Tips for Successful Home Renovations

What You Should Know About R Renovations

R renovations specializes in kitchen and bathroom remodeling, window repair and replacement, drywall repair, and house painting. They also have a wide range of customization options that can help you customize your home to fit your unique lifestyle.

Contractors often use terms that can be confusing for homeowners. Understanding the difference between a remodel, restoration, and renovation can help you get your project done without any headaches.

Get a Home Equity Loan

Home equity loans are typically the best financing option for homeowners looking to make major renovations. However, they aren’t right for everyone. Lenders consider several factors when approving home equity loan applications, such as credit score, loan amount, purpose, and repayment terms.

Expert Tip: A great credit score will help you qualify for a home equity loan with lower interest rates, which can save you thousands over the life of the loan.

Remember that real estate prices fluctuate regularly and could decrease, leaving you with less home equity or even underwater on your mortgage (where you owe more than your house is worth). A RenoFi Advisor can help you understand how the market may impact your eligibility for a home equity loan or HELOC.

Hire a Contractor

When you’re ready to hire a contractor, make sure you select one who is licensed, bonded and insured. Also, insist on a detailed contract that lists the exact tasks needed for your remodel and any necessary materials. It should also include a payment schedule and milestones. Also, get lien releases from contractors and suppliers before making any payments.

Finally, compare quotes carefully. Keep in mind that building materials, work methods and timelines vary by contractor. R renovations typically refer to “remove and replace” projects and do not include structural or mechanical changes. Ask each contractor to explain any differences in their estimates. This ensures that you are receiving apples-to-apples estimates.

Hire an Interior Designer

A good interior designer will help you find the right look and style for your home. They’ll work with you to get an idea of your goals, preferences, and budget for the project. They’ll also draft designs and show you samples of materials.

Interior designers are able to get trade discounts on materials that can be passed onto their clients. Their knowledge of pricing will save you money in the long run.

They’ll also be able to provide accurate bids for the contractor that will include materials allowances so that you don’t end up with surprise overage invoices midway through your renovation. This alone can often pay for their services.

Get Permits

If you perform renovation work without a permit, you risk getting fined or having your project shut down by an inspector. You also may have to pay to get the work brought up to code if you later try to sell your home.

Even the smallest alteration typically requires a registered architect or professional engineer to prepare drawings of the existing conditions and the proposed work, as well as an expediter to submit them to the Department of Buildings. The process can take weeks or months to complete.

You will also need to arrange for temporary living arrangements during the renovation. This may mean staying with family or booking a short-term rental.

Prepare Your Home

The more prepared you are, the less stressful your renovation will be. You can do this by setting a timeline and leaving room for unexpected issues that may arise.

Narrow down your design preferences before meeting with an interior designer. This will help you avoid being talked into a design that’s not aligned with your budget or vision for the renovation.

If you have kids or pets, make plans to keep them away from the construction area during the remodel. This will help prevent them from getting covered in dust and debris. If necessary, consider temporarily moving them to another part of the house or into a hotel for the duration of the project.

Stick to Your Budget

It’s a real pain to start your home renovation project and find out you simply don’t have the money to finish it. If you plan to use a loan or credit cards, make sure you set up a savings goal and stick to it.

It’s also important to consider tradeoffs. If you find an item that you want but can’t afford, try reducing the cost of another aspect of your renovation instead.

Another way to avoid budget busters is to plan carefully and stay in close communication with contractors. For example, if you want to use marble countertops but can’t afford them, ask the contractor for alternatives like soapstone that still look nice and are within your budget.

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