WINNIPEG – REAL ESTATE – With the market on an upswing, many homeowners are considering the possibility of whether they should sell their house and upgrade, or put the money into their existing home to renovate. If you are thinking that renovating is the smartest way to go, then the best way to keep yourself in check and make good, mindful decisions is by considering these five things before you even put pen to paper to brainstorm your dream home.
- Is this going to be your first or your permanent home?
If you are a first-time buyer or in the earlier stages of your life, you will want to take into consideration that not only will your style change as you get older but so too will your needs. Although you might want a nice to space to live in, through your twenties, you might not want to put too much money into your starter home and end up not getting back what you paid in the long run.
When making decisions about one of your first homes–not your forever home–try to think of resale value and what you are going to get in return and what you aren’t so that you can save yourself some money and invest it. That way, when you are ready for your “forever” home, you will have the money to make it perfect.
- Think about every aspect of your home building.
The reason that most home renovators get off budget is that they don’t think of all the things that they might encounter, things that can go wrong, or the full detail of the house plan and what that will require. Although something might sound good, in practical living, what looks good on paper, might not be so good to live in.
While you are renovating, think about the time that you will be out of your home, the conditions that you will have to live within your house, and whether you are willing to live them. Making sure that you add up every possible expense (like a rental to escape the construction) before you even begin is an important step to staying on task, on time, and on budget.
- Instead of borrowing for your renovation, start saving.
If you have some time and wiggle room, it might benefit you to wait awhile and save money instead of taking out a loan to renovate your home. It is a whole lot harder to get excited and keep your cool when you know that every one of your last dollars is not only spent but that those dollars were loaned to you and must be paid back.
If you have at least a down payment to pay toward the cost of some of your renovations, you will get a lower interest rate on your loan, which will end up saving you a whole lot more in the end.
- Make a list of priorities.
There are going to be the must-haves, and then there are going to be the want-to-haves. To successfully build the home that you want while staying within your budget, you will need to determine the difference between the two and prioritize those things accordingly.
This doesn’t mean that you should pitch your wants list out the window, but that your needs will be taken care of first. When the project is nearing the final stages, if you have saved money by only updating the must-haves, then you just might be able to splurge on those little luxuries and the want-to-haves.
- Find the best home builder.
Once you are ready to begin the process, make sure to find good home builders in Winnipeg, you can work with and that is available when you need them. Communication is going to be the biggest key during your home renovation. Finding a builder who is credible is important, but so is finding one who you can talk to, who understands your concerns, and who can make your vision a reality. Make sure you get quotes from multiple companies with solid reputations.
Renovating a home is a super exciting thing, but it isn’t all that exciting to be in debt, over budget, and risking unexpected expenses if things go wrong. If you plan ahead, then you will ensure that your home renovations or building plans will go without a hitch and you will have the house that you love living in for years to come.
