Top tips to plan a budget-friendly home renovation

Top tips to plan a budget-friendly home renovation

Take a look at the best tips to plan a budget-friendly home renovation without any worries! Here you will find the best tips to renovate your house. Keep reading to find out all the details!

Take a look at the best tips to plan a budget-friendly home renovation without any worries! Here you will find the best tips to renovate your house. Keep reading to find out all the details!

With historically low-interest rates, there are plenty of good reasons to remodel your home, from fixing a flaw to converting a room into a work-from-home office to potentially boosting its overall value.

But before you begin construction, consider costs, contractors, and just how long the work will last. This step-by-step guide can help you plan your home improvement project while keeping you right on budget.

There are plenty of good reasons to remodel your home!

Before you begin, determine the extent of your home renovation. Does it require an architect? Will you hire a contractor or save on costs by doing the work yourself? Does your project qualify for tax deductions?

Consider these questions and whether the upgrades will add long-term value to your home. Keep in mind that when you sell your home, you might not recoup every penny you spent, particularly if the upgrade makes your home worth more than other homes in the area. 

You may love a good fixer-upper, but you shouldn’t have to fix-up your finances after a renovation. As you set your budget, remember that it isn’t just about costs. Sure, you’ll need to calculate permit fees, labor, the cost of quality materials and temporary housing accommodations, but you will also want to figure out how much you can responsibly afford.

Once you’ve set your budget, you can start shopping around for financing. Tapping into your home equity through a home equity loan or home equity line of credit (HELOC) could be your best bet. Why? Loans backed by your home come with lower interest rates than unsecured personal loans or credit cards.

Unless you’re a passionate DIYer, you’ll probably need to hire a general contractor. Before you do, check out reviews online, get input from friends and ask local realtors for recommendations. To make the best choice for your budget, try to obtain several cost estimates. And more importantly, always make sure they’re licensed and insured.

Unless you’re a passionate DIYer, you’ll probably need to hire a general contractor.

Permits are crucial to pulling off a hassle-free renovation. Don’t know where to start? Plan a trip to your town hall or local building department to find out what permits are required to meet building codes. From plumbing to electric, make sure you meet every requirement needed to give your home project the green light.

Also, set a payment timeline with your contractor and be sure to get it in writing. Typically, you’d secure plans with a down payment, then make additional payments as your project progresses.

Finally, check in on the status of your project frequently to ensure that the work is done right and efficiently. To hold everyone accountable, keep your contract on hand. It should contain important information such as your overall budget, start and completion dates, material costs and warranty information.

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