Don’t skimp on materials – If you’re looking to cut costs in your renovation project, materials are usually not the area to do it. In most cases, it’s better to pay more for quality so you don’t end up making repairs down the road.
Measure correctly – When it comes to measuring for anything in a renovation project, even an inch or a half inch can make all the difference. Ensure you and/or your contractor take accurate measurements before you make any purchases or permanent changes that depend on them.
Don’t underestimate the budget – Surprises are inevitable in any home improvement project. A good rule of thumb is to set aside at least 10% of the total project cost to ensure that you don’t end up drowning financially should a problem arise. Our rehab loans build in a 10 – 15% contingency for this reason.
Remember a home’s long-term needs – Don’t let what you want right now overshadow what is needed for the home’s future. When making renovations, keep in mind children, aging family members, pets and the potential resale of your home. While you’re at it, include needed repairs.
Prepare before tearing down walls – If your renovation involves tearing down walls, keep in mind that it’s possible there is something behind them. Altering any structural elements, pipes or electrical utilities can be expensive, so make sure you understand what you are getting into.
For more information on avoiding home remodeling mistakes, click here.
If you are interested in making improvements to your current home or purchasing a home that will need renovations, Bookend Lendinghas financing options to help you bundle those costs with your home mortgage loan or refinance. Call me today to learn more.
Click here to download a guide about home renovations and financing.