With today’s crazy real estate market many homeowners are opting out of buying new homes and looking to upgrade their existing ones to suit their needs.
Remodelling your residence will not only enhance the living space but also protect the value of your home. However, before you start researching backsplashes and paint colours, make sure your time and money will be well spent by considering the following do’s and don’ts.
Don’t start without a budget. Building the kitchen, bathroom or walk-in closet of your dreams sounds like a great idea but have you considered how much it will cost you? Without a properly laid out budget, most people will spend more then they intended on their project. Take a hard look at your finances and figure out how much you are willing to spend…and stick to it. Having a strict budget will also help you determine what you can and can’t afford.
Do figure out your financing options. Do you have savings or will you be financing? Have a good understanding of where your money will be coming from to pay for your remodel and secure your finances before starting the project. Borrowing against your home, getting a bank loan or even looking for credit card promotions could be a good way to help you cover your costs. If you are financing, don’t forget to factor any borrowing costs into your budget.
Don’t believe you will get everything on your wishlist. Although a wishlist is a great way to start thinking about your reno project rarely do they take into account the budget. Look at your wishlist and prioritize your needs vs. wants.
Do hire a designer or have a design in mind. Nothing is more time consuming and expensive then a customer who is indecisive during the remodel project. To make sure your renovation runs on time and within budget, make your design decisions before starting the project and don’t change your mind (too much). If your project is a large one (kitchen remodel, whole home remodel, etc.) consider hiring a designer. The designer will work with you to make you vision a reality while ensuring that the contractor is not delayed because you are unable to decide between paint colours.
Don’t price yourself out of the market. Take some time to compare homes in your neighbourhood. Having that gourmet kitchen or butler’s pantry might sound like a great idea but it may end up making your home the most expensive one in the neighbourhood. This will make selling your home more difficult and you may not get back the money you invested in your remodel.
Do consider the option of moving. If the cost and inconvenience outweigh the benefits of a remodel, consider the option of moving to a home that fulfils your wishlist. Sometimes the best option is to just move on.
