Renovations can be exciting, especially if you’ve been wanting to update your home for a while. It can be tempting to jump right in once you’ve decided to remodel, but it’s best to take some time to thoroughly plan. By following some specific steps, you can help make your home renovation project successful and minimize stress along the way.
Here are 7 things you can do to prepare for a home renovation:
1. Establish Your Priorities
Before anything else, set some goals. What exactly do you want to get out of the renovation? Improved functionality? Specific benefits like added storage or better lighting? Modern upgrades or a different overall aesthetic? No matter what your priorities are, you should use them to guide the project and check in on their progress frequently. That way you won’t lose sight of your end goals and can stay focused on meeting your objectives on-time, and on-budget.
2. Research the Costs Involved
It’s important to research the costs involved before you kick off a renovation or establish a budget for it. For the most accurate cost estimates, visit the vendors or stores you’re most likely to use for your renovation, rather than research prices online. You can also ask contractors or specialists in your area if they offer free quotes. Having a professional come in and provide you with a detailed estimate can give you a clearer idea of what your desired renovations will cost.
3. Set a Budget
Your budget should incorporate every component of your renovation. And because things don’t always go as planned, it’s important to leave a little wiggle room in your renovation budget for unexpected costs or changes . At the very least, your home renovation budget should account for the following:
- Supplies and materials
- Building permits
- Costs for your contractors, electricians, plumbers, or other professionals
- Inspection costs
4. Secure Financing
Once you have established a plan and budget for your renovation, you should consider whether you’ll need financing. If you will, you should start the application process as soon as possible. Financing options for your home renovation might include a home equity loan or line of credit, an FHA Title 1 loan, or a rehab loan. A home lending professional can help assess your financial situation and determine which type of financing is the best fit.
5. Hire Qualified Contractors
No one wants to go through all of the trouble and stress of a home renovation to find that the work wasn’t completed correctly. Before you hire anyone to work on your home, you’ll want to ensure that they’re well qualified and insured. You should look up contractor reviews online or ask people in your community for recommendations. As you vet potential contractors, ask them to provide proof of their licensing and insurance. Once you’ve decided who you’d like to work with, be sure to sign a contract with them and ensure that you’ve fully read and understand the agreement. This way you’ll have clear expectations about what work will be done, the cost involved, and any warranties provided.
6. Determine the Timeline
Your contractors will play a large role in creating a timeline based on their schedule and the work involved with your home renovation project. Be sure you have a clear idea of how long the process will likely take, including any demolition work, rehab and repair, build-out, and final touches. Your timeline will also be impacted by any necessary permitting and inspections. Keep in mind that it’s not uncommon for home remodeling projects to suffer delays. For this reason you may want to overestimate your timeline to be on the safe side.
7. Be Prepared for Setbacks
Unfortunately, time delays aren’t the only setback you might experience during a home renovation. You don’t always know what’s behind a wall or how inflation will impact the price of building materials. If you go into your remodel anticipating some setbacks, and plan for them in your budget and timeline (as well as emotionally), you’ll be able to navigate through them with a clear head and minimize your stress levels.
Home renovations can be a big undertaking, but by taking some time to thoroughly prepare you can help to ensure a smooth project that fits your current financial situation. If you’re a homeowner in Massachusetts or Rhode Island who is interested in home improvement financing, don’t hesitate to contact us today.