Renovating? Laying a good foundation for home improvement success
4/30/2014, 10:32 a.m.
You’ve probably heard the saying: “Your home is your castle.” But if your current home - or the home you’re thinking of buying - feels more like the servant’s quarters than the royal palace, you may need to plan a renovation. At times like these it’s easy to give in to your excitement and get the project moving forward, but take a moment to plan your overall strategy. You’ll find that, much like your future castle, your renovation project will benefit from a solid foundation.
You can build your foundation by accomplishing these important tasks.
Talk to a renovation specialist. Acquiring a renovation loan allows you to finance your new home mortgage and your renovation plans into a single loan. And an important aspect of the renovation loan to remember is that it’s a product in which the loan is based on the value of the home after it’s been improved. If you are renovating your existing home, you can use the loan to refinance your existing mortgage and make the renovation updates.
“Many consumers are not aware of the opportunities with renovation financing because not every lender offers this option, said Bill Trees, national renovation program manager, Wells Fargo. “Wells Fargo is the nation’s leader in renovation financing. We serve all customers from first time homebuyers to repeat buyers, and have a team of specially trained home mortgage consultants across the country that only focus on renovation lending.”
Speaking with a renovation lender can help you build your financial foundation for your renovation project.
Shop around for the right contractor. If you plan to use a contractor for your project, it’s important to select the right one. But how do you decide on a contractor? Research is important. Many contractors will provide you with a couple of references but this isn’t always a fool-proof solution. These references could be relatives or friends of the contractor.
References can be helpful but don’t rely on it exclusively. Dig deeper by traveling to the site of the contractor’s current job. Are the clients happy? Has the contractor’s work met expectations and budget? Has the contractor finished benchmarks on time? These are all important questions to ask. You can also inquire about the contractor’s work on social media and professional referral websites.
Finalize your vision. Selecting the proper renovation specialist and contractor are key to your project, but both of these professionals will be able to provide you better service if you have a vision for what the project entails. You may not know exactly how much the project will cost, but you should have a budget in mind. If your contractor asks questions about layout or wall preferences, be ready to make the decisions and guide him or her toward your goals. Approaching the project with a plan will eliminate miscommunication and regrets later.
Renovating a new or existing property can be an exciting time, and establishing the proper foundation for the project can help you pass inspections and build the home you’ve always wanted.