How To Plan For Home Renovation

You've decided it's time to update your home, which can be both rewarding and terrifying.

We've all seen the home improvement television shows on HGTV and acknowledge that things can go horribly wrong. This is why it is so important to create a well-organized plan and a realistic budget, which will save you time, money, and stress! What you can do is as follows:

1. Determine your budget

Renovations can be costly, especially when unexpected flaws are discovered (rotten wood, asbestos). You'll have a limited budget, so you should know how much you can afford. 

Consider the following five questions to help you better prepare for the upcoming renovation:

  • How much money have you already saved? 
  • Do you have time to save more money before the job starts? 
  • Do you need to borrow money; credit card, line-of-credit, home equity line of credit, parents, friends?
  • How much money will you need to borrow?
  • Can you fit the repayment schedule into your monthly budget? 
2. Determine the work

Even if you simply want to edit one or two things, establish a list of what needs to be updated. It may remind you of things you've forgotten or haven't considered.

Include any work involved with the upgrading. For example, replacing your bathtub will almost certainly contain the following elements, which will raise the cost:

  • Bathroom tiles/tub surround
  • Floor covering
  • Drywall 
  • Perhaps some insulation

These are unanticipated expenses that will have an impact on your budget and timeframe.

3. Determine the importance of the work

This step may seem self explanatory, however, many seem to struggle with prioritizing which item on thier list is the most important. Is a larger ensuite bathroom more valuable than new kitchen countertops and cabinets? These are the tasks you wish to do initially.

MATERIALS

The materials you select also play a role. You've always desired marble countertops, but is quartz adequate? The same goes for flooring. Hardwood flooring may be your dream, but will selecting a high-quality laminate allow you to include other items in your budget? 

VALUE AT REASALE

You should also evaluate the resale value of these upgrades, especially if you want to sell within the next several years. Kitchen and bathroom renovations generally yield the highest return on investment.

4. Determine the project's cost

This is the point at which you will learn how much this will cost. Contact three contractors, provide them with your detailed, prioritized list and request the following:

  • Detailed cost estimate
  • When they can begin work
  • How long it will take to complete 

Examine the quotations carefully and compare them to each other and to your list; additionally, see if a contingency of roughly 10-15% of the total is included. This sum is intended to cover most or all unforeseen expenses.

Increase your budget's effectiveness.
If the sum is greater than you can afford, go over your list again. Can part of the work be done later, or would utilising less costly materials make a difference?

Less expensive materials are not necessarily less expensive. Choose the highest quality you can afford. Using the flooring example from earlier, if hardwood floors are out of your price range, invest in the finest quality laminate you can afford.

Renovations may be both exhilarating and stressful. A well-thought-out strategy and budget will alleviate some of your and your family's stress.

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