Ask yourself the following three questions before you do anything:
1. What is Your Credit Score?
This one may seem like it comes out of left field, but it’s an important question to ask if you plan on using a personal loan or line of credit at any point during your project. Financial institutions look to this number before they grant you a loan or line of credit. You may need to have a specific number before they’re willing to lend you money.
Knowing your score beforehand will give you a better idea of what kinds of credit you qualify for. More still, it offers you a peek at what fills your consumer credit file. Check the account details of every personal loan or line of credit in your file. This scrutiny helps you catch any mistakes on your credit report that might be impacting your score unfairly.
You may be able to dispute these and remove them from your file before you apply for a loan or line of credit during your project.
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2. What Needs to Be Done?
When you’re first starting out, anything and everything is on the table. Your excitement may lead you down some complex plans overhauling every possible detail of your house.
With thoughts of tearing down walls and building a new home from the studs up, you’re looking at a complicated and costly plan. Can your budget handle it?
You’ll need to scale your plans to reno’s your budget. Take some time to think about what truly needs to be done to make your home safe and comfortable. These tasks should get priority before you turn on to cosmetic upgrades.
3. What’s Your Contingency Plan?
With a plan set, you’re ready to get started. But your renovation may not always go according to that particular plan. Things might happen to throw you off course, and you’ll need to figure out how to get back on track. Usually, more money is the answer. With extra cash in your budget, almost anything is possible.
Bryan Baeumler tells HGTV he never plans a reno without adding a cushion to his budget.
“Throughout the years, I have learned that if you are looking to do home renovations, your budget should include a contingency of anywhere between 15 and 25 per cent depending on the size of the project.”
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This cushion helps you take on any unexpected emergencies that happen along the way.
Does your reno reveal structural damage behind shower tiles or outdated knob and tube wiring? You may handle these hidden surprises with your cushion. Failing that, a personal loan or line of credit may help in an unexpected emergency.
Bottom Line: Be Prepared
Whether you’re simply redecorating or building something totally new, you have a lot of work ahead of you. A proactive approach will help you handle your project every step of the way. So think through these questions and be prepared.
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