Is it time to give your home a makeover? Maybe you just need to do some small décor overhauls, or you might be of a mind to do a total gut project. Either way, you will need to find a way to finance that project. If you are a senior citizen, this can easily be done by taking out a reverse mortgage. Sites like reversemortgages.com are full of information on that type of mortgage and can help you get the money you need for the renovation.
Getting started on your renovation begins with vision. You might see cathedral ceilings, closets the size of whole rooms, or even skylights. However, if you don’t plan ahead correctly, that vision can quickly become a nightmare. Here are a few steps that will get you started in the right direction.
Draw it Out
No, that doesn’t mean to take your time with it, although that is a good idea too. You can sketch out your plans for the renovations. For example, if you will be adding a room, think about how you will be using the space and how any changes might affect the patterns of traffic in your home. Also, consider how any changes will affect the look of the home outside and on the grounds.
Make A Budget
Before going any further with the project, you need to find out how much it will cost. The costs will vary with what areas of the home you will be renovating and what needs to be done as well as what materials and types of laborers will be needed. Some rooms might need just a few cosmetic updates while others might require the work of skilled contractors. Other factors that will affect the cost will include things like:
- Size of the home
- Age of the home
- Building permits needed
Also, don’t forget that while there will be work going on in your home, your schedule will also be affected.
Renovations that Pay
Not every renovation project will improve the overall value of the home. For this reason, sellers need to choose the places they renovate so that they will get the highest return on their investment. Just think about this, having a new garage door installed will cost around $3,000, but still less than adding on to the garage itself. Just as getting new appliances, such as with a minor remodel, will have a higher yield than a full blown renovation. If you plan to stay in the home a few more years, then that new office or bedroom might be worth it, though. However, if you are just doing this to sell, the more cosmetic renovations will give you a higher ROI.
Estimates and Contractors
When it is time to get down to it, make sure to get estimates from a few different contractors. You might also ask to see some before and after pics from some of their previous jobs as well as asking for referrals.
It is also good to never go with the lowest bid. You need to know why that bid is lower than everyone else’s. Will the contractor be skimping on the quality of the materials or the quality of the work?
Remember to ask for an estimated time of completion too. It is always good to know how long your home will be in disarray while the renovations or remodeling is going on.