The home renovation process can be lucrative and emotionally rewarding. If done without safeguards, it can become stressful and financially draining. To get the most out of your home renovation adventure, try out these six tips!
1) Stick to Your Original Plan
As the home renovation process begins, it can be easy to become inspired and want to add to your to-do list.
It’s best to enter the process with a plan of everything you want to be done. Have an idea of what you can cut from the list if needed and what needs to stay. This way, all of the essential work will get completed.
2) Set a Budget
It can be easy to overspend, especially on large-scale projects. Consider your income and savings you have set aside when determining a budget to stick to. You may also consider using a renovation loan. FHA loan programs and conventional loan programs both have renovation options to help with your upgrades.
Even if money isn’t an issue, you shouldn’t spend too much on one area of your house. For example, the kitchen generally accounts for about 15% of a house’s property value. So, if your home is worth $300,000, you don’t want to spend more than $45,000 on fixing up the kitchen. Exceeding the $45,000 limit on your kitchen won’t increase your home’s property value in a worthwhile way.
3) Hire a Contractor
When renovating your home, you should choose the right person to get the job done. Ideally, this will be a home renovation contractor. These contractors determine a project’s cost and offer a contract. From there, they provide all the employees and supervise the work being completed. Contractors charge you a one-time fee including labor, supplies, and an additional markup.
Try to avoid enlisting the help of:
- Architects. Architects visit your home and create a plan to make it happen. Some architects’ involvement ends there, while others can manage the actual project. Architects often cost anywhere from $50 to $200 an hour, which is a hefty price to pay for planning you can complete yourself.
- Designers. Designers charge similar hourly fees and often don’t manage projects.
Contractors have the experience and knowledge to handle projects, both simple and complex. If you’re skeptical of a contractor’s capabilities, consider this: all of the projects completed on the popular reality TV show Property Brothers are done by a contractor! Contractors are the backbones of completing home renovation work.
4) Use Different Materials
To save money and add some diversity within your home, switch up the materials that are being used. Add some custom finishes like custom iron doors for your entryway. Have more expensive hardwood floors placed in areas with heavy traffic, like the kitchen and living room. Cheaper tile flooring can go in bathrooms or laundry rooms.
To maximize your savings, consider using reclaimed materials. Your contractor may have unwanted vintage hardware or other discarded materials they can use for your project.
5) Complete Some of the Work Yourself
You may not need professional help for parts of the renovation process. Ask family members, friends, or neighbors for help with:
- Adding a kitchen backsplash.
- Painting the inside or outside of your home.
- Applying removable wallpaper.
- Hanging wall decor.
6) Communicate Well
You’re spending a lot of money on making your home look the way you want it to. Get the most out of your home renovation by communicating what you want. Let your contractor know if you’re not happy with how a project is going or if you want to make some changes.
If you share your home with a spouse or someone else, communicate with them too. The two of you may have different ideas of how you want the final product to look. Facilitate communication to ensure you both end up happy with the final look. Be willing to make compromises when necessary.
Increase the value of your home with these 6 home renovation tips!