- Guest Writer
"I want to renovate my home...How do I get started?"
Home renovation projects can be an exciting and rewarding way to improve your living space and increase the value of your property. In the past year, I have completed a full gut rehab renovation in a high-cost area full of old housing stock. Throughout the process, I've done a ton of research and learned a lot over the process.
In general, the cost of renovations can quickly escalate, making it important to carefully consider your options and balance the return on investment with your mental and financial well-being.
I strongly encourage you to follow these 8 tips before getting started:
1. Turn-Key vs. Renovation
Before making renovation, you'll need to decide whether to buy a turn-key property or a property that needs renovation. There are pros and cons to both approaches. A turn-key property may have a higher purchase price, but it may save you money in the long run by not having to deal with the stress and costs of a renovation.
On the other hand, a property that needs renovation may have a lower purchase price and may offer greater potential for return on investment, but will require more time, effort, and money to bring it up to your standards.
In my case, as a result of the extreme housing shortage in my area, I chose the renovation path over the fierce competition for turn-key homes (which frequently required outrageous overbids). I was also able to fully customize the space to meet my needs: I tear down most walls, redid all the floor plan, created a loft style living room and transformed the unfinished attic to a master suite with a balcony and amazing skyline view.