Preparing to renovate your home?
Thinking about renovating your kitchen? Maybe a bathroom? The Basement? Or several rooms in your home?
Here are a couple of tips on how to get started.
So why the remodel..Are you planning to sell in the near future? Do you desire your dream kitchen because you LOVE to entertain and don’t plan on moving anytime soon?
Reasons could always change depending on what is going on in your life but knowing WHY will help you discover what is most important to accomplish in your remodel.
Find out what your home is worth. Your home is always an investment and making the right decisions for you and your family should come first.
Knowing what amount of equity you have in your home will give you an idea of how you should budget for your remodel.
Now comes the Financing portion to your remodel. Get with your local real estate professional to pull comps on your home for what homes have listed at, are under contract at and have sold for in the last 3-6 months depending on your current market trends.
If you have discovered that you do in fact have equity in your home you have options! Even if you don’t have a lot of equity in your home (yet) you still have options.
Meet with a qualified lender to find out different programs that are offered for you to finance your renovation. Here are a couple of trusted professionals we have work with. Rob Murray with Universal Lending, Jennifer Fairfield with Guaranteed Rate and Lisa Kelley with Fairway Independent Mortgage.
Are you creative and artistically inclined to where you could draw your own design or should you hire an architect to create your plans?
Do you have experience remodeling and renovating or will you need help from a general contractor?
Make a list of everything you are wanting to do. Make a dream list and a must have list for your remodel and start the interview process and obtaining bids. A minimum of 2-3 is what I would suggest so you have an average of what the project will cost. If the architect, designer or contractors have current projects going ask to stop by to check out their work. Analyze who is going to be the right fit for you and to get the job done.
Calculate bids and set a follow up meeting with your lender to start the financing process. Once financing is in place set a date with your architect, GC and designer.
Other things to consider…
Will I be able to handle living in the home during the renovation or should I find an alternate place to live or stay? Many variables occur once walls start coming down and projects may take longer than anticipated so be prepared.
Have you considered selling and buying a new home vs remodeling and renovating your current home?
Again, knowing and considering all options before you renovate will reduce the stress that many face when knocking down those walls.
I hope you’ve enjoyed this article. If you have any questions or would like a consult on renovating your current home vs selling, buying and building new... please contact Lindsey Jade Spencer at 303.968.6999