The Role of a Renovation Consultant in the Home Loan Process

You may have found your dream home, but there’s just something that you’d like to change upon moving in, like the exterior paint color or updating a bathroom. Home renovations can be costly, but contacting a renovation consultant can help you plan financially for making the updates and improvements that you want to have in your house.

Why renovate your home?

The reasons for renovating a home are diverse. Some people want to make aesthetic improvements to their home, while others want to improve a function in the house, such as insulating the doors and windows to retain heat or installing new, more energy-efficient windows.

Some of the most common reasons people want to update their space include:

  • Making a home larger
  • Upgrading the cabinets, appliances, counters, and fixtures
  • Designing a custom floor plan
  • Creating an energy-efficient living space
  • Increasing the home’s resale value
  • Where to start with a home remodel

Remodeling your home may sound like a daunting task, but there are ways to approach a home remodel or renovation to put things into perspective and make it more manageable. The role of renovation consultant is to help you understand what improvements you want to make and how to begin, which is actually much simpler than it sounds!

If you’re feeling overwhelmed or you’re not sure where to begin, start by creating a list that prioritizes your wants and needs. Once you’ve jotted down why you are seeking the renovation in the first place, you can start looking for inspiration. Fortunately, there are many places you can go to get design ideas for your project, which makes it determine exactly what you want. Having a better idea of your end goals will help you make decisions.

Once you have a general idea of what you’re looking for, it’s time to focus on things that are more specific, and that includes thinking about things that you probably never even considered before. For instance, what are the traffic patterns like in your home? Do you want to have more open space in your rooms? Are you intending to showcase certain upscale pieces of furniture, or is your room designed for comfort and relaxation? Figuring out the room’s current and future dimensions will help you decide how you want the room to be furnished, and if you want to add or remove any pieces of furniture.

The atmosphere and mood that a room creates is also important. That means you’ll want to consider elements like the colors and lighting in the room to ensure it’s producing the right vibe. For instance, you might want to create a bright and cheerful environment in a place that you’re planning to update and use as an entertaining space.

It’s also not uncommon for people to update their homes so that they can care for sick or elderly family members, which also entails making a home more accessible for someone with limited mobility. In that case, you can work with a renovation consultant along with a Certified Aging-in-Place Specialist to create a cost-effective living space that will meet the needs of a person with a disability.

Another reason that people want to renovate their homes is energy efficiency. Whether it’s to reduce the cost of your utility bills or reduce your environmental impact, you may want to make your home more energy efficient for numerous reasons. Many people choose to hire a professional home remodeler when they want to make energy efficient and environmentally friendly updates to their home. That can include a variety of projects such as replacing the doors and windows, improving the heating and cooling systems, properly insulating your home, and other measures that will make the home more energy-efficient and easier to maintain. Along with staying more comfortable throughout the year, a home that is more energy efficient will also lower your utility bills. While you might be hesitant initially to upgrade your home, you will find that the savings associated with lower monthly utility bills pays off!


How much can you afford to spend?

Like everyone, you probably have grand ideas of what you want your dream home to look like. There is a lot to figure out when it comes to home remodeling and renovation expenses. You will have to consider all the details such as the materials you want to use, appliances, decorations like lighting and furniture, and landscaping. Then, you will need to consult contractors and any other specialists to get the job done, such as plumbers and electricians. Once you have added up all the costs of the renovation, you’ll have a better idea of what you can afford, and you can make adjustments as needed in your home renovation budget.


What about doing the work yourself?

Of course, some people may look at the time and money involved in making home repairs and decide they can do the work just as well on their own. Some simpler improvements you may be able to do on your own, such as landscaping and painting. A word of caution, however, is that even the most thrifty homeowners who decide to undertake a major home renovation may not see the results they want. Statistics show that over 30% of homeowners fail at renovation projects they try to do on their own but don’t successfully complete. The problem with that scenario is that all the time and money you’ve spent on trying to improve your home on your own ends up going down the drain, and then you need to spend even more money hiring someone to come in and fix the problem. Another factor to consider is that many home improvements are subject to local zoning codes and ordinances, and a professional will know how to update a home in legal compliance with local laws.


Is a consultant necessary?

While it’s a good idea to hire a consultant as part of your renovation planning and loans, it may also be required based on your loan. If you have an FHA 203K loan or a Fannie Mae HomeStyle loan, for instance, you are required to work through your home renovations with a Certified FHA 203K Renovation Consultant. The consultant will handle all the tedious aspects of the project such as coordinating the project’s construction and the home loan process. From start to finish, the consultant will oversee the entire project, which includes design and planning, construction, payments, and making sure the project is finished on time. If you plan to ever sell your home in the future, a renovation is a major advantage.

Contact us today if you want more information about the benefits a home renovation can do for you and your family.