For most people, this is the fun part – flipping through magazines and watching home decorating shows to get inspired. But it is also one of the most critical phases in any home renovation.
Determine how much you are prepared to spend on your renovation. Remember to boost your budget by at least 10% for unexpected costs.
Get financing in place early so that you can plan your renovation with confidence. Leveraging the equity in your home is often a good option. As a
secured loan, you can usually obtain an attractive interest rate and with flexible repayments. Other alternatives include refinancing your existing
mortgage or arranging for a second mortgage on your home. To obtain the best possible terms, be sure to work with an independent mortgage broker
who can arrange competitive financing from a number of competing lending institutions.
You’ll want to entrust your project to people known for their quality of work. Ask for recommendations from friends and family, interview prospective
candidates and always check references.
Your contractor, who does the construction or subcontracts it to other trades people, will work with you or your designer to implement your plan.
With a sound plan, reasonable budget, financing in place and a team that you trust, your renovation can get off on the right track.
This article is written by or on behalf of an outsourced columnist and does not necessarily reflect the views of Castanet.