Make Ends Meet: Home renovation planning tips

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Make Ends Meet: Home renovation planning tips

LOUISVILLE, Ky. (WAVE) – During the pandemic, there were people lining the parking lots of home improvement stores waiting to walk to aisles to find ways to make their homes a bit more comfortable or more pleasing to the eye.

Renovations may have slowed down a bit, but homeowners have always found a way to increase the value of their homes while also making themselves a bit happier as well.

Whenever we talk about making ends meet ultimately we are talking about how much you should or should not spend, right? When it comes to home renovations if you take your time and really think things through, it will save you extra effort and extra money.

Courtney Klosterman is a home insights expert with Hippo, an American property insurance company. Klosterman says renovating can be tricky even for homeowners with experience.

“Home Improvement season is never over,” said Klosterman.

Hippo’s Annual Housepower Report revealed nearly two-fifths, 39% of homeowners revealed home upgrades were one of their key priorities.

“It’s important that you understand the difference between what can be a DIY project and that means something you can complete on your own or if it’s a project that requires a more specific skill set or a certified experienced professional,” explains Klosterman.

What you do next can cost you literally. You must plan.

“Clearly define what you hope to achieve in your project,” stressed Klosterman. “The answer to this question can really be your north star when you’re making decisions related to your home.”

Your first and best step to any home improvement project is to have a solid plan in place. Your plan should include an outline of your work, your materials, your budget, and your estimated timeline. Make sure you get permits and inspections if needed. Decide if you can do the work or if you need to hire a professional. And don’t be surprised if there are surprises, plan on it.

“It’s important to stay in control of your home projects,” said Klosterman. “This helps benefit you in a number of ways.”

Hippo’s DIY Projects and Costly Mistakes survey reported 34% of respondents claiming to not accurately estimate the costs of their DIY project plan up front causing them to go over budget. The survey also showed surprise issues like faulty wiring, mold, pest damage or structural issues were the number one reason respondents went over budget on their DIY project.

“Homeowners get really excited to complete home projects on their own and often will start on home projects and not understand the full scope of the work needed,” stressed Klosterman.

If you decide on a contractor for your renovations, you still have lots of work to do before they start. Get multiple bids. Ask for references from family and friends. Check with the BBB. Make sure they are fully insured with proper licenses. They too must have the proper permits. Have a clear contract on the job you expect from your contractor so make sure your needs and goals are clear. Make sure the contractor has a physical office in your area. Never pay upfront. Have an understood pay schedule you both agree on.

For more on Hippo’s Annual Housepower Report, click or tap here.

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