Are You Ready to Take On a Renovation?
Every homebuyer has their wishlist. Every feature they could have ever dreamed of or hoped for packaged into one building with walls and windows– and they call it “home”. A house is more than just that, walls and windows. It’s a sanctuary of comfort, where you cook your food, where you sleep, and generally where you spend most of your time. When most homebuyers look on the real estate market, they’re looking for a home that has everything on their checklist. Unfortunately for many, a move-in-ready home with all the features and amenities simply isn’t affordable. Instead, homebuyers are finding homes in their price range that may require a little work– a full on renovation.
Taking on a renovation project is easier said than done. Most homebuyers assume that if they hire a team, everything will be a smooth process. If you’re considering a renovation project, ask yourself these questions to see if you’re ready for it!
What Skills Do You Have in the Realm of Home Renovation?
The first thing you need to determine is what you are capable of completing yourself, and what projects you need to hire an outside team to do. If you have an eye for design, you may not need an interior designer to help you choose colors, textures, furniture, and more. Keep in mind that while there is a tutorial for everything you can imagine on Youtube, you might not be able to put up drywall correctly on your own if you’ve never done it before. Completing projects on your own will save you money, but it could take longer if you don’t know exactly how to do it right. When it doubt, always higher an expert to avoid catastrophes down the road.
Can You Handle a Long-Term Project?
Just as Rome wasn’t built in a day, so your renovation won’t be finished overnight. For anyone who’s ever watched Fixer Upper, you know that there is a process. Your new layout and designs must be in compliance with the general structure of the home. You should also check your township to see if you need permits in order to go forward with any structural changes to the house.
After getting the permits and consent for your new renovation plans, you then have “Demo Day”, known as the day where the demolition begins. Tearing down walls, taking out old appliances and cabinets, and getting rid of old flooring are all typical Demo Day tasks. While this all sounds fun and exciting, demolition day tends to bring up issues. When tearing things down from a reno-project, contractors often find mold, electrical problems, support beams, and more that could change plans. In any fixer-upper project, you could run into issues that extend the timeline to your finished home.
Are You Financial Prepared for This Project?
No matter what home you buy, there are often hidden costs buyers don’t think about. Taking on a renovation project is something you need to budget for. The process of renovating a home will take time, effort, and money as well. Those who aren’t financially prepared could run out of money if they don’t budget for unaccounted scenarios. You’ll want to set a spending limit, reach out to contractors for quotes, determine which areas are priorities, and then set an allotted amount of savings for the unknown.
Once you’ve walked yourself through this guide, you can then decide whether your not you’re ready for a renovation project.