Owning a home is a dream that many people have and most of them achieve it as well. Being a homeowner is not a cakewalk. There are so many things that you have to consider and check on regular basis. As a first time homeowner, there are a lot of things that you should know about before you can consider buying a home. However, one of the essential things that you should not overlook is the expenses of home renovation. One of the biggest mistakes that many first time homeowners make is underestimating the potential of home renovation. Well, to help you overcome this problem; we have compiled a list of essential home renovation tips for beginners to help you plan better
TIP # 1. Do not underestimate the costs
As a first time homeowner, it is very natural to have the question on how to renovate a house on a budget in your mind. One of the biggest mistakes that many homeowners make is underestimating renovation costs. As much as it is important to have a budget, you have to also make sure that you keep a realistic one. Many homeowners generally set unrealistic budgets and expect to get the best within that budget.
On an average, a kitchen renovation can range anywhere between $1500 – $6000. This budget includes professional services done by registered personals/experts, installation, raw materials etc. If you talk about high-end finished and durable extras and materials, the budget will increase depending on various factors like the brand name, the model, features etc. The best home renovation tips for beginners on this front would be to sit and strategize your budget with a professional.
TIP # 2. Understand the difference between renovating and over- renovating
The next thing that we need to look is the difference between renovating and over-renovating a house. Many homeowners have a misconception that if they renovate their house with expensive and high-end stuff; it increases the overall value of their house. Most of them also think that by doing this, they can get back the break even returns. What they do not understand is that this is not the case.
While brainstorming your renovating a house checklist; it is best to be honest and do renovations that will genuinely add value to your house. Homeowners generally consider areas like the basement renovation, bathroom renovation, deck construction, fence construction etc. The reality is that if you want to add true value to your house, you should consider getting the attic reinsulated, replace the garage door or even replace the entry or front door. Although they may be considered as simple renovations, the reality is that these renovations actually matter.
TIP # 3. The ground work home renovation tips for beginners
As a new homeowner, having the question – I want to renovate my house where do I start in your mind. If you want to avoid unexpected and unnecessary costs, you have to start with an honest and accurate budget. Here are 4 important home renovation tips for beginners on this front.
1. Obtain quotes and conduct interviews
Instead of settling with the first contractor that you get only because you are looking at how to renovate a house on a budget; take it slow. Obtain multiple quotes and interview different contractors before you choose the right one based on your needs. It will also help you to make the right renovating a house checklist.
2. It’s your house not a TV Show
We all have seen home renovation shows. No doubt, when you look at the before and after shots, the house does look really good. Nevertheless, do not forget, it’s a show. Some homeowners think that home renovations are a piece of cake. The reality is that there is more to what meets the eye. One of the best home renovation tips for beginners on this front is to use these shows as inspiration to get ideas of what kind of changes you can make.
3. Be honest about what you need
Honesty is the best policy and when it comes to home renovation; it’s the most important one. For those who are trying to get an answer to the question- I want to renovate my house where do I start? ; The reply is simple – BE HONEST TO YOURSELF. You need to figure out what kind of renovations you actually need to do VS. what you want to do.
4. Keep the provision for unforeseen expenses or alterations
In home renovation, there are seen and unseen expenses. The bottom line is that you have to be prepared for anything. This is one of the most realistic home renovation tips for beginners that anybody will give you.
TIP # 4. Get your finances in order
Your finances play a vital role especially when you are looking at how to renovate a house on a budget. It is always best to save up a little money for home renovation before you can go ahead and do it. No doubt, you may also have the sudden need to renovate a space or area of your house; but if you are not prepared for it, here are a few home renovation tips for beginners that you can consider:
1. Take the help of HELOC
One of the best things about the home equity line of credit is that you are allowed to borrow only a certain limit. In comparison to a personal loan, the interest rates are also a lot less. Speak to your mortgage lender to understand the HELOC limit you qualify for.
2. Rebates can be helpful
In some countries, the municipal departments offer rebates to homeowners after they have done a home renovation. If you want to understand the qualification criteria for rebates on this front, you can consider getting a home-energy audit done. Based on this audit, you will get a list of what all upgrades you actually need to do. Once you have completed the renovation, all you need to do is complete the paperwork and wait for the money to come.
3. Avoid using the credit card
Credit cards are great, but they are risky as well. The interest rate that you pay for using a credit card is a lot higher than normal. When you are getting a home renovation done, avoid using the credit card. You may only land up with a higher bill and a bigger hole on your finances. Not to forget, the possibility of ruining your credit score as well.
Conclusion on home renovation tips for beginners
As much as we can go on about what should and should you not do factor; the reality and bottom line is that everything is in your hands. When you are renovating your home, you have to make sure that you are honest and practical. Do renovations that can add value to your house and not just beautify it.