Whether you just closed on your first home, or you’ve been enjoying your home for some time, there comes a time for every homeowner when they realize that the home they love could use an update. If you’ve never gone through the renovation process before, it can seem a bit daunting. Finalizing your budget, determining which areas to tackle first, and choosing all of the design elements are not small decisions. But it’s important to not get overwhelmed and keep your eyes on the prize. After all of the decisions are made, demolition is done, and dust has settled, you’ll be in a home that’s more functional for you and your family.
In order to avoid decision fatigue when preparing for your first renovation, you’ll want to do some work before the contractor and his team arrive. Here’s a few tips to help you through the process.
Chances are, you’ve got a running list of updates or tweaks that you’d like to make to your home. Depending on your budget, you may be able to tackle all of those items at once, but more than likely, that may not be the case. If you’ve got a list, the first step is to review it and prioritize based on immediate need, function, and budget.
Even though you’ve likely already tossed your graduation cap high up in the air, the need for research never seems to quite end. In this case, you’ll want to take a look at your prioritized renovation list and look into some numbers of what similar renovations in your area have cost.
Before you meet with your contractor, you’re going to want to have a pretty clear understanding of what you will and won’t be able to accomplish. Once you’ve prioritized your list of to-do’s and have a rough understanding of potential costs, there’s always a give and take on where you want to splurge or save.
Understanding your budget for the renovations, just like with buying a house, is key to your success. It’s also helpful to have some cushion built into your budget to plan for unexpected expenses. Sometimes you don’t know something needs to be fixed until you open up those walls or rip up those floors.
Taking your home and making it into a more beautiful, functional, and livable space for you and your family is without a doubt a large undertaking. And even though the timeline and to-do list may seem overwhelming at first, if you’ve got a solid plan, a trusted team, and the goal in mind, it’ll be worth it in the end.
If you’re looking to renovate your home, contact the team at GSF Mortgage to learn more about the FHA 203(k) renovation loan options. With a 203(k) loan, you can refinance your current mortgage and include the cost of repairs up to 110% of your home’s future value.