Home Improvement Information

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So, you?ve decided you want to renovate! Planning for a major home renovation can be daunting ? the financial aspects alone are enough to make a homeowner want to run screaming for the hills. It?s not always easy to figure out how much to spend, how to finance the project and whether or not the expense is worthwhile. However, once you get past the various financial and logistical hurdles, home improvements can be incredibly rewarding, both for your lifestyle and your finances.

Step 1 ? I want a new ______!

The blank in this sentence could be a kitchen, bath, garage, pool or any number of other things, but no matter what it is you want, first you need to ask yourself why. If you?re planning to stay in your home for a number of years and you know you will really get a lot of enjoyment out of the renovation, that?s a great reason. Whatever value is added, if any, can then be considered a bonus. However, if you are planning on selling soon and are hoping to do some renovations to increase your profit at sale time, think again. Some renovations, like pools, can actually decrease the value of your home because the maintenance tends to scare buyers away. Even value-add renovations like kitchens may not add as much value as they cost to complete. Though there are exceptions to this, in my experience, you can expect to recoup no more than 50-60% of a kitchen or bath renovation upon resale, and even less for things like decks, pools, basements, etc. Keep your expectations in line and you won?t be disappointed!

Many buyers would rather spend less on a home and renovate themselves, rather than pay extra for someone else?s ?perfect? kitchen. That said, if you have a million-dollar home with Formica countertops, you should probably make some updates to make sure that the kitchen is in line with the rest of the house. Also, take a close look at the neighborhood and make sure you?re not over-improving for the area. In general, however, it?s best to avoid doing expensive renovations to a house you?re planning to sell soon. Save your money and renovate your dream home once you find it!

Step 2 ? Budget

Now that you?ve decided that you want to renovate, it?s time to figure out the bottom line. There are plenty of cost estimates floating around in home improvement magazines and on various websites, but they?re usually too general to be of much use. Construction costs vary widely from city to city, so your best bet is to start asking people in your area about their renovations (this is also a great way to get contractor referrals). Decide early on how much you?re willing to spend, and stick to it! Your budget should be based on what YOU can afford, not how much your neighbors spent or how big a loan the bank will give you. Once you have a good idea of what you can afford, price appliances, cabinets and other supplies at local stores or online ? see if you can get what you want within your budget. Decide how much labor you?re willing/able to do yourself to save money. Add a line item for expenses related to the remodel, like eating out, hotels, etc. Have contractors come in and give you bids or estimates ? and steel yourself for sticker shock. Remember to add at least 10% to any estimate, just in case there are overages (which there will be). You?ll soon find out what your budget will buy you.

Step 3 ? Money

You?ve got a budget, so now you need to get that money in hand. Of course, the best way to pay for a home renovation (or just about anything else for that matter) is to save until you can pay in cash, but home renovations can be pricey, and sometimes you just can?t wait. There are plenty of financing options out there, but which one is right for you depends on your personal financial situation.

A home equity loan (HEL), a home equity line of credit (HELOC) or a cash-out refinance of your primary mortgage are all good options if you have plenty of equity in your home. When I renovated my kitchen and bath a year ago, I decided to refinance my current mortgage and take out extra equity in cash to do my renovations. I prefer the simplicity of having only one house-related loan, and I was able to take advantage of the lower interest rates that are offered on primary mortgages. HELs and HELOCs also use the equity in your home as leverage, but they often have slightly higher interest rates than a primary mortgage. However, they usually don?t carry closing costs and other fees that can come along with a refinance of your primary mortgage, so in some cases, they end up being cheaper.

If you do not have equity in your home, the above options will likely not be available to you. There are other options, but they will end up costing you much more over the long haul. If you have good credit, you may be able to obtain a personal loan, with no collateral. Loans like these will have high interest rates, though. Credit cards are another obvious choice, but again, the amount of interest you?ll pay will likely double the final cost of your project. Assuming so much debt without an asset to back it up is extremely risky. The best option is really to wait until you have sufficient equity in your home to fund the project, or save up the cash.

Step 4 ? Doing the Project

Once you?ve got the cash, it?s time to start the work! The biggest financial challenge during this phase is sticking to the budget you?ve decided upon. If you?ve got a good contractor and you made sure to leave yourself 10% breathing room in your original budget, you should be fine. Be flexible when you can be with regard to materials, especially if it will save you a few dollars, and always be on the lookout for good deals on things you need. All that?s left to do now is enjoy your beautiful new renovation!

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Source: http://bloguay.com/golfgiftbasketsgolfgiftsets/2011/08/11/home-improvement-information/

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