How many times have you heard about a renovation project turning into a total money pit?
A full home renovation can be a monumental and expensive task that can quickly spin out of control.
It’s best to start with a strategic outline of your goals and objectives and how you intend to accomplish it. Careful renovation planning will help you stay on track and be prepared for unexpected issues along the way.
Here are five tips for successful planning to help guide your renovation project.
1. Ask: Why Do I Need This?
If you are renovating your house because your family is growing or your in-laws are moving in, you will have different objectives than if you are renovating it to sell at a profit. You need to clarify why you are pursuing this goal in order to prioritize your tasks.
Spending money on a new roof may be integral for resale value but not as urgent if you are staying out and are not experiencing any problems. Adding another bathroom may not be a priority for flipping your house, but it could be necessary for keeping the family peace.
2. Create a Budget
You need a budget before you undertake a full home renovation, and it is always advisable to add in extra funds to cover the unexpected (see #4). These projects inevitably end up costing more than you expect, so be prepared.
Depending on your finances and the extent of the project, you may need to get financing for the full renovation. A detailed budget will help you determine not only how to borrow the necessary funds, but it can help make projections regarding the resale value and tax-deductible items.
3. Expect the Unexpected
Renovations can unearth issues in your house that you may not have known about. Construction always entails delays, due to weather, contractor time constraints and permitting.
You are likely to encounter problems that will need to be addressed, like mold, termites or outdated electric and plumbing. By creating a plan that can accommodate unexpected costs and delays, you will be better prepared for the challenges that may arise.
4. Be Flexible
Materials are not always available. Contractors get sick. Financing falls through.
It’s recommended that you stay flexible with regard to everything from the architectural design you desire, to your choice of electrician or interior decorator.
If you have an open mind, you may end up discovering new options along the way. You may find a marble option for the kitchen that is prettier than your first choice and saves money. You may learn a different solution to your wiring issue which is better than what you had anticipated.
5. Have a Timeline
Have an end date in mind before you begin. It will help you stay on target. It’s easy to get caught up in the excitement of a renovation, and dream of additional improvements and add-ons.
It can also help you keep your contractors on schedule. If they tell you they will finish the full roof replacement in one month, remind them of that condition as you near the three-week point.
Renovation Planning: The Key to Success
Good renovation planning can protect your pocketbook and your state of mind. The more you map out your objectives and tactics, the better prepared you and your contracting team can stay on track.
For more information on getting through the many challenges that life has to offer, check out our blog. We can guide you towards numerous services in your area which can help.