Buying a Home, Money-Saving Tips

Planning a Home Renovation Project? What you need to know.

This is the time when many homeowners consider starting new projects, updates or renovations to transform their property into the dream home that fits into their future and family needs. There is a lot to look at before taking on a big project, from assessing your goals and finances to planning ahead to consider your every need and want, no matter how big or small.

Here are the things to consider before taking on your next big home renovation project:

Assess your goals and finances

Assess your goals for the project and research examples of what you envision. The questions to ask yourself before moving forward should be: Are you expanding? Updating? Building equity and curb appeal for a future sale? Is the timing right? - for you to devote time and for you to take on debt?

Another important consideration is how much of the project you will do yourself versus how much you will rely on hiring contractors. Contractors bring on an additional expense, however, ensuring that things are done correctly without the risk of taking on more work than you are comfortable, or qualified to complete yourself, could end up saving you money in the long run.

You will also want to closely assess your financial situation and create a realistic budget, ensuring that the total overall expense of the project is something that comfortably fits into your financial picture.

Plan your design

Go through your design plans and carefully and thoughtfully choose those items that are must haves, as well as those items that will add benefit as your family grows (extra bedrooms) and you consider your personal longevity in the home (accessibility).

Put items you’d like to have on a wish list (i.e. gourmet kitchen, expensive finishes), and do some research on cost. If you are hiring a contractor, this list will give you some idea of the expense of those items and knowledge as to whether or not they will fit into the budget you completed during your preliminary financial review. Being informed and aware of associated costs will help you recognize if you’re getting a fair deal.

Contact a Trusted Advisor

For more information or to speak with one of our trusted advisors about your unique financial needs, contact us at 800-465-2265 or submit an online form.

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