As a current or potential owner of an older home, you’ll have to invest in major remodeling at some point in the future. Maintaining a safe house and keeping up its value will require serious renovations at some point. Make the best of your improvements and minimize risks by coming up with a good plan.
You’ll need to take proper inventory of your needs and prioritize when it comes to budgeting. The idea of a brand new master suite may be really appealing, but what if there are major structural issues? Consult the services of a home inspector to help you determine which upgrades are absolutely necessary. For example, an inspection may reveal major foundation issues that would be more important than upgrading to hardwood floors. You’ll need to make sure you have money for slab repairs.
Determining Scope and Schedule
It’s not hard to get carried away with renovation plans. After you’ve assessed which work is most critical, come up with a feasible scope and schedule for the work. It should be commensurate to the overall value of the home. For instance, it doesn’t make sense to put $75,000 into master bath improvements if your house is worth $150,000. Pay attention to your schedule and prepare yourselves. If you were to do a complete overhaul of the kitchen, you may not be able to cook food for several weeks, impacting your food budget.
Although you may save a lot of money doing the work yourself, some work must be done by licensed, experienced contractors. You might be able to paint walls by yourself, but complex matters such as electrical and plumbing rework should be done by professionals. You risk damage to your property and injury/harm by doing advanced work on your own.
Home renovations are a big deal and shouldn’t be approached lightly. Thorough planning, research and scoping increase the likelihood of success. Prioritize the most crucial work over luxuries. Be realistic about which work is DIY and which should be completed by professionals.