Tips on Planning a Fall Home Improvement or Renovation Project
As seen on The Rhode Show
It’s common to think of Spring as the time for taking on home renovation or improvement projects, but Fall is also a great time to update or renovate your current property and make it the dream home that fits into your future and family needs. With the holidays and overnight guests and parties on the horizon, it makes sense to be thinking about renovating a guest bedroom or second bathroom. Plus, as the colder months approach, Fall is also the time to inspect windows and home heating systems to assess what is in need of updates and repairs.
There is a lot to look at before taking on a big project, from assessing your goals and finances to planning ahead to consider your every need and want, no matter how big or small.
Here are the things to consider before taking on your next big home renovation project:
Assess your goals and finances
Assess your goals for the project and research examples of what you envision. The questions to ask yourself before moving forward should be: Are you expanding? Updating? Building equity and curb appeal for a future sale? Is the timing right? - for you to devote time and for you to take on debt? If updating windows, HVAC, or roofing, ask yourself what options will save money now versus pricier options that may save money in the long term.
Another important consideration is how much of the project you will do yourself versus how much you will rely on hiring contractors. Contractors bring on an additional expense, however, ensuring that things are done correctly without the risk of taking on more work than you are comfortable, or qualified to complete yourself, could end up saving you money in the long run.
You will also want to closely assess your financial situation and create a realistic budget, ensuring that the total overall expense of the project is something that comfortably fits into your financial picture.
Plan your design
Go through your design plans and carefully and thoughtfully choose those items that are must haves, as well as those items that will add benefit as your family grows (extra bedrooms) and you consider your personal longevity in the home (accessibility).
Put items you’d like to have on a wish list (i.e. gourmet kitchen, expensive finishes), and do some research on cost. This list will give you some idea of the expense of those items and knowledge as to whether or not they will fit into the budget you completed during your preliminary financial review. Being informed and aware of associated costs will help you recognize if you’re getting a fair deal.
Contact a Trusted Advisor
For more information or to speak with one of our trusted advisors about your unique financial needs, contact us at 800-465-2265 or submit an online form.