People are renovating instead of moving. MarketWatch reports that a “thin housing inventory” is contributing to an increase in home remodeling. The move improves equity in the property and helps homeowners further customize their spaces. But home renovation is rarely simple.
Hammer Time and Headaches
Your home renovation can quickly spiral out of control when you decide to go with a DIY job, hire the wrong contractor, or neglect to plan for the project. When home improvement problems pile up, you may have to extend the deadline for your renovation or pay more than the original budget.
Whatever scenario you’ll deal with, it all adds up to one throbbing headache. And then you’re left with a home that’s only half-finished and probably not livable for months.
You can avoid the strain of a bad renovation project by starting with a sound plan. While a DIY approach seems like a money saver, it may end up costing you more if you make mistakes. Next, hire the right contractor — and take your time about it. Get as many quotes as possible and work with contractors that do project management, too.
Financing Your Project
There are bad loans, and there are good loans. A loan to finance your renovation falls under the latter. Primary Residential Mortgage, Inc. reveals that the right loan program saves you some of the headaches associated with renovations. Some loan programs, like the FHA 203(k), are suitable for financing a property purchase and renovation.
Another way to fund a renovation is to save up over time. If your renovation can wait, put away money every month and start the project once you have sufficient funds. Alternatively, you can renovate one room at a time to manage costs.
Home renovation improves equity on your property. The right improvements can even add value to your home. But do it right. Avoid the unnecessary headaches. Find the right financing. And experience a hassle-free renovation.