If you are looking into purchasing a new home, you might have a wishlist a mile long of things like custom cabinetry to vaulted ceilings. As you shop the real estate market, you may find your budget won’t be able to give you what you want. As Steven Taylor landlord professional in transforming distressed properties knows, sometimes it is a better investment to start with something a little less than ideal and make it what you want. Usually, these properties are much more affordable, and you can customize it according to your budget and your wishlist. However, before you get going, check out these tips from successful renovators.
1. Know the end goal.
If you have a wishlist, it may not include the most affordable projects for a home renovation. Narrow down your list to the must have’s, so you can streamline both the effort and the finances. If this is your long-term residence, then, by all means, make it your own. If you plan on selling down the road, prioritize things that will increase the value of your home.
2. Develop an adequate budget.
Before you start, establish what the budget will be. Don’t put all your money in the plan, as somethings may crop up that need a little more money for repair or replacement. Be sure to leave room for unexpected costs, but also be realistic about the cost of the projects you are undertaking. Factor renovation costs into your initial house purchase to see if the investment will make you money down the road.
3. Plan the timing well.
Some seasons have the worst weather when planning on a renovation. Carefully consulting a calendar can help you plan on a project that faces the least number of weather delays. Also, contractors may have their own scheduling concerns, and these should be included when you decide on the right time for working.
4. Know where your help ends.
To save money, you can probably do a lot of things on your own. However, be sure that you know your limits. By taking recommendations from friends and family, you can find contractors or companies that can do your electrical or plumbing work. These are generally areas that require professional help in order to stay compliant with codes and inspection regulations.
Planning and executing a successful home renovation aren’t something that is done overnight. It takes careful thought, attention to detail, and commitment to the financial and sweat-equity costs that will be involved in the project.