Important Things to Note Before Beginning a Home Renovation Project

Some homeowners can’t help but see the potential in their home. They see it in their mind: carpets transform to hardwood, walls are demolished, and outdoor spaces are completely redone into fanciful gardens. You want to improve, and if it’s in your means, then you should go for it.

Perhaps you have plans to knock down that wall between your kitchen and dining room to give your home that more open feel. Perhaps you want to make a small alteration to your home, like paint the walls. Perhaps you want to transform a whole room.

Before you swing that sledgehammer though, you should be absolutely sure about what you’re doing. Here are a few important things to note before you start your renovation project:

Decide How to Finance the Project

You’ll be very disappointed and angry if you get halfway through your project and realize you won’t be able to fund it through to completion. Under-financing your home improvement project is a mistake that many homeowners make, leaving them stretching their money or giving up on the renovation altogether.

Even if you have an idea about how much you want to spend, you want to secure that way of financing your project before you get started. A few ways to finance your remodeling include acquiring a personal loan, home equity line of credit, savings, or home equity loan.

Secure A Return on Your Investment

Every renovation you do should be done with the intention of improving the value of your property. A simple way to determine how much ROI you’ll get from your project is by taking the current value of your home and adding the estimated cost of your project. Be sure that you include the interest rates of the loans that you’ve taken out to finance the remodel. After calculating that, compare it to the value of other homes with similar improvements for sale in the area. Make sure the total doesn’t exceed 15 to 20 percent of your home’s net value.

ROI shouldn’t be the sole reason that you decide to revamp your living space. You should also consider the personal value that a remodel could have. But, if you don’t think you will be staying in your home for much longer than a few years, ROI is especially important to keep in mind.

Obtain All Permits and Certifications

Before beginning your quest for home improvement, you want to ensure that your project meets all the proper codes. This means that you have to have certifications so that your project isn’t interrupted due to violations, or so that you don’t have difficulty selling it later. Permits are necessary for those who are planning to remodel. You can get all the local permits you need through local and state authorities.

While permits often vary by state and communities, the following are a few common projects that need permits:

New buildings, like a garage, guest house, or barn.
Room add-ons or other extensions to the home.
Renovations to kitchens or bathrooms or any exterior remodeling.
Putting in new electric, home automation, or plumbing.

Hire Experts

When you’re remodeling, you want to ensure the people who are working on your home know what they’re doing. While hiring a general contractor can be a good move, you want contractors who are specialized in the area of the home that they’re working in. For example, if you’re doing a full bathroom remodel then you want to work with someone, like your local plumbing company, to ensure that the plumbing remains in working order.

The Bottom Line

Taking on a home improvement project means that you have to put a lot of work into it. If you feel like it’s more than you handle, think smaller and then work your way up. Before the project begins, ensure that you’re taking steps to prepare for what is about to happen. Protect your investment and your peace of mind by doing it right.

When everything is said and done, you should enjoy the new space you’ve created. The new additions and transformations should give you a sense of excitement and empowerment.