Homeowners can spend a lot of money every year renovating various parts of their home. The challenge is not only to stick to the budget but to ensure that the actual renovation work is done properly. This is particularly important in the current economic climate. The unique combination of limited housing supply and high buyer demand will probably prompt more homeowners to stay put and renovate, rather than selling and relocating.
If you are looking to increase the value of your house, or are getting ready to put it on the market, then you will most likely start with renovating it. That’s why it’s vital to arm homeowners with insightful information that can help them make the best decisions when they are planning a home renovation. With that in mind, here are few tips that will help you renovate your house properly.
Don’t Underestimate the Costs
It’s a proven fact that most homeowners set unrealistically low budgets for their renovation projects. When you take into account the fees paid to various experts that you will need, as well as the extra cost of buying durable or high-end finishes, then it is inevitable that the budget costs will start to creep up.
Furthermore, there will always be extra costs in any type of home-related project. That’s because planning a home renovation usually takes a bit of guesswork. So it’s prudent to have a separate contingency fund in place to avoid draining your bank account. Always add at least 10 percent of the estimated project cost to this fund or 20 percent for larger projects. Also, make a point of talking to your contractor to see what this extra money could potentially cover.
Get the Right Team for the Job
Almost all of the home renovation horror stories you hear involve an unqualified or unscrupulous contractor in some way. That’s why it is so important to hire the right home renovation experts for your project. You can do this by making sure that you interview each candidate personally. Never settle on a contractor before getting multiple quotes and getting a feel for how each team works and solves potential problems.
It’s also a good idea to hire renovators that have at least three years of experience in the industry. This shows that they actually know what they’re doing and are less likely to steer you wrong. Check if they are registered with the relevant professional bodies and if they have any positive customer reviews. But, most importantly, go with the home renovation experts that you trust.
Be Honest With Yourself
Some people may believe that they can cut some costs by doing the renovation work themselves. But, before choosing this route, you have to ask yourself some honest questions. Are you handy? And if so, do you really have the time to dedicate to this project? Are your handyman skills even up to par?
If the answer to any of these questions is no, then you should just pay someone to do the job. This will save you the additional cost of fixing any mistakes that subpar DIY efforts will cause down the line.
Many homeowners believe that the best way to increase the value of their house is to spend lots of money on expensive remodels and high-end finishes. But there is no guarantee that you will make back the money spent on renovations in case you sell. In fact, most times the least expensive or simplest updates will give you the best returns.
Sometimes, putting your home renovation project on hold will give you enough time to save for the updates you really need. This also helps you avoid getting into debt for expenses that may not give you a return on the money you spend. Being patient also helps you avoid costly mistakes. After all, hasty, under-budgeted renovations can actually devalue your home. So take all the time you need to get it right on the first try.