Deciding to tackle a home renovation can be both exciting and daunting. Before you start, it's important to ask yourself some key questions to ensure you're prepared for the project ahead.
Here are six important questions to help get you started before a major home renovation.
What is your budget for the renovation project?
Setting a budget for a renovation project is critical when achieving your financial goals. Calculating exactly how much money you'll need to complete the project can be tricky, but getting an estimate is helpful so you don't find yourself in financial debt after completion.
To determine your budget, consider the actual cost of all materials, supplies, contractor fees and any other costs associated with the job. From there, you'll be able to develop a financial plan that keeps your wallet happy and allows you to complete your project without worrying about spiralling costs.
What is the scope of work that needs to be done?
Once you know what you can afford, you can determine the project's scope. Be realistic with yourself; is it outside of your expertise? Should you hire a contractor and save yourself the hassle? The benefit to a contractor is they can help provide an estimation which will align with your budget and give you a timeframe for the project. You don't want to start something you can't finish.
Who will be responsible for overseeing the project and ensuring its quality completion?
Suppose you do decide to hire a contractor. In that case, they should be quick communicators throughout the project so that any hiccups can be quickly addressed and have an independent review of the results before completion. Additionally, they can provide insights and recommendations on optimizing specific processes.
What are your expectations for the result of the renovation project?
It's best to have both optimistic and realistic expectations for the result of the renovation project. Do not expect it to be like some of the television home improvements you see on HGTV - where every detail is perfect, down to the doorknobs. Instead, expect that when all is said and done, you will have a beautiful space that functions efficiently within your budget. It might not be Pinterest-perfect, but it'll be yours, which matters most.
Have you considered all potential risks, and do you have a contingency plan?
When planning a home renovation, it is essential to set aside some time to consider all potential risks involved and come up with an appropriate plan for dealing with them when determining the scope of the project. If you fail to do so, the result could be disastrous; unforeseen problems have the potential to cause delays, cost overruns and even permanent structural damage if left unattended.
It is also wise to run the potential lists past the contractor, who will be more knowledgeable on the risks involved and review local building codes. These steps will further ensure that your project will finish on time!
Bottom Line
Undertaking a major home renovation can be a big decision with many potential risks and rewards. Weighing your options before you make any decisions is crucial to ensuring that your expectations are met and that you're happy with the result.
Are you considering the benefits of renovating or relocating? Check out these tips for both options.