Tips for a smooth renovation
You’ve heard the horror stories – refurbishments and home additions that end up costing way more money and taking triple the time than was originally planned.
Now that you are about to embark on your own renovation project, you may be a little apprehensive about taking the plunge.
But don’t be discouraged! Following a few simple guidelines will help you to stay on track and get the job done.
Realistic planning
There are several questions that need to be answered prior to starting your home improvement project and they should be given the utmost attention.
How am I going to do it?
While you or your partner might consider yourself pretty impressive with a hammer and nails, you might not have the free time required to complete a significant refurbishment.
Best intentions aside, be honest about whether or not it is in the realm of possibility that you will be able to dedicate the necessary hours to your project – and whether or not you can handle the interim chaos that takes over your living space.
It may be the case that hiring a trusted professional is the better choice. While it might cost a little more money, try to think in terms of what you are exchanging it for – peace of mind and time.
How much is it going to cost?
Setting out a budget and realistic time frame is an important start to any renovation. Always allow yourself a little bit of breathing room in both areas – unexpected challenges do occur. Remember – hope for the best, but plan for the worst.
Once you have calculated a rough estimate, you may wish to speak to a mortgage adviser.
A financial professional will best be able to explain to you whether you should opt for a construction loan or consider home loan refinancing.