Home Remodeling Budget Do’s and Don’ts

Home renovations can be exciting. But renovating a kitchen,  basement, master bathroom, or a whole house addition, can also be a nightmare without proper guidance and preparedness. Homeowners should have a plan, of course, plus there are some home remodeling budget “do’s and don’ts” that will help ensure a smooth process and a great end result.

Return on Investment

Even though a remodel may increase homeowner satisfaction, money spent on updates and additions does not typically add an equal dollar amount to the assessed value, so it’s important to weigh the pros and cons of renovating against moving. It can be valuable to visit comparable homes in your city, particularly in your neighborhood, to get a better idea of what today’s buyers find appealing. Even if you plan to remain in your home, you’ll want to have a home remodeling budget that is appropriate for the style of home and the community.

Renovation Advocate can help

Establish Your Home Remodeling Budget

Whatever your planned renovation entails seek assistance early in the process to develop a comprehensive budget. If you have no idea what your planned renovation might cost, this is the time to consult with a professional at Renovation Advocate. After our initial meeting, we will help align you with an excellent, fully vetted, trustworthy builder/designer that can be an invaluable resource: Talk about your vision and rely on them to explain options and help you develop a realistic budget for your project.

Additional benefits of setting the budget up front include staying “on track” as plans and specifications are developed. You will have the ability to select materials that are within your budget, and you can adjust for actual costs as the work progresses. Unfortunately, without a budget, it’s not unusual for costs to exceed expectations by 30 percent or more.

Renovation Advocate can help.

Have Financing in Place

Unless you plan to pay cash for your home renovations, it’s prudent to research financing options in advance. There are a variety of ways to pay for home improvements. Check with your banker about home improvement loans or a home improvement line of credit. Investigate the option of opening a 0%APR charge account if you have an impeccable credit rating; just be sure to pay it off before the high-interest rate is levied on an unpaid balance. Other options exist, including dipping into retirement accounts. If you’re uncertain, discuss your plans with a banker or financial adviser and know how you’ll pay for the renovations before the work begins.

Cosmetic or Structural Improvements?

There are many reasons to renovate a home, but not all of them will dramatically change a home’s appearance. For example, including a new roof or siding, energy-efficient windows or a more efficient HVAC system, will add value even though a casual visitor might not even notice. Assess your reasons: If you love your home, but it needs new systems to give it increased vitality, they will no doubt add value. On the other hand, if the interior is drab, a revitalized look can make a huge difference in both livability and value.

Renovation Advocate can help.

Consider Smaller Projects

If a significant redo is out of the question, consider smaller remodeling projects that can be accomplished one by one for major impact over time. For example, replacing an entry door is an extremely effective way to improve the look of a home. In the same vein, changing out light fixtures both inside and out boosts a home’s appeal as well as its value.

Renovation Advocate can help.

Rely on Professional Home Remodeling Expertise

No matter what your plans, the advice of a professional design-build firm can kick-start your planning and simplify the process of renovating a home. If you’re handy and creative, it might be tempting to launch a DIY project with not so much as a second thought. However, for the best results and the highest value, it pays to consider the benefits of “one-stop-shopping” that a professional design-build firm offers.

By assisting you with design, plans and specifications, permitting concerns, scheduling, selecting and ordering materials, actual construction and supervision, inspections, final clean up, and warranties, a good reputable builder is priceless.

 

Jim Edwards is the Renovation Advocate.  His clients love how he gives them the options and advice from years of real world construction experience.  He has seen it all, fixed it all and helped homeowners create the home of their dreams. Jim can be reached at jim@renovation-advocate.com or by calling (608)480-1057.

Posted in Basements, Bathroom Remodel, Home Additions, Home Renovation, Kitchen Remodel.