Homeowners have spent an average of six thousand dollars on home improvements in the last twelve months. If you’re thinking of adding an extension to your house or renovating an old room in your property, we’re not surprised if that number gives you pause. Saving up for a large renovation takes planning, and you may need to turn to alternative sources of funding such as home renovation loans while adopting a do it yourself attitude in the process.
There Are Loan Options Available But Use Them In Moderation
One Wells Fargo survey suggested less than 15% of homeowners knew that renovation loans existed. Renovation loans, as the name implies, are bank granted products designed to help you handle large-scale projects to your home or property. The availability of these loans are often written in a property’s deed or mortgage, so they can have higher interests for those planning to renovate a property they already own.
Hire The Right Workers For The Right Job
One of the most common mistakes is hiring a construction team to handle part of the job. If you have a clear image in mind for an extension, for example, then doing it yourself should be a relatively feasible option. Just remember that some jobs, such as piping and wiring, require a licensed professional regardless.
Or, go the opposite direction and consider hiring a local contractor team for the entire deal. Most people assume that hiring contractors for one or two jobs during a renovation will be cheaper, but in reality, individual parts of construction often add up to a bigger price tag over time. It’s also relatively common to put a contract through a bit of a bidding war, so consider shopping around between two or three contractors, and accept the terms that are most agreeable to you.
Save Up For Your Own Inspector
Hire your own inspector. Before additions and renovations, you’ll need permission from your local city or municipality. And if you’re hiring a contractor, the number of people involved will increase, but not everyone’s goal is going to be to make your new addition as structurally sound as possible. By hiring your own inspector, you can have them point out expensive, inadequate, or unnecessary features that might cost you down the road, which another inspector might ignore.
Funding a large scale home renovation can take some work. We suggest you start at home by slowly putting some money away over time. Consider hiring an inspector to evaluate what steps and features are truly necessary, and to assess the cost. If you can’t make it DIY work, consider shopping around between local contractors for one who meets your demands. And if you feel comfortable with the responsibility of a loan, renovation loans are another available option.