Start the new year with a new look. As home prices rise and the housing market inventory decline, homeowners turn to home renovations. More homeowners have discovered that keeping their existing homes is becoming more economical. If you’ve built up equity over time, and the value of your home has increased, you’re in an amazing position.

Choosing a dream home renovation in 2022 is a perfect way to begin the new year. You can create the home you want without the hassle of relocating. It’s a double win if you love where you currently live but require more space.

Are you considering renovating your home? Now’s the time. Keep reading for tips on how to plan a home renovation.

Financing a Dream Home Renovation in 2022

Renovating your home is a financial endeavor you need to plan for in advance. If you are in a good position financially, you’ll have no problem going all out renovating your home. 

There are several ways you can finance the project without tapping into your retirement funds. You can start a savings account which can delay the project by a year or two. Or you can take out the equity in your home.

Refinancing your mortgage to get money out is a smart move. It’s like borrowing from yourself. If you have a great track record with the bank, the process should go smoothly. Plus, you’ll have the benefits of a lower interest rate and a longer repayment period.

The other option is to take out a separate loan with a shorter repayment period that does not impact your home’s current mortgage.

Setting a Budget

You don’t want to go overboard when paying for a home renovation. You never know what expenses will come up after the work has begun. A project can stall if the homeowner can’t afford to pay for unforeseen issues once the contractors start the project.

Included in the budget are the following expenses:

The Cost of the Project

The biggest expense of a dream home renovation in 2022 is the project’s cost. In this category, you’ll include contractor fees, materials, incidentals, and inspections.

Relocation Fees

Depending on the size of the home renovation, you and your family may need to relocate. Large projects can become invasive. You want to protect your privacy and safety. Construction is also messy so finding alternative accommodations is a plus if you can afford it.

The hassle of moving is soon forgotten after you see your completed dream home renovation.

Storage

You’ll need to look into storage accommodations to move furniture and valuable artwork while renovating your home. If you have storage space in your garage, it can save you some money. 

Consider using this time as an opportunity to declutter and get rid of items you no longer need or want. 

Permitting Fees

Room additions and other major work while remodeling your home will require permits. In most cases, the contractor will ensure permits are pulled, and inspections are done. However, the cost may not get included in the quoted price.

Discuss all fees you’ll incur at the start of the project.

New Furnishings

A dream home renovation in 2022 will surely prompt you to buy new furnishings and home decor. Make sure to include this as a line in your budget. 

Creating a Timeline

Set a realistic timeline for remodeling your home. Ask the contractor for the best and worst-case scenarios. Ensure your financing is in place before giving the go-ahead.

Remember, if you’re relocating during the renovation, you’ll need to know how long you’ll be out of your home. 

Choosing an Architect

In most cases, you will not need an architect for a home remodel. However, you will need someone to draw renderings that get filed with the permitting office in some instances. The company you hire to do the work will advise you. 

The company you choose to do the renovation might offer home design services, which could be more economical.

Whether required or not, an architect can help you set realistic expectations for your remodel. They can also point out things you haven’t considered when remodeling a home. 

It comes with a cost, but they also can present valuable insights and new ideas for a successful dream home renovation in 2022.

Selecting Contractors

Unless you’re planning a DIY project, you will require contractors. It’s best to hire a general contractor to oversee the project. They will bring in subcontractors to handle specialty work like plumbing, electrical, roofing, and HVAC.

Working With a Design Team

When renovating a home, working with a design team is an added luxury to consider. Design specialists guide you in choosing the right features for your home remodel, including:

• Color schemes
• Cabinetry
• Flooring
• Fixtures
• Lighting
• Hardware
• Wall treatments
• Windows and doors
• Window treatments

The above list is not all-inclusive. As you get deeper into your dream home renovation for 2022, you’ll have many design ideas. A design team will help you make the right choices. 

Putting on the Finishing Touch

Home decor is the final step in the remodeling process. Finishing touches is the artwork you select. Details like the perfect vases, planters, and even picture frames.

If you love decorative pillows, throws, and area rugs, add them to the list. Anything that makes you feel good about a room or adds beauty, you should consider for your final look. 

Choose the Right Home Renovation Specialists

Don’t sell yourself short on your dream home renovation in 2022. You can have the best ideas and the perfect budget for remodeling your home. However, if you choose the wrong renovation specialists, your dreams can quickly become a nightmare.

At Realty Renovations, we are in the business of making your dream renovations a reality. We can remodel any room in your home and create beautiful outdoor spaces.

If you are ready to make your dream renovation a reality, reach out to us today. Click here to request a free estimate for your home renovation project.