Renovating a house is exciting, but you need a solid plan!
Renovating a house can be exciting but stressful. Before you start, let’s go over some things you need to keep in mind.
Tip 1: Set a Realistic Budget
Get quotes from multiple contractors to ensure fair pricing. Check contractor references before hiring.
Factor in a 10-15% buffer for unexpected costs. Whenever you have a renovation, it is highly likely that something may come up unexpectedly and you want to be prepared so that the renovation can get finished.
Tip 2: Know What Adds Value
Focus on kitchens, bathrooms, and curb appeal for the best returns. You should be careful not to spend more than the appraisal value of the property. Speak to a realtor about the comps in your area before you start hammering and nailing.
Avoid overly personal design choices that might limit buyer appeal. You don't want to do anything to "trendy". Always keep resale in the back of your mind, you never know if or when you want to move, and you want to be able to sell it if that occurs.
Tip 3: Secure Permits and Plan for Inspections
Research which permits are needed—missing one can cause costly delays. Speak with your local permit office to find out what is required.
Schedule inspections ahead of time to keep your timeline on track.
Conclusion:
Proper planning will save you time and money during renovations. Stick to your budget, focus on value-adding projects, and keep an eye on permits.
The information in this article are of the opinion of the author. Due diligence should always be done before investing in real estate.
Comments