Home renovation spending is on the rise, and more homeowners are plugging time and money into redesigning or updating their home at some point of their ownership. As more people get ready to jump into home renovation plans, one question that often comes to mind is, ‘How do I plan it?’ A home remodel, particularly a large scale one, can entail many different moving parts and decisions to be made including the paint and color schemes, building permissions and, of course, the finance to go along with the plans. Whether it is upgrading your home to run more efficiently or remodeling your kitchen to suit your family’s personality, take a look at a few tips to guide you through the planning process.
Get Your Vision On Paper
The beginning of any renovation is having an idea of what you want to change in your home. Once you have a clear vision of what your home should look like post remodel, you can then set about deciding what needs to be done to get to this point. This may mean either consulting an architect to draw up custom plans, or browsing renovation websites and magazines to create a lookbook. Keep in mind this does not have to be the final product and it is completely amendable throughout the process.
Get Your Finances & Budgeting Sorted From The Get Go
Home remodels and renovations can come with a pretty price, which makes financial planning even more important. HomeAdvisor estimates the cost for remodeling a home of less than 1,000 square feet to be $18,347, and in 2018, homeowners spent an average of $6,649 on home renovations. When beginning your remodel budget, a good place to start is to secure estimates from contractors and builders. Be sure to include multiple builders to get a wide cross-section of prices, and include different scenarios such as self-management into your quotes.
After this, it is time to consider the financing of your renovations. Many homeowners tend to use personal savings to fund their plans, while home improvement loans are also popular. Consumer credit such as credit cards is also listed as a possible option for smaller projects costing less than $5,000 or $10,000. Alternatively, senior homeowners can also consider securing credit using built-up home equity to finance any home improvement plans. If your plans are large scale or you plan on remodeling a fixer-upper, you may want to consider a home construction loan as a finance option. Finally, be sure to leave at least a 5 percent buffer in your budget when planning, as prices (and plans) can change throughout.
Do Your Permissions Research Early
AMA Research states that one of the biggest concerns for self-builders is getting planning permissions from the relevant authorities. This rings true for home renovators as well. Securing planning permission can be a lengthy process, and if not timed correctly, can delay a renovation or lead to the payment of fines for non-adherence. At the beginning of your renovation planning, seek advice from your local council on the process and whether your plans will require permission. Plans such as building extensions and the updating of the plumbing system are some of the most common home changes that will come with permits. This will change in each state and country according to their local laws, so be sure to secure the appropriate resources when enquiring.
In any home remodel, good planning plays a large part in ensuring its success. These are just a few of the things to keep in mind when planning, and addressing them can make the experience a much more pleasant one.