Renovation Costs Guide
Planning a home renovation is a big task. You’ll need to make many decisions, from choosing paint colors to materials, to ensure your home renovation turns out the way you planned. Additionally, you will need to set a budget to manage the associated costs. Whether you’re planning a renovation to get more enjoyment out of your current home or you want to update your home before moving, our home renovation guide gives you top tips to make your renovation a success.
Create a Plan
When you’re preparing to renovate your home, the first thing you will need to do is formulate a plan. The plan should include:
- Your goals for the project
- A list of “needs” and “wants” for the renovation
- A blueprint of the renovation
- Steps or milestones to gauge progress
You’ll also want to identify all the professionals you will need to hire for assistance and find a lender if you plan to get a mortgage renovation loan Las Vegas.
Before starting any project on your home, make sure that you know all the local regulations governing renovations. Some renovations, for instance, such as garage conversions, are not permitted in certain neighborhoods. If you need to get a permit for your project, make sure to start the permit application well before the anticipated start date. However, you should wait to submit permits until you have hired professionals for the job and established a concrete project timeline.
Establish a Budget for Renovation
Setting a budget is also crucial for your home renovation project. The budget should include all of the major and minor projected costs for the renovation, ranging from small decorative items to the costs associated with hiring contractors, sourcing building materials, and paying for all applicable permits.
The first thing you’ll need to think about is how much you want to spend on the project to create your budget. You will then want to make sure that you have enough money to cover the home renovation cost.
Get a Loan
If you need extra cash to pay for the upgrades, you may be eligible for home renovation loans Las Vegas to help cover the cost. There are several types of loans available for homeowners who want to fix up their homes. Some of the most common loans are:
- Fannie Mae HomeStyle
- FHA 203(K)
- EZ C
- Jumbo
- USDA Rural Development
Fannie Mae loans are government-backed single-close loans. They can be used for changes you want to make, structural repairs, cosmetic improvements, and repairs required by an appraiser. A HomeStyle mortgage renovation loan Las Vegas is available in 15-year and 30-year terms.
FHA house renovation loans Las Vegas are government-backed loans available to homeowners with lower credit scores. They are generally more expensive than HomeStyle loans because they have higher mortgage insurance premium rates. However, you’ll have a lower down payment.
EZ loans can be combined with conventional mortgages to complete value-oriented non-structural repairs to your home. These loans cover repairs required by an appraiser, along with changes that you want to make.
Jumbo loans are available for more expensive homes that may otherwise be ineligible for certain home loans. A jumbo renovation loan Las Vegas must increase your home’s value and be used for non-structural repairs. (Read on why you should consider a home renovation loan.)
Lastly, USDA loans are available for certain renovation projects to make a home safer and more livable. Eligible improvements include plumbing, roofing, windows, and electrical—qualification for USDA house renovation loans Las Vegas is based on income and location.
Build a Team
After securing funding, you will need to assemble a team of experienced contractors to perform some or most of the construction. Hiring a good team also requires time and some background research. Ideally, you can get personal recommendations. Otherwise, consider hiring contractors based on references, licenses, years of experience, insurance certifications, and their payment structures. Finding, interviewing, and hiring contractors can take two or three months.
Create a Timeline
Once you’ve established a budget, secured a loan if necessary, and appointed a team of professionals to complete the renovation, it’s time to think about a timeline. Some experts recommend setting a projected end date and working backward from there. Your contractors can help you formulate a likely schedule for construction. Be sure to build in time to clean and prepare the project area, allow for the ordering and shipment of materials, and consider any time off that the contractors may take for vacation or holidays. It’s always a good idea to build in some time off for unforeseen reasons, too, such as illness. The timeline should be set about two or three months before the project begins.
Home Renovation Price Guide – Prepare for Life with Construction
Depending on your renovation scale, you may need to make some adjustments to your daily life. You might be able to continue living in your home if you are just having a small renovation, but you might also need to make arrangements to live elsewhere until the project is finished. If you are thinking of leaving until the construction ends, make plans for alternative living arrangements about two or three months in advance, and plan to move out no less than a week before construction commences.
If you are planning a home renovation, we can help you out. From the initial planning phase to securing a loan, count on us to walk you comfortably and confidently through the process of renovating your dream home.