It is normal for people who buy their first home to want to renovate it. The reason most people opt to renovate their own houses is that when you get a house in excellent condition, good location, and exactly what they want, the prices are ridiculously high. The best option is to purchase a cheaper home in a good neighborhood and renovate it correctly. The cost of buying such a house and renovating it will be lower than the price of a finished house. If you decide on renovating your first home, you will need to follow the tips in this article.
1. You need to know if your first home will be your permanent home.
Most people buy their first home as an investment instead of a home. If you are young, then such a decision would work for you. You might not want to live in the house you are living in now fifteen years from now. Therefore, for planning, you need to be sure that the house you renovate will be your home forever. If you are not planning to sell the house, you can renovate it to whatever you prefer. However, if you are renovating your house with the intention of selling it, make sure you know what your potential clients prefer. Since it is for business, make sure you get the return on investment.
2. Come up with a budget.
As obvious as a budget seems, it is not always solely about what you can afford. When you are looking for a house, consider the price and the amount of money you will spend on renovations. If it is possible, get professional to help you assess the costs. The cost of restoration should not be more than 5-10% of the value of the house. This rule applies when you are planning to resell the house. However, even if you plan to live in that house, you should not spend so much on renovations.
3. Carry out intense research and planning.
Many people have a collective dream of buying a first home and renovating it, but what most people do not know is that a lot of planning is vital in that process. Compare prices of houses in different locations, local taxes, contractors and the time the renovation will take. Learn everything from painting to wiring to floor plans and get into details. Read a lot of Renovation Ideas and Mistakes people face while renovating their houses and you will gain insights.
4. Save and do not borrow.
It is expensive and stressful to borrow money to renovate your house. The best idea is to save money and restore your house slowly. As much as it keeps your costs down, you get some satisfaction. After buying a home, most people have no money for renovations. You should only consider taking a loan in case there is an issue that needs urgent attention. The other improvements can be made slowly with time.
5. Try doing most of the things yourself.
If you want to save money while renovating your home, you have no choice other than getting your hands dirty. You need to make sure you know what you are doing. Even the basic skills you have can apply. Once you ensure you are safe, start working on your house where you can. By doing this, you will get personal satisfaction, and of course, you will save a few cents.
6. Hire a reliable and qualified contractor.
Since you will not be able to do everything, you will need to hire a professional. The best way of finding a right contractor is through recommendations. If you do not succeed in finding a suitable contractor from your friends or family, look for one online. Read reviews of the contractors you get, and if it is possible, contact some of his clients and let them show some of the contractor’s work. Remember that even if you have the best contractor on the planet, you have to be the supervisor. Your money is at stake, so you need to monitor it.
7. Do not compromise on quality.
When someone is on a budget, they tend to shop for cheap products. It is a bad idea. The most affordable option is always the poorest quality. Cheap products will not serve you for a long duration. Therefore, in the long run, you will not be saving any money. On the other hand, going for expensive products is not a good idea. Go for mid-range products from a well-known brand, and you will be good to go. If you cannot afford mid-range products, it is better to wait and save up until you can afford them.
8. Focus on the most vital parts and the exterior.
Once you buy a new home, there will be few things that need changes. Therefore, focus on the essentials and the exterior. A beautiful exterior might give a house a superb resale value. Inside the house, concentrate on the things that need repairs first and sort them out. The rest can come later when you get the funds.
Renovating a house is a stressful process, but with proper planning, it can be swift. Take your time and go through these tips. You will be able to get your dream home.