There is no clear cut black and white picture when it comes to home renovations. The success or failure of the project is entirely dependent on the decisions of the homeowner when planning it. There are some things that should be kept in mind to ensure the success of any home renovation. These are listed below-
- Do not underestimate the cost of the renovations- one of the biggest mistakes that homeowners make is setting ridiculously low budgets for their home renovation projects. While this will allow you to feel better about the project initially, once the actual costs start hitting, that feeling will quickly change. While the materials for the renovations itself may not be very expensive, employing experts and professionals in the field will certainly cost you
- Create a balance so as to not over-renovate- if you have a perfectly good bathroom, deck, and basement, there is absolutely no need for you to even consider renovating these areas. In addition to being an expensive investment, it will also offer you very few returns in the long run. You will be better off investing this money in areas like the attic or the garage door which are places that actually need renovations periodically. Remember, most renovations just involve spending money and are not really investments and so, you should be careful about what you want to spend on
- Do your research well- it is extremely important for you to meet with multiple contractors, get an idea of their work ethic as well as talk to previous customers before you settle on one contractor. This will ensure that you get your value for money. When you are looking to set your budget, make sure to do it in a realistic manner and not by comparing your ideal home renovation to the ones you see on television shows. When you talk to contractors, make sure you leave way for costs above what is initially estimated as there could be unforeseen overhead costs
- Figure out your financials first- before you sign any final contracts, make sure that you have properly figured out exactly how you are going to pay for this project. You should consider using a home equity line of credit that allows you to take out a loan that will be judged based on the equity you have built up. This is a better option than a regular loan as it allows for lower interest rates because of being backed by an asset. But, a disadvantage could be the additional opening and closing fees. Try using rebates such as municipal, provincial, or federal in case you do basement insulation or upgrading windows. No matter what, try your best to not rely on a credit card.
- Be patient- do not jump into renovating your house as soon as you find designs and ideas that are appealing. Waiting for some time, doing your research right, and saving up money will all ensure a more successful project.
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