If you want to carry out a renovation in your home , before you start selecting tiles and paint, make sure you know how much it will cost to remodel your house. If you are looking to buy a second-hand home, a good option is to buy a flat through a real estate agency in Palma and then reform it to your liking.
Do you want to remodel the kitchen? Are you itching for a bathroom remodel? The easiest part is nailing down your home renovation goal, whether it’s adapting the home to a growing family, adding space for an office, or simply wanting to upgrade your home or make any needed renovations.
But figuring out how to plan a home renovation that doesn’t leave your bank account in the red can be a bit more complicated.
Here are five key steps to planning your home remodeling project.
1. Estimate the renovation costs well
As a general rule of thumb, you shouldn’t spend more on each room than the value of that room as a percentage of the home’s total value. Therefore, to begin with, we could obtain an approximate value of our home in its current situation.
For example, a kitchen typically accounts for 10 to 15 percent of property value, so don’t spend more than this on kitchen renovation costs.
Another thing to keep in mind: Contrary to popular belief, kitchen renovations do not offer a lower return on investment than other parts of the home, with the bathroom being the part of the house that usually offers a better return on investment .
2. Request a renovation quote from several companies
Contractors will generally give you a quote based on what they think you want done, and work done in these circumstances will almost certainly end up costing you more . You have to be very specific about what you want done, and specify it as much as possible in the contract, if you can even specify the materials you would like to use.
Going for the cheapest budget isn’t always a good solution , as low-cost contractors are known to cut costs overall at your expense by submitting lower-quality finishes and work.
3. Continue with the outlined remodeling plan
As the renovation progresses, you may be tempted to add another “small” project or incorporate the latest design trend at the last minute. Keep in mind that every time you change your mind it means changes, and even minor changes can be very expensive . Try to follow the initial plan and you will avoid unpleasant surprises.
4. Account for hidden costs
Your house may look perfect on the outside, but there could be problems lurking below the surface. In fact, hidden blemishes are one reason renovation projects end up costing more than we anticipated.
Try to allocate a part of the initial budget to cover unforeseen events , which will surely appear, it is always better than having to make unforeseen extensions of the amount that we will have to invest. Allocate a factor of between 10 and 20 percent of your initial budget for unforeseen expenses. It is very rare that a renovation project is not affected by unexpected surprises that increase our budget.
5. Consider home remodeling loan options
If you plan to take out a loan to finance your home renovations , see if there are any advantageous options or aid for the type of renovation you intend to do.
If you already have a home loan and depending on the current interest rate, you may be able to refinance your mortgage at a lower rate and/or for a longer loan term, which could lower your monthly payments and help you afford save for renovation.