5 Smart Tips for Renovating Your Home
/Author: Bea Grace
Everyone needs a home—and not just because it’s a basic human right and need, but because homes offer so much more than just shelter. For some, a home is the embodiment of a life-long dream to become independent and self-reliant; for others, it’s a place where they can relax and unwind, free from the judgment of prying eyes. Homes are an extremely important part of our lives, yet we often forget that they’re still physical structures that can get weathered through time.
For your home—and everything it represents—to last, touch-ups and renovations here and there are necessary.
Reasons to renovate
There are many signs that should tell you when it’s time to renovate. Sometimes, it can be obvious wear and tear beginning to show. Other times, it could be an impending lifestyle change, like the decision to start a family. Renovations can be perfect for starting that, or any, new chapter of your life. What’s more, the Real Estate section of the US News noted that renovations can even improve the security of your house. Renovations can have a great impact on your mindset too: the University of Minnesota noted that your home can influence your mood, and that simple fixtures such as bright lights can improve anxiety and depression.
The idea of undertaking renovations may seem daunting, but as we discussed in our article ‘The Best Low Cost Tricks To Increase The Value Of Your Home’, adding value to your place doesn’t have to cost you an arm and a leg. Even with the smallest of budgets, you can drastically increase your home’s value through modest improvements such as installing a new coat of paint or by refacing cabinets.
Here are a few tips to help guide you as you try and decide what renovations your home needs:
Five smart renovation tips
Plan your budget
Often, the renovations you can undertake will be limited by the funding you have, but this shouldn't scare you away from doing big projects altogether. Many financial institutions like banks and credit unions offer flexible personal loans for the express purpose of home renovations, with varied interest rates and annual percentage rates (APRs). But what's the difference? ‘Your Guide to Annual Percentage Rates’ by Marcus explains that APR is the total cost of borrowing money for a whole calendar year, while interest rates refer to the interest your lender makes off of the money you borrowed.In our 60-second Money Minute: What Is APR? video, Danetha shares that knowing your APR is very important when you borrow money because it reflects interest and fees you will pay each year. Securing loans with favorable interest rates and APRs can help you secure enough resources to get your renovations done, without burying you in debt. Make sure to have a thorough budget plan that indicates cost estimates as well as which parts are more of a priority to you.
2. Plan ahead
Planning ahead is never a bad thing when it comes to home projects. Not only will they give you ample time to pool resources and decide on a design you want, but it will also afford you time to look for the best and most cost efficient options with regards to materials and contractors. Booking contractors early on can help you cut costs and will allow them to better accommodate your needs.
3. One at a time
Every successful project is backed by a well-thought-out plan. Since renovations can be pretty expensive and time-consuming, devising a renovation plan that will work on one area at a time will help you allocate your budget more efficiently and achieve the look you have in mind for every space of your home. The Entrepreneur suggests that it pays to brainstorm and list down all the changes you want to see ahead of time, especially if you don't foresee hiring an architect or an interior designer for your renovation. Perhaps even create a mood board for each room, as this can help you focus on what you want the project to look like in the end, especially when you get lost in the chaos of construction.
4. Get the necessary permits
A lot of homeowners see building permits as an unnecessary hassle that can hamper the renovation plan. However, it is imperative to have building permits, especially for large scale renovations, to ensure that structural and safety requirements are being met. They can also save you from a lot more hassle later on, should you wish to sell your house.
5. Look for cheap options
Aside from doing some of the more simple renovation work that you can do on your own, Seattle Times also recommends bargain hunting as a way to cut costs. Yard sales and second-hand stores are the places to be if you are looking for inexpensive fixtures for your home renovation. Not only will they be cheaper for you, but you would also be doing the Earth a favor by buying second-hand wares instead of buying new things.
With enough planning, budgeting, and focus, renovations can be easeful and feasible whether you have a little or a lot of money to spend.
About Money & Mimosas: Money & Mimosas was started as a passion project by Danetha. A former NFL cheerleader turned entrepreneur, she started blogging as a way to combine all of her passions into a career. Money & Mimosas now has tens of thousands of readers in over forty countries with the same dream of achieving financial freedom without living frugally.
