Every year you say this is the year you will finally make that home renovation but it is not that simple. You will have to consider your budget and financial situation for your home renovation. Here are some tips to help you finance that long-overdue renovation.
Plan Ahead
You can’t start a new project on a whim, neither can a contractor. They’re busy, too. They’re busiest in the summer after the snow melts away exposing a worn down-home. That’s when everyone wants their services. By preparing early, you can get competitive bids to compare, analyze, and select your contractor during their slow season. Working with their schedule might save you money. Do your best to avoid unexpected expenses.
Know Your Style and Products
Design-Build firms will pair you with an interior designer who will walk you through the whole process. They’ll make suggestions to suit your style. If you’re trying to save money, you can curate the design yourself. Get on Pinterest, identify your style, and then start browsing. Speak with your chosen contractor about their discounts at different suppliers.
Save Up and Avoid Debt
You should choose a high interest savings account to earn you more money. The more you save, the less you pay in interest once the renovation is complete. Incurring any debt should be for emergency situations, otherwise, know your costs, and save up. It’s faster to save up than it is to pay back a debt.
Plan for Accommodation
If it’s a whole home renovation, it’s probably best you move out. Perhaps you can stay with family and friends or Airbnb is a good choice but will have to be factored into your budget. What happens if your renovation, despite all the planning isn’t going to be on time? Can you extend your stay anywhere?
Update Your Home Insurance
Are you creating a smart home with security cameras? Did you replace your roof or upgrade to a tankless hot water heater? Do you plan to rent out a finished basement? Speak to your home insurance provider about your renovation and ask how you can save money.
With any renovation, as with most things in life, you’ll likely have to pick two: quick, quality, cheap. Taking the time to plan will give you the best value from your hard-earned dollars.
As a top development construction company in West Vancouver, we can’t wait to join this journey with you to create your dream home. Don’t hesitate to get in touch with our friendly and professional team for a quote, or to discuss your dream home project.