Even though we are homeowners, how we got our home was rather scandalous. My husband was married before, and she got the house. She was required by the divorce decree to refinance his name off the mortgage. She waited until the exact date of deadline on the divorce decree to remove his name and instead abandoned the house, tried to give it back to the bank, and filed bankruptcy.
Unfortunately, that doesn’t work when another person’s name is still on the loan. Thankfully, we had accrued some serious savings because we were planning on buying a house ourselves. So, we were quickly able to pay the back mortgage payments and move in. I jokingly called it our “free” house.
While it wasn’t the home of my dreams, it’s a pretty nice house with 4 bedrooms and two living areas and an amazing master bathroom with a garden tub and glassed in shower. But, there is some remodeling we want to get done.
When we were renting a house previously, I loved that the entire house was tiled with no carpet. It was amazing for our allergies, so that’s one upgrade we want to make to this home. Plus, with a soon to be family of 6, we require buying items in bulk, and I so want to remodel the kitchen and have a walk in pantry that could hold a small freezer. One other thing we really want is an upgrade to the laundry room. Right now it’s very small with just a small high shelf I can’t reach. I’d love cabinets above the washer and dryer for added storage.
When deciding on remodeling your home, there’s a few things you need to do:
#1 Do the research and make sure there is something that can be done.
Decide what are wants versus needs. What are things that really need to be done versus what are your big crazy dreams for your home.
Can you do some or all of it yourself? After talking with friends who have done their down flooring, and they are not remotely close to being DIYers, we are really considering doing most of that part ourselves.
Check with HOA requirements and local zoning requirements. With our HOA, some remodels are just not allowed to maintain the desired uniform look, and all of them have to be approved. We had to get approval to replace our fence with the exact same type of fencing.
Will it be worth it? In addition to the cost, will it add value to your home? Will you be able to sell your home for more than doing the remodel? Or will it add aesthetic value for you?
#2 Get Estimates. Now it’s time to get estimates. Make sure to get at least three estimates before making a decision. When we hire a contractor, I always make sure they are bonded and insured and have references from happy customers that I can verify. Always check the Better Business Bureau for complaints. We have become extra cautious about this step as we’ve had a couple of shady contractors in the past.
#3 Set a budget. Make sure your budget includes an emergency fund if something unexpected pops up during the remodel. Are you saving up to pay cash out of pocket? Or are you considering financing all or part of your renovations? You might consider a Home Equity Loan.
Just by visiting capitalone.com/home-equity you can get your own customized rate offer and estimated loan amount – with no impact to your credit score, even before you begin the application process. It’s simple and there’s no application fee or closing costs
Whether you’re remodeling your home or consolidating debt, Capital One is here to help with simply smarter tools that help you choose the right option for your situation. While I have not used Capital One’s services, we are seriously considering using them in the future for our upcoming remodel.
I was selected for this opportunity as a member of CLEVER and the content and opinions expressed here are all my own.
23 comments
Home renovation was not something I ever wanted to do. Bad experience as a child. We found the best people and they made it as easy as possible on us. Love my new home now
I have a list of home renovations that I want to get done. We just had our mudroom remodeled and the next project is to add on a sunroom.
These are great tips. Home renovation can be a minefield. You really need to have all your ducks in a row, from budgeting to picking a good contractor.
These are such great tips! I think the budget bit is probably the biggest thing for us. We have to create and stick to a budget, otherwise we get so excited we go way over 😉
These are all great tips! I agree that a big one is confirming what it is exactly you want. Have a plan A, B, and C then you can change things around and alter the wants once the cost is figured out.
Renovating my home is one of my passions. I love taking something that is builder grade and transforming it into something truly special. Capital One offers so many great products to make this possible.
We just renovated our home before we bought it. What a huge job it was. I should have read this earlier.
Setting a budget is really important whenever you decide to do a home project. It is so easy to get in way over your head.
I have had both good and bad experiences with home renovations. Doing your homework on contractors makes a huge difference.
We bought a condo several months ago that needs some work, thanks for sharing this!! I needed it.
Thanks for sharing these tips! I have always wanted to renovate our house… I am still working on my budget and looking for some inspirations
These are wonderful tips on remodeling. I love how capital one has a loan that could help with the expenses. Glad to also hear that there is no application fees too.
These are great home renovation tips. It is important to do the research and to see if you can do the work yourself. Checking the HOA requirements and local zoning requirements is so important. Thanks for sharing the ips for doing home renovations.
These are great tips when considering a home remodel. I have a few things I would like done on my home and need to get estimates!!
I would love to do something with our place, but we don’t own it. It’s nice to know what to do if we ever decide to do anything when we own a home.
I love home renovation projects. We are working on finishing our basement right now. It is always fun and exciting! Thanks for the tips.
Love the story of your home and that was durty of his ex to do that but glad it worked out for you guys.
I really like how you give the tip to set a budget when renovating a home. I have a lot of ideas and plans for my home once I start renovating it, which will make it very easy to get carried away. But if I set a budget, I can limit myself while still making my house a more modern place to live.
I like how you mentioned separating your wants from your needs when remodeling. My husband and I have decided that we want to renovate our kitchen, and we’re about to start planning for that project. I have a lot of things that I want to change, but maybe it would be best to prioritize our needs first.
Last week, my sister was talking about starting some renovations on her home, and I think that’d be such a fun project. I would just have to share your advice and tell her to make sure that she has a budget set. I just wouldn’t want her to start a big project, then not be able to complete it due to money issues.
I think setting a strict budget is one of the smartest things that you can do. I appreciate you also bringing up zoning requirements. That is one thing I have not yet considered. But now that I think about it, I don’t know why it didn’t occur to me before. Do you have any before and after pictures from this project? I would love to see them!
I’m glad I came across this post because I’ve been wanting to renovate my home! I think you’ve listed some great tips here. I think one of the most important tips is setting a budget for yourself. I didn’t realize that there might be different HOA requirements, so I’ll be sure to check with my community before starting my renovations. Thanks for sharing this with us!
You made a good point about deciding what are wants versus needs. You certainly would like to list down the things that are necessary to get done immediately and those that can be done later. If I were to remodel my house, I would certainly do some careful planning and consider this. Thanks.