Home renovations are a big expense undertaking and a lot of work. It is not an easy decision to start one, but it is worth it in the long run. There are many things that you should know before you start your renovation project.
Some people may feel overwhelmed by the prospect of renovating their home, but they should know that there are a lot of benefits to renovating your home. For example, if you want to sell your house in the future, it will be easier for potential buyers to see how well-maintained your house is if it has been renovated. As the Equity Master, it’s my job to know how to strategically help you upgrade your property to make the most out of it in the long-term.
Home Renovation Pre-Requisitions
The pre-requirements for home renovation can vary from one person to the other. Some people might need a different set of tools and materials than others, and it is difficult to know what you will need until you start the project.
Understand your Budget
As the cost of renovating your home has skyrocketed in recent years, it is important to understand what you can afford. There are a few factors that come into play when calculating this.
First, you need to understand what percentage of your household income will be going towards the renovation project. Second, you need to estimate how long it will take for the project to be completed. Third, you need to consider how much your home is worth currently and how much it would increase in value after renovations are finished.
You need to be clear with what your budget will allow for the project, and whether it will fit into your home’s layout.
Understand Your Home’s Floor Plan
If you don’t understand the layout of your house, then it won’t be easy to find the right contractor for the job. Before you start to renovate your home, you should understand the floor plan of your home. This will help you decide what to renovate and where. If there are any rooms on the lower levels that are not used, then it is a good idea to renovate them and add value to your home.
The most important thing about understanding your home’s floor plan is understanding how the rooms and spaces connect with each other.
The floor plan will also help you figure out how much work needs to be done in order for the renovations to happen.
Get Estimates from at Least 3 Contractors
This way, you can compare their prices and services along with determining the cost of the renovation and make sure that the renovation will increase in value. Also, because most of the time, a contractor will give you a lower price than the other contractors and then when it comes to negotiating with them, they will use that as leverage.
Know your Timeline
If you are looking to renovate your home to increase its value, it is important that you know what the timeline is for the renovation. The timeline should be determined by how much time you have and how much work needs to be done. The most important factor is whether or not you have enough time for your renovation plans to be completed before selling your home.
Final Thoughts
The most important factor in your entire plan, is to have one. To try to foresee what you may need to avoid being sidelined by what may come up. If you’d like to reach out, I off the option to book a free consultation over a cup of coffee so I can help you navigate the process and give you the best chance to coming up on top, with the highest equity in hand!
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