Happy New Year! It’s a new year and you might be considering a new remodeling or renovation project. If you are, you are probably planning, preparing and researching ways to make it more successful and tips to save money and get exactly what you want. If you wanted to be successful, and who doesn’t, start with these five simple tips.
#1. Begin with the end in mind.
What are you trying to achieve with this remodel? Consider your return on investment. Will you be putting thousands of dollars into a project only to sell in the next year and not get that money back? Consider the end result in what you are really trying to achieve. Are you looking for a great kitchen that you can enjoy for many years? Putting in top-quality appliances and materials might be the best option. However, if you’re only planning on being in the home for a couple of years, you might find a lower grade of materials to use so that you can enjoy the upgrades but you won’t break the bank when it comes time to sell.
#2. Consider financing options.
How will you be financing your remodel? Do you plan on refinancing your home and pulling out some equity? About a home equity line of credit? Have you saved up are you planning on putting it on a credit card? These are things to consider, especially when it comes to interest rates, how fast you can pay it back and if it will benefit the home in general.
#3. Your location can affect the cost.
In downtown Portland and in some popular Portland neighborhoods and cities, home improvements and remodels can really pay you back when it comes to selling the property however, putting in a $50,000 kitchen in a home that is an hour away from most metro areas, may not be the best option financially. Consider your location, the type of renovation and if it fits not just the neighborhood but your budget both now and in the future.
#4. Make a plan and stick to it.
If you have a big plan it’s important to start small. If you’re working on the entire house, don’t spend half of the budget on the bathroom if you’d really like to upgrade the kitchen. It might be a good idea to start with a home inspection so that you know any serious issues, hazardous materials or problem areas that will need to be fixed before the renovation begins. Also, let your contractor purchase the materials for you as they can usually get a better deal.
#5. Consider relocating during the project if it’s a large one.
It can be very difficult to live in the middle of a home that is undergoing construction. Unless you’re doing a small project here or there, it might be best to relocate your family during the construction. It can be a big inconvenience, especially if contractors need to turn off water or electricity for an extended period of time.
For more information on your 2017 renovation or construction project give us a call today. We’d love to give you some estimates on remodeling your home to fit your current lifestyle and budget.