Spring is in the air and neighbourhoods are buzzing with people making upgrades to their homes and yards. Redoing bathrooms or kitchens, putting in new flooring or digging out the yard to put in a pool, everyone wants to make their home a little bit better.
Of course, we want you to have a smooth experience when performing home renovations, so we put together a list of our four best tips for getting ready to make those home renos.
Prep Tip #1: Don’t Add New Debt
If you are planning to do any major renovations and you need to use some credit to do that, avoid taking out new lines of credit. This includes opening new credit cards and financing appliances or furniture. Try to work with what you already have available so you don’t put yourself into insurmountable debt.
Prep Tip #2: Try to Clean Your Credit
Work hard to pay bills on time, pay down (or off) debts and fix any errors that are reported in your name before you undertake a major renovation. This will ensure that you have enough credit necessary to finish the job once you start it. You don’t want to be halfway through a kitchen reno and have your credit tank because of past debts.
Prep Tip #3: Set a Realistic Budget
Pushing your budget because you plan to “flip” the home for a profit down the road is a terrible risk to take on a primary residence. Be sure you can afford the payment today, not “if these other things happen.”
Prep Tip #4: Be Prepared to Compromise
This one is hard for a lot of homeowners. We spend years imagining our dream home and sometimes what we want isn’t realistic within a certain budget. That includes renovations. You may want kitchen A and know that it would add a lot of value to your home, but don’t go into deep debt to attain it when you could live with kitchen B.
Do you really want that pool, but can’t afford it now? Then you need to consider postponing it or learning to love above-ground pools. Don’t put yourself in financial strain because of an amenity.
One completely affordable renovation to your home that will add a lot of value is to get some awnings, shades or security window coverings. If you are considering buying shades for your home, contact us and we’d be happy to set up a time to chat.