What happens when you are selling and looking to purchase a home simultaneously? The answer: is a little more complicated than you think.
When it comes to house renovations, it is important to have a clear plan in place. By asking yourself a few questions before you start renovating, you can get a better idea of your goal, what you are trying to do, how much it will cost you, and how you are going to manage it all.
In This Article:
- Is The Home Worth Renovating?
- Is It A Cosmetic Or Structural Renovation?
- What Is The Budget On The Renovation Project And How Are You Going To Stick To It?
- What Are The Offers On The Home Renovation Project?
- How Are You Going To Manage Stress And Fatigue?
There are a lot of people who are looking to improve the home in which they live. One of the top ways to do this is to renovate the building; however, it is also important for everyone to make sure they know exactly what they are doing before they get started. There are several questions that everyone should ask before they start a home renovation project.
Is The Home Worth Renovating?
One of the top reasons why people renovate a home is that they think this is going to increase the value of the home. While this is certainly possible, everyone has to run the numbers and make sure they are either going to recoup their investment when they sell the house or that they are going to be in the home for a long time before they sell it. If the home is worth renovating, then it is fine to proceed.
Is It A Cosmetic Or Structural Renovation?
Before you can decide the budget, another one of the top questions everyone should ask before renovating a home is whether your renovations are going to be cosmetic or structural? Clearly, if you plan to flip the house or eventually sell it, then only you can determine if making structural changes to your home are necessary or cost-effective. That said, it is important to keep in mind that homes that are overly customized tend to be harder to sell down the road. If you do decide to change the floor plan, remove walls, or extend your property, make sure you obtain planning and building approvals before beginning any work. You should also make it a point to contact the city to find out about their regulations and ensure your home improvement adheres to them.
Alternatively, if you do not plan on selling your home anytime soon then, you can proceed with either type of renovation or both if you so choose. Note, undergoing a cosmetic renovation tends to be more cost-effective. But be careful; if your goal is making a profit from your renovation at some point, then you will need to nail the visual appeal of the property. Look to improve those elements potential buyers notice as soon as they walk into a property, such as your entrance, window furnishings, light fixtures, and flooring.
What Is The Budget On The Renovation Project?
Next, it is also important for everyone to know what the budget is one the renovation project. Remember that there are always going to be expenses that are not foreseen, so be sure to include some room at the top in case the contractors come asking for a budget increase. They almost always do.
How Are You Going To Stick To The Budget?
The best way to stick to a renovation budget is to always allow a buffer of at least 10 percent to ensure that you are covered for the unexpected costs and expenses that will inevitably pop up.
It may also be beneficial to make a list of your reno must-haves, i.e., the more costly items you are unwilling to compromise on – then decide what you are willing to spend less on. Likewise, it is crucial to factor in costs beyond the aesthetics into your budget. There should be room in your budget for hidden costs (demolition and site clean-up) as well.
What Are The Offers On The Home Renovation Project?
It is also important to collect multiple offers. Talk to designers, contractors, and architects. Collect a few referrals. Then, talk to all of these individuals and see how much money it is going to cost to complete the project. This is one of the top ways that everyone is able to save money on their home renovation projects and make sure they get exactly what they asked for when the project started.
How Are You Going To Manage Stress And Fatigue?
During a long renovation, there may be times when you need to lean on others for support. Reach out to nearby friends and family. And see if they can offer you a place to spend the night, do a load of laundry, have a hot shower, or give you some moral support.
Make sure you take some time for yourself too. Even a quick walk in the park or getting some fresh air on your lunch break can make a huge difference in how you feel. Plus, putting some distance between yourself and the renovation site can give you clarity and minimize stress.
Answer These Questions Before Starting A Home Renovation Project
Ultimately, by tackling this list of the top questions everyone should ask before renovating a home, you can plan ahead of time and ensure that everyone is on the same page before the project gets started. When homeowners take the time to plan a home renovation project, they increase the chances of the project being a success. This includes not only an aesthetically pleasing project but a wise financial investment as well.
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