Maybe you are shopping for a fixer-upper right now. Or perhaps you have one, and you are looking at taking the next steps with renovations. Either way, there are some things you need to think about and plan carefully before you proceed. Here are some things to consider when you are planning your home renovation projects.
- What you can DIY vs. what you cannot. Realistically assess what you could do on your own now, what you could learn how to do yourself in the future, and what work you will need to contract out. Remember, there may be some things that will be more costly if you attempt to do them yourself if you mess them up or if they are unsafe for you to do. Also keep in mind that if you DIY some of the renovation work, it will have a cost in terms of time. That can turn into a monetary cost if it pulls you away from paid work.
- Budgeting for your project. Once you figure out what you can do yourself vs. contract out, you can go about calculating the prospective budget for your projects. One thing that is important to know is that it is very easy to underestimate your total costs for a renovation, especially if it’s a major one. So, you should have a 10-20% contingency fund on top of the budget for your expected costs.
- Estimating the timeline. As with budgeting money for home renovations, budgeting time requires thinking about contingencies. It is common for projects to involve delays, or for some steps to take longer than expected. So, build some buffer into your project timelines too. Once you have a realistic estimate for the time and expenses you’ll require to renovate a home you’re thinking of buying, you will have a much better idea whether it makes sense to go ahead or move on in your home search.
- Building codes and zoning regulations. Another thing that homebuyers and homeowners sometimes overlook when planning renovation projects is how local building codes and zoning restrictions will impact their projects. You will need your project to fit within all local laws. So, look them up and make sure that you will be able to legally proceed with your plans before you move forward. If you have an HOA and your project involves your exterior or landscaping, you will also need to check the HOA rules.
- Impact on your lifestyle. One more thing to consider is how a major home renovation will impact your day-to-day life. Will it be especially disruptive? Are you comfortable with that level of disruption? Will it interrupt work, or force you to sleep in a different part of your home, or even to temporarily live elsewhere? Will sections of your home be exposed to the elements? How will local weather impact the work you want to do?
Buy a Home or Refinance in Oakhurst
Thinking carefully about what a home renovation will require will allow you to make smart decisions whether you are buying a fixer-upper or are just trying to decide what project to tackle next in your existing home. To get started, please give us a call at (559) 540-2275 to schedule your mortgage consultation.
