Renovating a home is stressful according to 85% of homeowners. Planning shortcomings, insufficient funds, delays, and disruptions to daily activities are some of the sources of stress when you’re renovating your abode. The good news is there are ways to improve the outcome of remodeling projects and decrease overall stress. Here are important factors you should seriously think about before embarking on a makeover project.
Planning and Financing
Without a solid plan, it is not easy to undertake renovation activities. Thus, the first thing to do is to identify the most urgent upgrades and repairs that you must do. It is also vital that you check if your planned updates are in conformity with local rules and regulations. In addition, find out if you need permits to build or fix-up your house. Based on your project, work out the costs of refurbishing your dwelling. Make sure to add 10-20% contingency costs for the unexpected.
If you are not going to use your own savings to fund the project, explore other options. One of the most common sources of funding for a renovation project is refinancing. If you have built at least 20% equity on your home, you can refinance your mortgage or take out a new loan at a lower interest rate. Bear in mind that you will be shopping for the best rates and terms. To look at offers, consider and compare two loans calculator to see which option is the best solution for your situation. Unfortunately, super hyped promotional materials from lenders do not guarantee that you will be getting a great deal. Creditors will look at your income, credit rating, loan-to-value (LTV) ratio of your home, and other debts if you have any. Hence, it is in your interest to do your due diligence to ensure that your new mortgage is affordable. Refinancing is not the only option to finance your renovation project though. You can also look at mainstream loans from banks and credit unions. Other mortgages that you can consider include home-equity loans and home-equity lines of credit.
Finding a General Contractor and Adjusting Your Routine
Doing everything yourself can save you a bundle of money, but if you are not sure of the tasks, you will likely end up paying more. Entrust sensitive and complicated jobs to the pros and hire a good contractor. Ask neighbors, friends, and families for recommendations. Getting a reliable contractor matters to ensure that the works are done up to standards and on time.
That said, once the works are running in your house, it goes without saying that there will be considerable disruptions in your day-to-day life. But stick to your regular routine whenever possible to reduce stress even if you’re eating take-out or microwaved meals while your kitchen is being spruced up. Above all, stay flexible because there will be delays, timing problems, or material shortages. Unrealistic expectations will only cause you anxiety. Consequently, it is vital to building in abundant contingencies from expanded timelines to backup material sources and choices.
Updating your home is not often easy because, in addition to the costs and administrative work, your life is also upended. However, if you plan and execute it well, and maintain a positive attitude, the result is well worth it.
Emily Smith is a talented content writer, wielding words to create captivating stories and informative articles across a wide range of topics. With a passion for effective communication and a love for research, Emily consistently produces engaging and valuable content. She’s dedicated to conveying ideas clearly and compellingly, making her a sought-after voice in the digital sphere. When not writing, Emily enjoys immersing herself in art, nature, and culinary adventures for fresh bursts of creativity.
Loading…