Home Improvements: What to consider before your next project

Tips on Planning a Home Renovation Project

Below are some financial tips to consider when planning to update or renovate your current property and make it a dream home that fits into your future and family needs:

1. Assess your goals for the project and research examples of what you envision.

• Questions to ask yourself: Are you expanding? Updating? Building equity and curb appeal for a future sale?

• Another important consideration is how much of the project you will do yourself versus how much you will rely on hiring contractors.

• Is the timing right for you to devote time and take on debt?

2. Assess your financial situation and create a realistic budget, ensuring that the total overall expense of the project is something that comfortably fits into your financial picture.

3. Review your design plans and carefully, and thoughtfully, choose those items that are must haves, as well as those items that will add benefit as your family grows (such extra bedrooms). Also consider your personal longevity in the home (accessibility).

4. Put items you’d like to have on a wish list (gourmet kitchen, details like granite), and do some research on cost - if you are hiring a contractor, you will already have some idea of the expense of those items and whether or not they will fit into the budget you completed during your preliminary financial review.