Realty Executives Midwest
If you have watched home improvement shows like “Fixer Upper” or “Property Brothers,” you are probably very excited to renovate your home. On TV, home renovations look fast, fun, and exciting. However, working through a renovation as a young homeowner comes with a unique set of challenges.
Renovating your home can be an incredible way to enjoy the space or sell your property for more! But when you renovate your home, you will spend more time on planning, permits and inspections than on choosing a new paint color or decorating.
Here are the top five things you need to know about taking on a renovation as a young homeowner.
According to Forbes, a home renovation in 2024 can cost anywhere from $1,200-$82,000, depending on everything from what materials you use to how much square footage you’re renovating. Since cost is such a crucial factor, planning and budgeting are essential for a successful renovation.
Prioritize your goals, then list all your costs and group them by category. You will need to cover contractors, inspections, permits, materials, and unexpected costs that may arise. Your renovation timeline is also part of your budget since longer projects can cost more to complete.
While planning your renovation, take some time to consider your goals and your neighborhood. What are houses in your neighborhood usually like? How much do they sell for? If your goal is to upgrade before selling, assessing nearby homes can help you hit the right target.
It is also a great idea to talk with people who have gone through a home renovation before. Ask them what their advice is for first-time renovations. What do they wish they had done differently? You can also research common renovation FAQs on YouTube, Google, and online forums like Quora or Reddit.
Before hiring contractors, check their references. Ask them about licensing and their previous experience and talk to several contractors for each kind of project. Although finding the right partners can be time-consuming, in the long run, it will save you time and stress.
Before you start looking for contractors, get familiar with the questions you should ask. With a little research, you will be equipped to sort through your options and find the best fit for your renovation.
Write down your big dream for renovating and remind yourself of it during the process. There are bound to be small frustrations with home renovations, and remembering your end goal will keep you encouraged.
Also keep in mind the importance of safety regardless of how long the project takes- especially in moments of frustration. Renovations inevitably create debris and unsafe environments, so take extra steps to keep your kids and pets safe. Always properly put away tools and safeguard machinery to avoid theft as the National Crime Information Center reports 600 to 1,200 claims of equipment theft each month.
Even with the best plan in place, unexpected changes can always occur during a renovation. Delays due to weather, surprises with structural elements, unplanned costs, and more can all affect the original plan.
It is important to balance research with fluidity. Like a tree that bends in the wind, you can adapt to changes in your renovation without snapping. There is always another solution and a new way forward.
Renovating your home takes time, so do not wait to get started. Use these five tips as a guide to point you in the right direction as you begin your home renovation journey. If you plan carefully, you will be prepared for unexpected setbacks and reach your renovation goals successfully. Pretty soon, you will be the one giving new homeowners renovation advice!
Source: Realty Executives
Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com
Realty Executives agents are real estate experts. They have the education and expertise you need to navigate through the process of buying or selling a home. From listing at the right price to making the best offer, our Executives have witnessed the best - and most regrettable - decisions homeowners and homebuyers can make. Every day, they are immersed in every aspect of real estate that includes comparable home price analysis, property surveys, credit reports, open houses, HOA agreements, lenders, title companies, homeowners’ insurance, walk-throughs, terms of sale or purchase, repairs, concessions and closing documents. Let our accomplished Executives help navigate you through the process of buying or selling a home.
