Home renovation is a smart idea whether you are renovating to make your home fit your needs, or you are planning to sell it. There are several things to consider when renovating your home to make your renovation as stress-free as possible, and to get the best return on your investment:
- Think about what you want to do with your home to improve your home's functionality.
- Set your priorities and decide which one of your multiple renovations are the most important and begin with those first.
- Discuss your plans with a real estate agent if you are selling your home. The agent will help you decide which renovations will be most valuable for selling your home.
- Consult a real estate appraiser to determine how your renovation will affect the value of your home.
- Get information from family, friends, or neighbors who have completed renovations of their homes.
- Plan your renovation project in advance and do your research.
- Read renovation magazines, books, and Internet articles to get ideas, pictures, and tips for your renovation.
- Create a detailed drawing to scale of your renovation project on paper.
- Create a step-by-step schedule for the completion of your renovation project.
- Get advice and ideas from an architect or home designer.
- Consult a structural engineer to insure your renovation does not affect the structural integrity of your home, if your renovation involves the removal of walls.
- Arrange your finances and prepare a budget for your project.
- Include in your budget a cushion of 10%-15% to cover any unexpected costs.
- Think realistically about how much of a return on investment your renovations will give you when selling your home.
- Renovate your kitchen, bathroom, patio, or deck first as they are good choices for adding value to your home.
- Don’t spend more than 5% of your home’s value on a kitchen renovation.
- Don’t spend more than 3% of your home’s value on a bathroom renovation.
- Don’t spend more than 2% of your home’s value on landscaping (front yard, patio, deck, backyard ).
- Consider your neighborhood if you are thinking of a big renovation. Will you be able to get the return back on your investment?
- Consider Eco-friendly renovations.
- Get quotes for your renovation project from as many licensed contractors as possible.
- Ask for references when hiring a contractor.
- Discuss your plans in detail with any contractor you decide to use.
- Get a written contract from any contractor you decide to hire.
- The contract should clearly state the price to be charged for the renovation and time frame for the completion of the renovation.
- Prepare for problems that could occur with your planned renovation (material shortages, equipment breakdown, delays).
- Make sure your renovation meets building code requirements.
- Get all required permits before beginning any renovation project.
- Remember to contact your security system provider, if you are installing new doors or windows.
- Remember that you are not only remodeling your home for yourself, but also for potential buyers, if you decide to sell your home in the future.
Well-planned home renovations improve the comfort of your daily life, increase the appeal of your home, decrease your energy bills, and increase the value of your home.
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