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Friday, July 12, 2024

How to Renovate the Right Way

You want to change your house. Perhaps you want to make it more livable or prettier. Perhaps you need it to be bigger. 

Whatever you do, you want to do the renovations the right way. Here are the five things that are most important to consider.

Financing Your Project

You don’t want to take out a high-interest loan to do your project. Nor do you want to put it all on your credit card! Both of those ideas are a bad mistake.

When you do seek financing, be sure to get the lowest possible interest rate. This may be accomplished through a home equity loan. Whatever you do, don’t go overboard. 

If you can’t afford the payments on the debt, you need to delay the project. It’s better instead to save money until you have enough to do the project. 

Timing Your Renovation

Your renovation may disrupt your home life in a big way.  Renting a hotel room or staying with relatives are short-term options, but you need to think about how this renovation will upend your life. 

This is more than short-term pain for long-term gain. It could seriously disrupt your kids’ school routine and impact their grades. 

Your goal should be to time the renovation to match the best weather conditions and to occur when your schedule is lighter.

If the kids are out of school, they can spend time with their grandparents away from the mess. Perhaps you can take them on an inexpensive vacation. 

Consider the Restoration Costs

You probably can get estimates on the renovation costs, but have you considered what it will cost after the work is done. 

First, the yard may be damaged by the contractors. They should use composite or CLT mats to protect the grass. Still, you may find yourself having to replant bushes and trees that were in the way. This can drive up your costs.

Inside the house, there are restoration costs as well.  You may need to get a cleaning crew to deep clean the part of the house that has been catching the dust of the renovation.  You may need to have your ventilation system cleaned.  

Last but not least, you may want to buy new furniture for the new room or may need new appliances for the new kitchen. 

You need to count every possible restoration expense before you decide whether you can afford the renovation.

Try to Be Green

If you can’t pay extra for greener materials, you may be sorry.  Many flooring companies will warn you of the off-gassing from their products. 

The same is true of paints, countertop materials, and other materials needed to complete your house update. 

Buying green materials is the best way to protect your health during the renovation and after it.  

Determine Hidden Costs

There may be a number of hidden costs for you to consider. A bigger house will need more electricity, increasing your utility bill. 

You may have to pay more in taxes and insurance. Each possible increase will impact the long-term affordability of your project. 

It’s definitely worth it to take your time before renovating your house. Staying out of debt is the only smart way to do it, and there are many costly aspects to consider before signing a contract.

Business and Information Blog Covering personal finance, investing, trading, and lifestyle.

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