Renovating your home can be one of the most difficult tasks you will ever do, it is also one of the most rewarding. When you decide to renovate your home, there are a lot of decisions you will have to make. You will need to decide on the choice of contractor, style, design, flooring, decor, colors, and even themes. All these can be very overwhelming and exciting.
A survey showed that an estimated 221 billion U.S. dollars were spent home improvement and repair exp.... Another study showed that the cost of home renovations has also increased by over 22% in the last few years. In 2016, homeowners in the United States spend $33,800 on average in home renovations. As exciting as the idea of breathing new life into your old home may sound, you have to know that this process can cost you a lot of money. A small mistake can double the money you pay on your home renovations. It is very important that you get it right on your first attempt.
Before you jump into renovating your home, it is extremely important that you go through this guide to understand how the process works. In this article, you will learn everything you need about home renovations. Keep on reading to find out more:
Step 1: Understand Why You Are Remodeling
Before you start renovating your home, it is extremely important to understand why you are renovating your home. Do you want to convert a room into more usable space or update your plumbing? Or you simply want to give your home a modern look? Understanding the motivation behind your home renovation project will surely affect how you apply your budget.
Common reasons why most people renovate their home include maintenance, updating rooms, improve efficiency, new style, and design, and getting ready to sell. Know exactly why you want to renovate your home.
Step 2: Design and Planning
When you understand why you are renovating, you will need to start planning. This means coming up with design ideas and setting your budget so you don't overspend or get into too big of a loan for your renovation. You can find some design ideas on Pinterest, and other home renovation forums such as SGHomemaker.com. These websites will give you some insights on styles, furnishing ideas, paint color, curtains, wardrobes, lighting, furniture, and even electronics.
Alternatively, you can look for a contractor. Most contractors will provide you with tons of design ideas along with their cost. Finding a contractor can save you a lot of time.
Step 3: Find the Best Contractor
Perhaps, this is the most important part of your home renovation project. Your choice of a contractor will affect your entire project. You need a contractor that can get your project right at the first ....
Don't just choose the first contractor that pops up in your research. Take your time to make enough research, read reviews, ask for recommendations, ask questions and compare quotes. This process can take some time but it definitely worth doing it right.
Step 4: Plan Your Financing
Chances are, the budget you have in mind won't get you far in your home renovation project. Homeowners always find out 60% of the time that their budget isn't enough. However, there are those who spent beyond their planned total.
Before you embark on a home renovation project, it is important you sit down with a professional to know how much your project will cost. If your savings can't cover your budget, you have the option to take out a home equity loan. You can only borrow an amount that is equivalent or less than your home's value.
When looking for a loan, don't settle for the first lender that makes you an offer right away. Shop around and consider various lenders to know which one is best for you.
Step 5: Start Your Home Renovation Project
Unless you are planning on DIY home renovation, you will need to draw up a schedule of when your contractor can start work. Ideally, we recommend you hire a contractor for a big project. Don't go DIY route unless you have an actual experience. Some home renovation projects might look simply, but when you get into it, it becomes extremely overwhelming. You might end up spending more money than you actually budgeted when you go DIY route.
Hire a right contractor, make sure the contractor has experience and insurance. A good contractor must give you an exact date he can start your project and estimated time of completion.
A home renovation project is not an easy task. It is overwhelming and exciting at the same time. You need to consider your choices, make your research, and ask for recommendations. One thing is for sure, once you are done with renovating your home, you will be very happy that you made this decision.