The lure of a stunning gourmet kitchen or sparkling spa-style bathroom may have you chomping at the bit to begin a home renovation. But if you heed the advice of experienced renovators, pre-planning and advanced preparation are the secrets to renovation success. Here’s a helpful checklist to get your renovation started on the right track:
Decide what you want to do
For most people, this is the fun part – flipping through magazines and watching home decorating shows to get inspired. But it is also one of the most critical phases in any home renovation.
Prepare a realistic budget
Determine how much you are prepared to spend on your renovation. Remember to boost your budget by at least 10% for unexpected costs.
Arrange for financing
Get financing in place early so that you can plan your renovation with confidence. Leveraging the equity in your home is often a good option. As a secured loan, you can usually obtain an attractive interest rate and with flexible repayments. Other alternatives include refinancing your existing mortgage or arranging for a second mortgage on your home.
To obtain the best possible terms, be sure to work with an independent mortgage broker who can arrange competitive financing from a number of competing lending institutions.
Select the right team
You’ll want to entrust your project to people known for their quality of work. Ask for recommendations from friends and family, interview prospective candidates and always check references.
Stick with your plan
Your contractor, who does the construction or subcontracts it to other trades people, will work with you or your designer to implement your plan. With a sound plan, reasonable budget, financing in place and a team that you trust, your renovation can get off on the right track.
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Frequently Asked Questions
I've got a very bad feeling about this ...
By: grafxxgal | 20-07-2008
Dear Mr. Reed:
First of all, thank you in advance for your time and thought on this question. Three years ago, I was facing foreclosure due to finances arising from medical issues with my only child.
Instead of going through foreclosure, I engaged the "help" of a mortage rescue company. They said they would buy my home, help me clean my credit, let me stay in home.
I had a sinking feeling at the closing when I saw them put a check with MY equity in their pocket, literally.
Now, it's been three years, I haven't received my mortgage interest statement for this year, their "credit cleaner" hasn't contacted me, even after repeated requests and they are not responding to registered letters.
I initiated a complaint with the attorney general's office and they said they've had several complaints about this firm.
In addition, they sold my home to an "investor." My fear is that if they go belly-up, I'm "renting" my home from someone who I don't know and are they bound by agreement I had a closing with this company.
What a mess I've made for myself.
Thank you.grgrafafxa
Is my son's real estate agent using him??
By: lavonda cantrell | 20-07-2008
my son applied for a rd loan. His real estate agent has him working on the property for free, using his own money, when the house is still on the market. Her reason is that she will be fined 50 or 75 dollars a day until the papers are signed. What? I have never heard of such a thing and am not sure it is close to right. Meanwhile, my son is spending money he doesn't have, over 100 dollars so far, and taking days off work to do repairs to the house. Does this sound right to anyone?
Hello I fell breaking my leg on the dew in the ...
By: Debi | 20-07-2008
Hello I fell breaking my leg on the dew in the grass,will my home owners insurance cover my medical bills and lost wages.I have family liability insurance.
Thank you so much for your reply
Washing machine odor
By: bonnie | 20-07-2008
How to get rid of mildew smell in washer
DLF Town Houses
By: Vivek Arora | 20-07-2008
DLF TOWN HOUSES and Independent Floors, Sector 86, Gurgaon-- call 9810091101?
Please all the detail with phone no. for Email adress.
Is this legal and safe for me to do?
By: mommymackey | 20-07-2008
I am in some trouble financially and I have a company that is willing to buy my home for the mortgage balance. However, instead of buying the house outright, they place the house into "trust" and make my mortgage payments for me. Meanwhile the mortgage is still in my name. Is this a legal thing to do? What happens to me if they stop paying, am I still liable? I am growing more leery of this deal as I continue to do research. I live in PA if that matters. Thanks!
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