Home renovation projects can be a great way to improve the value of your house while also making it more enjoyable to live in. However, they can also be a serious source of stress and money pits. The difference is in how you plan for and execute the project. If you are careful and lay your groundwork correctly, you will see excellent results.
1) Set a Manageable Budget
Before you begin any home project, you need to set a realistic budget that you can work with. This should neither be outside of what you can actually manage nor should it be unrealistically restrictive. Chances are you aren’t going to redo your bathroom for a few hundred dollars, especially if you are hiring someone to do the work.
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Get a good sense of what things cost before you start. Additionally, build in some wiggle room. Chances are these will be a few unexpected expenses.
2) Plan Realistically
Once you have your budget, it is time to start planning (these often happen simultaneously since they inform each other). Again, your goal should be to create realistic expectations about your scope of work. You don’t want to plan something that is beyond what you can realistically manage. You also don’t want to set your expectations for completing your work unrealistically quickly.
Think about what the most important outcomes of the project will be. These should be your focus points while other “nice-to-haves” may be able to wait.
3) Have a Sense of the Value Impact
Not every home improvement project will hugely increase the value of your house. In fact, some are a net negative in terms of value. While you may be starting your project to improve your lifestyle, it can still be helpful to have an idea of what the value impact will be.
It can be helpful to get some input from someone who is familiar with local real estate. Depending on where you live, working in this field likely requires licensing. So, for example, in NYC, they will have taken a New York real estate salesperson course. Therefore, you can expect a good amount of knowledge of home values.
4) Set a Clear Vision
Your vision for the project should be your guide as you make decisions. Chances are that you are renovating in order to improve your lifestyle in your home, at least in part. If the project doesn’t turn out the way you want it to, then it was not successful.
Let your vision for what the project’s results will look like guide you. Of course, you also need to be careful about your budget and plan. The key to success is balancing these interests to achieve the best result possible.
5) Get the Right Help
Home renovation work isn’t easy. While you may be able to do some or even a lot of the project yourself, chances are you will need at least some outside help. For example, if you are doing your bathroom, you may need a plumber to help with the piping.
Finding the right help can make your project go much smoother. Above all else, you want to find someone who is reliable and honest.
6) Stick to the Plan
Once you know what your plan for the project is, try to stick to it as closely as possible. Don’t let new ideas cause you to deviate. Remember, you put all that work into creating a vision, budget and scope of work. You weren’t just going through the motions. The point of that groundwork was to ensure that you will enjoy a successful project. Jumping off of your original plan could result in going significantly over budget or ending up with an unsatisfying result.
Discover more about how to ensure the success of your home renovation efforts. When you prepare properly, you will be more likely to be happy with the outcomes.