Table of Contents Show
Home renovations are a massive project to undertake. It’s not just a simple “let’s do it now” approach or just noting down some points to build it.
It takes time, patience, and a lot – and we cannot stress this enough – a lot of planning.
The more planning you do for your home renovations, the better the flow and outcome of your project will be.
Homeowners that avoid extensive in-depth planning tend to end up with overly complicated projects which cost them more, drag on longer, and, sadly, don’t end transforming their home as expected.
Planners, though, end up with a smoother renovation process, with minimal mishaps and issues.
And if problems do arise, they’ve planned for it and can migrate their impact. When it comes to home renovations, it’s better to be a planner than not.
Thankfully, this guide can set you up for success.
What is a Major Home Renovation?
Major renovations are large, enormous, and dramatic changes to your home. We’re referring to completely changing your home’s style, decor, and layout, or any particular room.
On the other hand, minor renovations don’t require as much work and planning. This refers to painting, landscaping, or slight changes to the layout. In many cases, you can do this yourself.
Knowing the difference between these two distinctions is essential when planning and executing your renovation plan.
Read Also:
Your Planning Guide for Major Home Renovations
Figure Out Your Finances
Assess what you can afford and what you want to spend on the renovations. Just because you have $24,000 to spend on a home renovation doesn’t mean you must consider what’s a priority and what’s not.
This way to approach your finances determines how you’ll get the money you need for the renovations. There are multiple options available to you, including:
- Get a bank loan (be careful when it comes to interest rates; it can cost you more than expected)
- Use a home equity line of credit (where you place the renovations on the value of the house)
- Use your savings (if you have some money stored away, this could be the time to use it)
Two Quick Tips That You Should Consider When It Comes to Obtaining the Finances for Your Home Renovations:
- Under No Circumstances Should You Rely Upon a Credit Card. Credit cards are killers and will hit you hard with higher interest rates, penalties, and late fees, meaning you pay an excessive premium just to do the renovation.
Avoid them at all costs. Speak to your bank or a private mortgage lender about other alternative lending options you have.
- Add Extra to your Budget. Always add more to your budget in case of emergencies and issues, and if you find value in specific materials or products (e.g. marble countertops that are discounted).
Develop a Foundational Plan
And no, we’re not talking about the foundation for your home renovation (unless, of course, you are adding a second story or extending your house, then yeah, you have to do this).
We’re referring to developing a plan encompassing your entire renovation.
To do this, take note of the following options.
- Take an Inventory of What You Want to Change in Your Home. You should include major repairs, maintenance, and remodeling.
On top of that, you should also have renovations that can elevate the quality of your property.
- Hot Tip: Critically, assess if you’re over-renovating or not. Many homeowners tend to over-renovate their property, spending more than expected and on things they don’t need.
Making this inventory can help you migrate what you need and don’t.
- Contrast What You Have with What You Need in The Future. For example, if you’re growing your family, you might need additional bathrooms or bedrooms in the house.
It would help if you considered what you’d need in the future.
- Consider the Best Time to Start Your Home Renovations. You don’t have to plan today to start it next week.
Or the month later. Assess when it’s the best time to start the renovations, considering the finances, unexpected moments, and your lifestyle.
- Decide on a Timeline. Note down, ideally, how long you wish the project to take. Then add a couple of months to do it.
Rarely are home renovations done in time (unless you have unlimited time, experience, and funds).
Set a rough estimate of how long it will take, taking into account the project itself and if you’re getting help from a renovator.
DIY, Professional Renovator, or Both?
Once you have decided on what you want, set your priorities, and have a solid budget to work from, it’s time to ask the next big questions: do you hire a professional renovating company to do the work for you? Do you do the project yourself? Or do you merge and do both.
These questions can be answered in a few ways:
- If you have the finances to let a professional renovation company manage and execute your project for you, then do it.
It’s always better to let a high-quality and recognized renovation company (https://trademarkrenovations.com/) do the work for you.
It’s less work on your hands, fewer potential mistakes, and a better overall finish. Plus, you’ll get inside advice, guidance, and warranties on labor. You won’t get that doing it yourself.
- Do some of the work yourself. If you have the skills (or willing the skills), you can manage specific parts of the renovation project, reducing the project’s overall cost.
We’re talking about the likes of painting, landscaping, or tiling. You’ll be surprised by how much you’ll save while leaving the professional renovation company to focus on structural and mechanical renovations.
The most important aspect of your home renovation planning is patience. These things take time, and a lot of effort, so don’t rush through them.
Focus on what you can do, conduct research, and ask for expert advice. The more you put into your planning, the better the result of your home renovations.
