We’ve all heard the stories about tiny, little renovations that have gotten out of hand and grow and grow until that one-room makeover becomes a whole house project. It’s true! Sometimes homeowners start with projects likes pulling down some wallpaper in the powder room in order to paint and then the excitement leads to another project, and another project, and another project. Before you know it, there are plans for the entire house to be renovated.
But that’s okay. Sometimes the places we live in need a little freshening up, and if it’s possible to do it all at once, it’s often better that way. When you tackle the entire house at one time, you’ll experience far fewer interruptions to your life than if you did each room individually, months or years apart.
Of course, if you – the Vancouver homeowner – decide that’s the way you want to go, you need to recognize the scale of the project and put together a true workable plan with some help from a renovation company in Vancouver.
Hiring a professional contractor
A lot of homeowners ponder doing renovations on their own. That’s okay if it’s some paint here or some flooring there. But when you’re taking on a house full of renovations, it’s a good idea to speak to a contractor about doing the work.
A renovation company in Vancouver can take charge of the project and help you determine both costs and an appropriate timeline. An experienced contractor knows in what order to do things, what jobs can be combined and done together, and how long each task will take.
If you’re disappointed because you wanted to do some of the work yourself, talk to your contact person at the renovation company and determine if there’s something you can do to help, even if it’s just painting a room or two. Then you’ll feel like you chipped in and had a hand in the re-do.
Consider renovations that will help your re-sale value
If you’re not sure whether you want to tackle everything at once – even if it seems that everything needs renovating – consider first the things that will provide you with the most return-on-investment. Usually, that includes renovating kitchens and baths, both of which are very important to buyers. Even if you’re not ready to sell and likely won’t be for a while, these rooms are still the best investment of your renovation dollars.
You might also consider a room that brings in the great outdoors, like a sunporch, or perhaps a new, larger deck that allows more space for entertaining. In an area where residents enjoy being outdoors in the warmer months, such upgrades will be money well spent.
Think about how you’ll fund your project
You may have enough money saved for your whole house renovation…but you may not. To some, that’s a deterrent and they won’t proceed any further. Others opt for other forms of financing to get the job done.
If you have equity in your home (equity is the difference between how much you owe on your mortgage and the value of your home in today’s market), you might consider a home equity loan, which will allow you to borrow some or all of that money to finance your project. There are fees connected with taking out this type of loan (probably about 5 percent of the loan amount) and you’ll be paying monthly payments to the lender for a specified amount of time.
If you don’t have equity, you can take out a personal home improvement loan. You may need to use your home or other high-ticket item (like a car) for collateral, but if you have a good credit history you may not need collateral at all. There are also some fees associated with this type of loan but they tend to be a little lower than those paid on home equity loans.
Need more information about whole house renovations and renovation companies in Vancouver? Call us and speak to one of our experts about your upcoming project.