There are steps that every home owner should follow when planning home improvements. To ensure that you are spending your money wisely and building beautiful additions that complement the rest of your house, plan ahead and be prepared.
Remodeling your home is a major decision that involves numerous steps. Besides the financial burden of a home remodeling project, you want to ensure that you are getting exactly what you want.
Step 1: Create a list of all the improvements you had in mind.
It is important to organize and prioritize which improvements are actually feasible and what improvements can be held off. Most home owners already have an idea of what they see for their home.
Make a list to ensure that your home improvement plans are bringing you the best possible return on your investment.
Step 2: Analyze and crunch some numbers
Once you know exactly what type of home improvement you see for your home, before you move forward, make sure you analyze the costs and decide if this is a logical step for you and your home.
Ask yourself these questions:
- What is the current homebuyer’s market of your neighborhood?
- How does this home improvement affect the market valuation of my home?
- How much does this renovation differentiate your home from the other homes in your area?
By computing the cost of this renovation and comparing those numbers with the answers to these questions, you can make a responsible decision about take the next step in your home renovation.
- If you live in a neighborhood with a depleting market, it probably doesn’t make sense to invest and pump more money into your home.
- If you find the cost of these changes and additions are very high, it may make more sense to buy a new home instead.
- If your home renovation has an aesthetic that is too different from the other homes in your surrounding blocks, it may deter future home buyers from biting.
Step 3: Find a contractor and architect
Find the right company and contractor that will offer you the best prices for your home improvement needs.
Step 4: Financing
Negotiate rates and arrange the financing that works with your budget. Depending on the size of your home improvement plans, the most recommended means of financing is through a home equity loan.
Step 5: Get a building permit
Your home improvement job may not need a building permit, but avoid this bump in the road by checking with the town for building violations, codes, and safety regulations.
- Depending on the type of renovation you are planning, workers, architects and contracts may be in and out of your home for weeks or months at a time. Create rules beforehand and develop positive relationships to ensure that the construction runs smoothly.
- Be prepared for the worst. You never know what is going to happen, it is best to always be prepared.
- And lastly don’t let the stress of a home renovation control and consume you. When the work is over it will all have been worth it in the end.
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