You could have spent a long time in the same house. Your children have grown up there and maybe already moved out. Their room is unoccupied but gathering dust everywhere. Perhaps now is the best time to consider changing things around and planning a home renovation?
Maybe your children are a long way off leaving home and it’s starting to feel too cosy so you’re thinking of planning a loft conversion instead.
Have you always had a secret desire to change the flooring, have you seen enough of the wall tiles that you have hated for so long. Putting home renovation plans into motion doesn’t have to be daunting, you just need to take the time to think about what you really want, and need, to get the stylish home you desire.
Here are some of the top tips to help you make wise decisions and plan for your home renovation.
1. Never underestimate the cost of renovations
Depending upon the extent of the renovations you are planning to undertake, the costs can soon mount up. Take the time to plan what you want to do so that you can cost every aspect of the project before spending a penny.
Home renovations can take a long time and you may be required to release funds at various points throughout the process. It is a good idea to put a contingency fund in place as a buffer for unplanned expenses like when things could and do go wrong.
2. Seriously consider whether you are over-renovating or not
Do you need to do a full renovation or will a makeover be enough? Weigh up your options, check to see whether all aspects of your home need replacing or whether they can be upcycled to save money.
3. Consider bringing in the professionals
If you will not be doing the job yourself, then hiring a contractor or project manager is a good idea. If this is something you are planning on doing then don’t forget to include their fees when planning your costings. If it is on the higher side, consider doing it alone. This helps save you. However, you need to know if you have the required skills.
4. Check where the finances will come from
Check the money source, preferably your savings. Compare this to the budget you have. If it workable budget then go for it, if you’re short then consider whether you could add to your budget by selling on some of the items you no longer want but are still in good repair for others to use. Can you perhaps add a little to your mortgage or consider a skills swap with a friend to save costs on some aspects of the job.
5. Be patient
Wait for the dream to come true. Don’t rush into taking out a loan in order to get the job done, sometimes you just need a little patience and to do the work a little at a time rather than getting into debt. Remember this is not an investment but you are going to spend.