Owning a house somehow makes people want to do many home repairs, renovations, and improvements, including people who don’t know how to carry out any of them.
However, if you plan on starting a home improvement project, whether it’s a DIY project or a contracted project, these tips will assist you in staying on the right track to success.
Create a Good Plan
Home improvement projects don’t always go precisely as you plan, but that doesn’t mean you shouldn’t make a good one. Making last-minute changes can be expensive and stressful, so make the non-negotiable plans first.
Having this detail planned out will give you an idea of the outcome you want, your budget, and the time it’ll take to accomplish the plans. You can use practical design and modeling tools such as Floorplanner during the planning stage. Create various versions of the same project and add 10-15% to your budget to prepare for emergencies or surprises.
Add Value to Your Home
If you’re having issues deciding where to begin your home improvement project, it’s best to prioritize projects that would improve your home’s value. Updating your bathroom and kitchen and renovating the decks and basement are safe options you can choose. Also, ensure you focus on whatever is valuable and popular in your vicinity, not on broad nationwide trends.
Tackle Fast, Time-Sensitive Plans First
Some home improvement projects are more pressing than other projects. So, if there’s a project that would deter wrecking damages later on or conserve your money instantly, make sure you put it at the top of your scale of preference. Quick, simple fixes like replacing filters or sealing drafts should be attended to immediately.
Discover Your DIY Threshold
Even as an experienced DIYer with a fully equipped workshop, there are some home improvement projects amateurs shouldn’t handle. So, leave this project to professional contractors.
To decide which project to leave, gauge your interest status, consider the work and effort, and check if it’s worth the money you’d save by doing the project yourself. Also, be brutally honest with yourself.
Save Money by Economizing and Spending Responsibly
Major home improvement projects are expensive but economizing on every item you buy will only produce more work in the future. Identify situations where you can’t and can afford to be stingy with your money. Buy good quality items that are difficult to replace even if they are expensive, like electrical gadgets and water heaters.
Without worrying about the future, you can still buy cheap, easily replaceable things like drawer pulls, light fixtures, and showerheads. Also, evaluate how much you’ll enjoy and use an item. For example, if you love cooking, spend more money on a high-quality kitchen appliance and reduce the funds for floor tiles.
Understand Your Finances
Financing your home improvement projects can mean a lot of money, so if you cannot afford the cost, there are ways you can fund your projects without risking your home. They include:
- Credit cards and personal loans are beneficial for small-to-medium home improvement projects depending on the terms and interest rate.
- Lines of credit (HELOCs) and home equity loans (HELs) can assist in financing significant repairs and renovations.
- Home improvements that boost your home’s value can reduce your insurance payments for a private mortgage.
However, note that you’ll need to pay some money to get your home reassessed.