniture or quirky accent chairs for a fraction of the price. And with a few rollers and some drop cloths, you'll be able to update your walls in a matter of hours.
If you anticipate more renovations down the road, set up a savings account to start setting aside money. You can siphon off a portion of your paycheck each month so you can have designated funds ready to go when the time comes!
Knowing what to do when you want to renovate a house can seem overwhelming, but with a plan and the right people at your side, you can transform your space into the house of your dreams. Start slowly, set a budget, and don't be afraid to ask for help when you need to make a decision.
When you're ready to make your renovation a reality, contact us and we can help you finance your goals!
For more information and personal HELOC options, schedule an appointment here to speak with a Town & Country representative.