Getting started on a renovation can be a daunting task. There are so many things to think about and it can be overwhelming trying to get organized.
If you don’t prepare properly you could end up with a few unexpected surprises in the future. So here are a few things to think about when beginning your renovation journey:
1. What are you renovation goals?
What are you trying to achieve with this renovation? If you’re renovating to avoid moving, think about what your needs will be in the next 5-10 years.
Will you be starting a family?
Perhaps you will be retiring and need a more accessible living space.
If you’re looking at increasing the value of your property, talk to a real estate agent or an expert and ask about the most sought after features in todays market.
When renovating for profit, versus to enhance your current living space for your enjoyment, it’s important to plan accordingly and focus on areas that add more value for resale.
Remember that restoring older properties can include dealing with hazardous materials such as asbestos, hidden structural issues, and plumbing and electrical that should be upgraded. Be sure to allocate a portion of your budget towards any unforeseen items.
2. Come up with a budget and be realistic about how much you can afford.
Always make sure you budget for additional expenses you may need such as storage or even a hotel stay depending on how extensive your renovation is. Not to mention unforeseen issues that might arise during the renovation.
Talk to your bank or financial advisor about what available options you have for financing your project. Many home owners will take out equity to fund renovations as a second mortgage or on renewal. If you are purchasing a property that needs renovations talk to your bank as there are limitations on what they can add to the mortgage on purchase.
3. Decide on a Design Style
There are so many different design styles it can be hard to choose.
Compile some pictures of what your looking for. Put together a Pinterest board for inspiration. Then come talk to one of our design specialists so we can nail a design that’s uniquely you.
If you’re interested in learning about different design styles, sign up for our newsletter to receive a free Design Styles Guide or come in and chat with our design team.
Of course there are many things to consider when thinking about renovation. If you can nail these three things to begin with, then you're off to a good start.
We are here to help, contact us or come on in to the store and get started on making your home your own.