Renovating a home is serious business, it can take weeks or months and involve many teams of professionals to achieve your desired results. Home renovation is typically reserved for newly purchased homes or homes anticipating entering the real estate market, and it easy to see why. Renovations can immediately raise the value of a home, so whether you’ve just arrived or you’re preparing to move on, there is value in radical renovation.
How Much Will It Cost?
When deciding if renovations are feasible, you’ll first have to do some realistic budgeting. Anticipate all your fiscal needs, analyze, review and adjust, and if you can instigate major renovations without breaking the bank, proceed.
Budget Your Time Wisely
Aside from monetary budgeting, time budgeting will also play a huge factor in your renovations. Get conservative time estimates from a variety of service providers such as carpenters, plumbers, and electricians. Know when and for how long you’ll need to evacuate your home if that is where you are currently residing, and plan accordingly.
Get A Return On Your Investment
If you’re renovating in anticipation of a house sale, determine what the return on your investment should be. Ideally, you would recover your costs as the renovations add value, so give a great deal of consideration to how those planned renovations will indeed raise your home’s value.
Stonebridge Mortgage Group can help you with your Reverse Mortgage, Real Estate Loan, and many other mortgage solutions. We serve the greater Portland area and are located in Gresham, Oregon. Call us today at 503.661.5580.