We sometimes end up buying a house off the market and find out it does not have everything as we planned. It could also be that after some time of constructing and living in our own house we feel like there are some changes needed. Either way, home renovations are a must after some time to keep the house in a fresh state.
What to do?
The best thing to do is, first sit and make a list of what sorts of tasks you are planning to do. It is very dangerous to start the renovation and half way through decide that you also want to change the flooring from tiles to wood or decide on shower screen repairs for each bathroom. Sometimes what you want, may not be possible. Sometimes it may be very expensive. Either way, the best thing is to sit with an architect, preferably the one who designed the house, and a constructor and decide the steps you are going to take in this renovation project, one by one. For example, if you need to change the kitchen, first you have to figure out a place to cook; or you need to decide to move out until it is renovated.
It is important to decide what to do and not to do because of course, it all comes with a cost. Based on what sort of steps you are planning to take the costs will differ. If you are planning to use some saved money for this, you need to have a limit on the maximum amount you can go. If not, you will end up spending whatever the amount you have and more. It may be that you end up owing the bank or a friend too. You can also sit with a financier or a banker to decide what sort of a maximum amount is feasible with your income and monthly commitment that can be borne with the income. Do not forget that there are more expenses you need to bear each month as well.
What not to do?
Do not decide off the top of your head what to do. Do not proceed until you have some advice from an architect as well as a builder, who can give you a realistic figure of the actual cost. Remember, whatever the amount quoted to you, the actual cost will be higher than that. You must also remember to have some buffer amount saved as well. Do not rely on the constructors to finish up exactly as they promised and pay for an alternative place you are staying for only that time period. When you are choosing a credit option, don’t just talk to one bank or financial institution but remember to consult a few before you decide on a final one.
Where you live is where your happiness is. Make sure the place is filled with positive vibes.