The idea of remodeling a home is extremely exciting. There’s nothing better than envisioning what you want your new kitchen or finished basement to look like and watching it happen right before your eyes. At the same time, many homeowners don’t know the many bumps in the road they may face throughout the process. Unless you’ve remodeled your home before, there are likely a lot of things that you just don’t know. We’re here to help you out! Keep reading to learn about 5 things you didn’t know about home remodeling.
- Budget Before Anything
Some homeowners jump into a remodeling project without thinking everything through. Before you make any changes to your home, you want to be well aware of your budget. No matter if you plan to DIY the project or to hire a contractor, you want to know how much money is needed to get the job done. This way you can ensure you have enough to cover the projected cost as well as any unexpected fees.
Budgets rarely stay the same. You may need to purchase more material or a contractor may charge you more for a rush job. At the end of the day, be sure you can fund the project, with money leftover, to cover any unforeseen expenses.
- Time May Not Be On Your Side
Home remodels need to be carefully planned. If you want your home to undergo a major overhaul, be willing to be in it for the long run. Just as your budget is bound to change, so is the timeline. It’s important to be realistic about the project’s schedule. Rushing to remodel your home can result in low quality work that needs to be fixed in the future. When planning a home remodel:
- Have realistic expectations
- Be in it for the long haul (some renovations can take months)
- Know how the renovations impact your home’s livability
With home renovations, patience is a virtue. While you may be exciting to see the final product, know that the best home remodels are done slowly to ensure thorough and complete work.
- You May Need a Permit
Every city and town has its own rules when it comes to home renovations. But, if you are planning some major work on your home, such as updating the electrical system, taking down a wall, or adding a door or windows, you’ll likely require a permit. In certain cases, your home may need to undergo an inspection to ensure all renovations meet quality and safety standards.
To minimize the hassle of getting a permit for your renovation project, hire a contractor. A local company will know the ins and outs of pulling permits which saves you time, effort, and frustration.
- Small Upgrades Can Make a Huge Difference
You may have this grand plan to remodel your home from top to bottom. But, the fact is that home remodeling isn’t a cheap project. For high quality work, you can expect to spend thousands of dollars, depending on the project and type of remodel. Many homeowners quickly realize that they don’t have the funding they need to pay for a huge home overhaul.
Before deciding to renovate your entire kitchen or to add more windows in your home, consider less expensive and less drastic options first. In the kitchen, there are tons of small changes you can make to bring new life into it. Have you considered refinishing the cabinets and installing new hardware? What about adding pops of color with new curtains, hand towels, and chair cushions?
Sometimes small changes can make a huge impact on a room. You may want to consider smaller less expensive changes before completing overhauling your home. This is a huge money saver.
- You Can Finance Home Remodeling
One of the biggest drawbacks of a home remodel is the cost. Spending thousands of dollars to renovate and upgrade your home can be a tough pill to swallow. Most homeowners don’t have thousands of dollars that they can readily spend on home renovations. Thankfully there are all sorts of financing options available the ease the cost of home repair. The most common financing options include:
- Personal loans
- Home equity loan
- Home equity line of credit
- Government backed loans
- Local and federal home improvement grants
So what is the process of getting a home improvement loan? You’ll need to determine how much you want to finance, the best lender, as well as the ideal financing option.
Before financing your home remodel, you want to first ensure that your credit score and history are sound. If you apply for financing with a low credit score or history, chances are you won’t be approved or the lender will only offer a high interest rate.
A lot goes into a home remodel. From the schedule to your budget to financing options, there are many factors to consider. When properly planned, a home remodel can boost your home’s value and make you a much happier home owner.