Why You Shouldn't Call the Contractor Just Yet

Sarah and James, a newlywed couple, have just snagged the keys to their home. Their excitement is palpable, as this will be their first home together. 

Initially, Sarah wanted to be happier with the condition of a few things in the home and the absence of a few necessary items. However, James convinced her about the option of remodeling. He said: “You can remodel your home in any way you like once we own it.” Sarah agreed, as they were getting the home at a reasonable price. 

The couple thought they would have enough money to hire a contractor immediately and get the renovations done. Nevertheless, when they moved in, they realized homeownership was costly. Moreover, the home purchase price is just one element that eats up money. 

Additionally, Sarah found that she needed to cross off many points in her list of renovations due to many factors. The couple realized that transforming their space into a perfect haven is thrilling. However, the importance of planning a home renovation is not overrated. 

So, the couple decided to dig into the details and plan the renovations properly before dialing the contractor’s number.

Key Takeaways

Significance of Planning a Home Renovation

On the last day before they got the keys to their new home, Sarah pulled up the list she had made for the renovations and remodeling of their home. After skimming it, James added a few more items. 

However, when they moved in the next day, Sarah told James: “Oh boy, it will take a while before we can cut out items in our list. We need to cancel out a few items anyway, as I do not need those anymore.”

James and Sarah sat down to plan their home renovation properly instead of just having a simple list. The couple realized things weren’t as easy as they thought. Moreover, they must consider many factors before making renovation decisions. 

Their first lesson in homeownership was that hasty decisions could lead to unexpected challenges and costs. So, their meticulous planning of a home renovation began. 

Tips for Remodeling Your Home Before Calling a Contractor

James canceled the contractor’s already-booked appointment and called Sarah: “Sarah, come, let’s plan to remodel your home.” Sarah smiled, “OUR home, James.” 

• Understanding Homeownership Costs Before Planning a Home Renovation

Sarah and James were captivated by the charm of their vintage home but did not anticipate the maintenance costs. In addition, they had to set aside funds for ongoing home expenses, such as utilities, insurance, and taxes. Otherwise, their dream project will become a financial burden. Furthermore, Sarah knew she had to spend money on all the groceries and important household items immediately without knowing when the next mortgage payment would be due. Thus, James asked Sarah to do calculations before remodeling or renovating. 

• Creating a Realistic Budget for Remodeling Your Home

The couple's excitement led them to dream big. However, now Sarah knew those dreams could quickly turn into nightmares without a realistic budget. James established a budget aligned with their financial situation and renovation goals. “This way,” he said, “you can avoid overspending Sarah and ensure a smoother process when you want to remodel your home.”

• Making Larger Down Payments

“We should have made a larger payment, which would have saved us money in the long term to plan for a home renovation easily,” Sarah said. Sarah thought a larger down payment could have been a strategic move. By putting more money down upfront, Sarah and James could have reduced their monthly mortgage payments, freeing up funds for renovations. 

• Identifying Needs and Priorities

Every home has its unique set of needs and priorities. Initially, Sarah wanted to redo the kitchen cabinets. But now, she contemplated whether it was her immediate priority or next month’s electronics installment. In addition, the extra kitchen table she wanted to add to the kitchen center to give it a modern look is unnecessary. She already has enough space. Additionally, it would just make the kitchen look smaller. 

However, the washroom tabs are not functioning properly, and those certainly need to be replaced immediately. Thus, planning a home renovation needs some thorough thinking.

• Avoiding Impulsive Purchases

When they were about to close the deal on their home, Sarah went to a mall and liked a modern-styled central table for their lounge. After shifting, she realized that the purchase was a waste, as it did not match the overall look of their vintage home. Similarly, they both had made some impulsive purchases in the excitement of their new home. That money could have been spent on something useful if they had thought enough and properly planned the home renovation. Thus, the couple learned that impulse purchases could lead to regret. 

• Talking to your Neighbors for the Feasibility of Remodeling your Home

In their plan to remodel their home, Sarah and James discovered that their dream of a backyard oasis clashed with local zoning restrictions. Moreover, this is something they got to know through their next-door neighbor. Otherwise, their money would have gone to waste when the authorities would have destroyed their oasis. Additionally, Sarah always planted Basil at her previous homes for culinary use. However, Mrs. Nancy, one of her neighbors, explained to her the lesser chances of Basil’s survival in the extreme winter the neighborhood experiences. Sarah did not know the winters would be harsh. 

• Considering Future Resale Value,

James explained: “Sarah, now that we are planning a home renovation, we must consider another important factor. Although we do not plan to sell this house anytime soon, when our children grow up and we need to move to another house, this house should pay us well. So, let’s plan for the remodeling of our home in a way that its future resale value would be increased.” After listening to this explanation, Sarah crossed off a few renovations from her list that could not add significant value to the property.

Wrap Up

Sarah and James discovered that planning a home renovation is the key to successful decision-making for remodeling your home. The couple made better decisions by understanding the costs, budgets, needs, and priorities. In addition, they learned to avoid any impulsive purchases and to talk to their neighbors for community insights. Furthermore, they also realized that they had some regrets which otherwise could have helped them in pocketing money, such as making a larger down payment. 

So, before dialing that contractor's number, take a page from Sarah and James's story. Moreover, plan your home renovation journey wisely, and your dream home will become a reality without the unexpected twists and turns. 

FAQs

1. How can I estimate the cost of a project when planning for a home renovation?

Estimating renovation costs when planning for a home renovation involves researching material prices and labor rates and considering the scope of work. For this matter, consultation with contractors and online cost calculators can provide insights.

2. Does long-term consideration of renovation only entail property value?

No, long-term consideration of renovations extends beyond property value. It involves ensuring lasting functionality, meeting lifestyle needs, and making choices that contribute positively to the overall enjoyment and sustainability of the home.

3. Are renovation expenses tax deductible?

Renovation expenses are typically not tax-deductible for personal residences. However, some home improvements may qualify for tax credits, such as energy-efficient home improvements, like installing solar panels or energy-efficient windows. Nevertheless, a tax professional can guide you better in such scenarios based on the regulations of your location.