Thinking about renovating your apartment or dream home? It turns out that you are not alone. According to reports by Trulia, approximately 90 percent of all homeowners say they plan to renovate their homes at some point. However, many of them are also deterred by the challenges that come with the home renovation process. Whether it is the dreaded homeowner meltdown or building renovation stress that can creep up, renovating a home can be taxing. Your best bet- planning ahead and being realistic when it comes to timescales and finances.
Be Clear On A Budget- Including Your Flexible Budget
One of the main points of contention during a renovation is the budget. A common pitfall during renovations is the underestimating of costs which can then leave you having to reach for expensive financing. This is why it is important to carve out a realistic home renovation budget from the start. To get accurate figures, get at least 3 quotes from different contractors. Don’t forget to localize it either. For instance, if you want to remodel your kitchen you can use a kitchen remodel cost estimator for a cost breakdown. It is also recommended that you create a built-in buffer for unforeseen costs of at least 10 percent. Renovations almost always cost more than initially expected, and it is better to be prepared.
Do Your Research On Your Renovation Priorities To Save Time
It also helps to know what your non-negotiables for your renovation are. This means mapping out the aspects that are most important to you for the renovation. Take the time to write down what is key in your renovation like the use of sustainable building materials or antique fixtures. Once you have an idea of what you want your renovation to look like, you can work on drafting a budget around them.
Get Accurate Estimates When Thinking Of Finance
If you are going to use financing for your renovations, it is also important to do your research on your options out there. Don’t forget to account for the cost of each financing option. For instance, a loan acceptance calculator can show you what your monthly payments will look like with the interest rate element added. If you are refinancing for your home renovations, there are also closing costs, permit fees, and surveyor costs to think about.
A top tip from experts: expect renovations to cost 50 percent more and take 50 percent longer right now. Because of delays and certain red tape, renovations can easily go off track from their initial schedule. The best way to prepare for this is by doing your homeowner. Get multiple bids from contractors and spend time ironing out the finer details before getting started. You want to ensure that both you and your contractor are clear on costs, time and materials before the work starts.
Keep in mind: no home renovation is straightforward. You may find yourself facing unexpected challenges out of your control like material shortages or timeline delays. What you can control, however, is your preparation for such incidents. Being ready for them means you are able to easily adapt to such a situation.
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