Big or small, all renovations take planning

Determining the return on investment from renovations starts by evaluating your intentions

Whether you want to increase your home’s curb appeal,carry out general maintenance, or give your home a personal touch, it takes planning to execute a renovation successfully. Before you begin, ask yourself these important questions:

How much will the renovations cost?
Speak with at least two contractors and collect multiple estimates. The more information you gather, the more accurate your estimated project costs will be. Another consideration is how much you want to spend and whether or not you plan to stay in your home long-term or want to add value for resale.

Will this renovation add value?
Some renovations add more resale value than others. Modernizing and improving functionality is a good way to raise the value of your home. After you receive the estimates, and prior to moving forward, ask an appraiser
for the “upon-completion value” of your home so you know whether your investment will be rewarded.

How should I finance my renovation?
Your financing options will depend on your home equity, the size of the project, and how you want to access your funds. If you want the ability to access your money as you need it, a line of credit may work for you or, if you plan to pay for your renovation over time, a loan might be a better choice. If you prefer to spread the costs over the duration of your mortgage, SCU’s renovation mortgage could be the best option.

What extra expenses might I encounter?
Plan for the unexpected and add a contingency fund to your budget in the event that costs rise.