Phasing in a major renovation-stuff to think about.

Phasing in a major renovation

Renovating a home can be a rewarding and exciting experience, but all too often it can also be costly, disruptive and stressful.  Many homeowners feel that they have to make compromises in their ideal plan in order to accommodate their budget and their schedule.  Granted, as with most things in life, compromise is usually a part of any successful renovation.  However, rather than cutting corners on features or materials, one of the compromises that you can opt for is taking more time to complete the renovation you want, on your own terms.  By spreading out the various stages of your renovation into specific groupings, such as excavation and foundation work; framing, plumbing and electrical; drywall and painting; or flooring, you can plan on some well-timed breaks in between.  You can gradually move toward completion without putting as much strain on your bankroll as you would rushing to do the entire project in one year. 

If you’re thinking of renovating by degrees, a good starting point is research and planning.  First of all, what are your goals for this renovation, and what is your timeline?  Are you planning on creating a dream kitchen where your family will spend the majority of its time for many years to come?  Or are you just looking to freshen up the look, but plan to move within the next two or three years?  Defining your objectives and time frame can really help you to decide what’s worth doing now, what can be done in degrees, or what’s worth doing at all.  Your public library and city planning offices can be a wealth of information on the various stages and requirements for home renovations. 

Your Coldwell Banker sales professional will be happy to discuss how the resale potential for your home might be affected by any renovations you may be planning.  Your local financial institution can advise you on the most cost effective way to finance your renovation.  Usually a line of credit secured against the equity you’ve already built up in your property is one of the most cost efficient options available to you. 

Of course, your contractor is the most important person to include in the investigation and planning process.  Make sure that your contractor understands your goals not only for the immediate stage of your project, but also for any future enhancements you may be planning.  Your contractor is responsible for getting a building permit and ensuring that your long range plan conforms to the building code and regulations of your municipality.  Don’t assume you can simply add on later when the time is right.  Once you’re armed with the right information, you are better able to make an informed choice.