Planning Home Renovation Projects

With a stagnant economy and a housing market that remains depressed in many parts of the country, a number of homeowners are now choosing to renovate their homes rather than upgrading to larger or more modern homes. As is the case with any major project, planning is an integral part of any successful home renovation project, and while most homeowners realize that they need to carefully plan any home improvement venture prior to sharpening their saw blades, the number of factors involved in home renovations can seem daunting to even the most seasoned do-it-yourselfer.

The first thing for homeowners to consider is whether or to what extent they are willing and able to involve themselves in the project. Money will obviously be a consideration here, but in addition to the funding of the project, homeowners should start by determining whether or not they have the skill and the time to complete a major project without the help of a professional.

Painting projects are easy enough for most homeowners, but when it comes time to tear down and rebuild a kitchen, many people would prefer not to learn the craft of kitchen renovation on their own home. Likewise, time is always an issue, and for homeowners who put in long days at an office, coming home to a construction project may not be an ideal situation.

One way for homeowners to gauge their willingness, ability, and availability to take on a project is to start a small, simple project on a do-it-themselves basis, and see how easily and quickly the project goes.

Once homeowners have determined how involved they will be in a project, they will have a better sense of how much renovations will cost, and can begin devising a manner in which to fund their home renovation project. Keeping in mind that estimates are ballpark figures, and that costs will inevitably run over expectations, homeowners have a few options for financing their home improvement plans.

Sweat equity, or using the labor of friends, especially those skilled in the trades, in exchange for pizza and beer is the best possible option when available. However, for those opting not to exploit their friends, financing options often come down to credit cards and home equity loans. 

Given the economic events of the past few years, most people are acutely aware of the dangers of relying on credit cards, however, in a tight credit market, if not able to secure a home equity loan, homeowners may have little option than credit cards. In such cases, zero-interest options for 6 months or a year will allow homeowners to pay off the costs of their renovation over a short time period. However, interest rates tend to jump rapidly after the initial promotion period, and homeowners must make sure that they make their payments on time in order to avoid sometimes draconian penalties.

With a general plan in place, as well as a funding option secured, homeowners can move into the initial stages of their home improvement project. This will involve researching contractors, beginning the application processes for any zoning or permitting issues, and finally, starting the construction (or destruction) process.

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