5 things to consider before starting a home improvement project
Your home is like your custom made safe-house. It is where you love, laugh and live out a thousand memories with near and dear ones. Everyone has a mental picture and a pre-set goal of what their ideal home should look like which is why every homeowner feels the need to constantly improve, innovate, enhance and renovate their living space.
A home improvement project can be life-changing and endless fun if done with the right preparation and financial calculations. If you want to build a photography studio in the backyard or wish to transform the guest room into a library or accomplish any other insane home remodeling ideas here are the essential five tips that’ll help you get on the right track and get started.
1. Plan on finances for your project and fix a budget
The right amount of financing is key to any home improvement project. You dream home won’t be complete if you can’t fund it till the end. A major reason for the failure of most home renovations is under financing without properly estimating costing.
So, always have a clear idea of how much you wish to spend and secure that line of financing before you begin, using effective ways like cash from savings, personal loans, and home equity loans.
Setting the right budget is another important factor for determining the success of your home redesigning venture. You should always know where to draw the line based on your economic abilities. Don’t be too miserly or too liberal on your budget. Find a balance, yet be ready to face unexpected expenses. Realizing that the budget is about the pricing of a long term investment and not a cheap exercise is important.
If you have to borrow some extra cash analyze what this loan will add to your monthly spending. Next, find good contractors and ask their quotations. Look before you leap and do your research prior to finalizing anyone. Once you land the right fit, add up to 20 percent to your contingency buffer for the final estimate.
2. Protect returns on your investment plan and safeguard your investment
Your home refurbishment assignment should always increase the net worth of your property in relation to those in the market. To enable this, calculating Return on investment (ROI) is mandatory and here’s how.
- Take into account the current value of your house, add the approximate cost of the makeover plans and interest from loans.
- Cross-check this sum with that of other houses with similar enhancements for sale in the neighborhood
- Ensure that your total is not more than 15 to 20% of your home’s value.
Further, many building contractors allocate subsidiary labors like home automation to third-party subcontractors. They are only part-time employees that may not be part of the contractors’ compensation policies. This is why all insurances and contract agreements and clauses should be verified beforehand. If the workers are not adequately covered you may have to expand the limits of your homeowners’ liability insurance. Do not wait until the completion of all the refittings before you increase your insurance as circumstances may lead you to end up paying cash out of your pocket for unpredicted damage repairs.
3. Procure necessary permissions and certifications.
Prevention is always better than cure, so make sure all your permits are verified and proofread according to the local codes and issued by local and state authorities to avoid any interruptions and legal objections later on. Don’t forget to include this in your initial budget.
4. Understand space and decide how to transform it
Now that you’ve learned the financial precautions you need to be taking, let us look at the architectural and interior decoration requirements. The only way you can firmly decide how you want to change your house, the color of wall paints, the type of flooring, the material of the carpets, the kind of lighting and other countless confusions is by spending a lot of time in the space upfront and considering how everything would blend together. It is advisable to carry along a handy tool backpack with all necessities like notepad, pens, measuring tape, etc. when you go shopping for home fittings. This is the only way to eliminate redoing work and forming potential regrets.
5. Be flexible with your deadline
Setting a finish date is encouraging and helps you work on your goals consistently but this doesn’t mean you get frustrated if your plans don’t take shape in time. Renovation of a house is a complicated affair with a lot of things to be taken care of. So don’t rush anything. Don’t make hasty decisions on crucial elements. Pay attention to vivid detail, pick only what you like best, be patient and realistic about your timeline and dream home will emerge perfectly.
Hope all your home improvement doubts have been cleared. Then what are you waiting for? Put your plans to paper, research ideas, find contractors and fix up your home into a modern paradise.
A blogger who loves to write in different verticals. Co-authored Supercharge Organic Traffic: A popular course focusing on Organic Traffic for Ecommerce.. Hobbies are traveling and reading.