Things to Keep In Mind When Renovating Your Dream House

Oct 14, 15 Things to Keep In Mind When Renovating Your Dream House

Renovating an old property can be a big challenge for those people who want to create a dream house, but it is not a new concept. Many homeowners spent a lot of money in renovations of their homes every year. If you also plan to make some home improvement, you should keep in mind the following home insurance tips, before opening a checkbook and make the first step.

An illustration of construction plans. An ideal approach to home improvement or remodeling is to create an illustration of plans prior to demolition so that your investment is utilized to its optimum. Seek an expert, often it is initially an architect, to gain advice and information on important matters such as:

  1. What you desire to accomplish out of the renovation?
  2. Load-bearing walls and other key structural supports.
  3. The likely impact on the home foundations and what may be affected by it.
  4. How the plans may have an effect on the home structure in general?

Consulting with an expert may also help reveal whether it is major renovation you need or if minor adjustments may be more practical. In any case, you may be given several options from which a blueprint will be made out of the approved design. Only then can the builder start construction.

The financial aspect. Renovation is a practical choice over a new home but to ensure expenses are contained, establish a financial plan.

  1. Ascertain how much money can be allotted to your plans after your monthly expenses that may include utility bills, credit payments, etc.
  2. After deciding on how much is saved monthly, set up a renovation project savings account and save until you have enough for the planned home development.
  3. Find ways and means to save money (coupons, deals, etc).
  4. Another funding option is taking out a loan, but seek the advice of a financial expert about it first to help you assess how it may impact your finances.

In order to know more about pricing and home improvement insurance requirements, it is recommended to contact your local building permit office. Even with an established budget, be sure to allot an extra ten percent just in case of unexpected expenses.

Speak with an experienced insurance agent. It is a good idea to consult with an experienced insurance agent during the planning process. This will ensure that your home is protected against any unforeseen losses after the completion of the construction. Most people are not aware that the functional and structural renovations can impact the home renovation insurance. Kitchen or bathroom remodeling, additions of more square footage, or carpet flooring replacements with hardwood or stone flooring can affect your home’s replacement costs.

Networking helps. Take the help of your family and friends to find reliable contractors for your home remodeling project. Consider at least three bids before hiring, and don’t let the lowest bid be the only factor for choosing the contractor. Always remember – quality over price!

Is DIY a better option? The Internet and DIY TV shows have empowered people with the knowledge and the confidence to take up certain home improvement projects without relying on contractors. According to the census data, the median savings for some easy DIY projects such as siding replacements, kitchen remodeling, and plumbing repairs were approximately $4,500. Having said that, if you are not certain of a particular project, it might be advisable for you to hire a contractor to avoid mistakes that might require costly repairs.