You can start planning a home renovation by evaluating your needs and determining where you want to start. After you have identified the areas that need attention, you can determine your budget and time frame. Remodeling Magazine publishes the Cost vs. Value Report every year to provide an average cost for home renovation projects. According to Zillow, you should plan extra for unexpected costs. If you want to renovate a room, consider changing the layout of your living space.
A home equity line of credit, or HELOC, allows you to borrow against the equity you have built in your house. While this option may sound attractive, it may not be enough to finance a renovation project. Home equity loans are only good for seasoned homeowners who have owned their home for 10 years or more. New home buyers should consider a true renovation loan. You should also set aside a separate budget to furnish your home and decorate it.
One of the largest home renovation projects is the replacement of the roof. In addition to the expense, it may also be necessary to repair or replace your home’s foundation to prevent water from infiltration. This project may involve weakened walls, joists, and carrying beams. If it isn’t done correctly, it can also damage any future renovations. You should research the project thoroughly before beginning it to prevent any problems. When you choose a contractor, make sure they have the necessary training and experience to complete the work.
When selecting a general contractor, you should always ensure that the contractor has a proper license to do the work. Additionally, if the contractor doesn’t have insurance, you may have to increase the limit of your homeowner’s insurance policy. Remember to check with your insurance company before deciding on a renovation contractor. Lastly, you should ensure that the contractor has the right licenses and permits to perform the work. If you’re not sure if your contractor is licensed, Sweeten can help you find one.
After identifying the desired space, it’s time to assemble your new space. Depending on the size of your project, you can rearrange furniture, install art, and find a place for tabletop accessories. A good interior designer can assist you with these details. This is also the time when you can personalize your space. If you don’t have the finances for a full-fledged renovation, consider using a second mortgage or home equity line of credit. Regardless of your budget, be sure to leave yourself with enough financial cushion to recover from unexpected expenses.
The second stage of a home renovation is usually the most exciting and frustrating part of the process. It’s the time when home items, like new appliances, lighting, and outlets, are installed. You might also need to connect pipes and cables to operate appliances and other systems. You may even have to activate the heating system to make sure that everything works as expected. If you are planning a major home renovation, it’s important to consult a professional to determine the timetable.