Building your dream home is a lengthy and costly process. To avoid going under or not having enough money to complete our project, below are a few steps we compiled to creating the home you’ve always desired.
Create a Budget
Even though renovating a home is much less expensive than purchasing a new one, it’s important to have a budget in place to make sure you can actually complete your project. You can also use it to help keep track of your monthly expenses, such as food shopping and utilities to better save for your home remodel.
You should start by setting aside a savings account for your construction project and if you need additional funds, talk to your local financial institution to take out a loan. Take advantage of deals and coupons to help save even more on monthly necessities and free up additional money for your remodel.
Draw out Your Plans
Before you start construction on your home, it’s important that you get a visual understanding of how it may affect your home’s overall structure. Talk to a professional contractor about impacting your home’s structure before starting any construction to lower the risk of permanent damage to your property.
Fortunately, most architects offer design consultations to talk about what your renovation might look like and plan out a few alternative plans and features your dream home can have, from beautiful glass doors to built-in fireplaces. From there, you can send the blueprints to your builder to solidify the plans for your new home.
Meet With an Insurance Agent
While you’re planning out your home renovation, you should consult an insurance agent to make sure your home is covered for any losses it may suffer throughout construction. Unfortunately, most homeowners don’t fully realize how their insurance coverage may be affected by structural changes.
You should also talk to your insurance agent about the total cost of your renovation to make sure you have enough money for upgrades to your home. The last thing you want is an unfinished home due to insufficient funding.
Decide Whether or Not You Should DIY
Do it yourself, or DIY projects are growing in popularity. Especially thanks to the number of shows on the DIY Network and TLC. However, you can really save yourself some money by doing minimal tasks around your home yourself, such as replacing the siding or installing the plumbing. In fact, in most cases, you can save up to five times the cost that professionals may try to charge you.
However, of course, if you’re ever unsure what to do, you should always seek help from a professional.
Network
Friends and family are your closest and most reliable resource for finding reputable contractors that can be well-suited for your home renovation. However, you should look for at least three contractors to interview before going with one or the other. For example, if you immediately go with the one offering the lowest price, you may not get services that are lacking in quality.
When you’ve chosen a contractor to go with, ask them for their recommendations for supplies in case they have professional contractors and can get supplies for less. You should also plan out a solid timeline and contract that outlines your project, when materials will be paid for, and when you plan on paying your contractor. This way, everyone knows when they’re getting paid and you know exactly where your money is going. Avoid paying for everything up front to make sure that everything is done the way you want it. Once everything is constructed and paid, you can now enjoy your new dream home.
By following these simple steps, you can transform your house into the home of your dreams. Just remember to plan ahead, use your network, and consult with your insurance agent first. Hopefully, this guide could help make the home renovation process easier.
