Whether you are looking to sell your house or make repairs and improvements, renovating your home can be challenging. In this blog, we will discuss five things to keep in mind if you are considering a renovation project.
Set S.M.A.R.T. Goals.
A successful home renovation project starts by creating S.M.A.R.T. goals. These goals stand for:
Specific: Write out specific and clear objectives that you want to achieve. This keeps you organized and prepared. For example, instead of saying “I want to renovate my living room”, provide more specific objectives such as, “I want to modernize my living room with updated light fixtures, new wood flooring, and adding an addition to comfortably fit 10-20 people gatherings.”
Measurable: Give yourself the ability to track your progress. By tracking your projects, you can prioritize your plans and manage your time effectively.
Achievable: Keep your project within your physical and financial means. Reflect on your project, is this achievable currently, or can it be modified to fit our capability? Do you have the knowledge to complete the project yourself or do you need to hire help?
Relevant: Set goals relevant to your current or future life plan. Are the renovations for selling your home, or for increasing your quality of living?
Time: Set a target completion date to finish your project. Have a detailed breakdown of time constraints and expectations so you can prioritize your time more effectively.
Setting these S.M.A.R.T. goals can help save you time and money and keep you focused on the completion of the project with minimal delays.
Establish a Budget for Your Project.
With your detailed S.M.A.R.T. goals you’ll know what you need and a rough estimate of the timeframe to complete your project. The next step is establishing a budget and communicating exactly what you want with potential contractors.
Build a spreadsheet that includes each part of your project from the light fixtures to the paint. Try to map out every section you can in this planning phase including labor costs, taxes, permits, shipping costs for materials, and any other additional costs that may arise. Make note if these are potential costs or rough estimates. Also, plan accordingly if your renovations include living without a kitchen or bathroom for any length of time.
Develop a Detailed Outline of Your Project in Order.
Create a realistic timeline. Map out and arrange the steps for your renovation by order of importance to finish. When doing this, be as specific as possible. By having a fully detailed outline and plan, you can easily plan out your time frame and schedule contractors when necessary.
Determine What You Are Good at and When You Need Help.
Dividing your renovation into projects you can manage and ones you need professional help with can save you time and money. Anyone can replace a doorknob or paint walls. However, when it comes to major renovations such as dealing with electrical or plumbing, it may be best to call in a professional.
Expect Delays and Surprises.
With renovating older homes, you may not know the full scope of a repair until you are opening up walls or tearing down old infrastructure. Be aware you will likely be delayed or slowed down by things that are out of your control. It is essential in the planning phase to include flexible time estimates and to overestimate your budget to mitigate unforeseen expenses if the need arises.
Wrapping Up.
Renovating your home can be a lengthy process, but careful planning can help to make the project a smooth success. By following these tips, you give yourself the best chance for your project to succeed. Auburn Savings is here to help guide you through the financial process. With our home equity or cash out refinance options, we give you the tools and opportunity to fund your home projects. Click here to see what options are available to you through Auburn Savings (Loans subject to credit approval).
This blog is for educational purposes only and should not be used as financial advice. Feel free to check out any of our resources at Auburn Savings. Come inside and visit a branch, and one of our Customer Representatives or Loan Officers can assist you. At Auburn Savings, we nurture relationships, foster ambition, and are driven by purpose—You Come First. Bank On Us™.