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9 Things to Consider Before Planning a Home Renovation

Are you considering renovating your home? If so, there are a few things you’ll want to take into account before getting started. Renovating your home can be a great way to improve its appearance and increase its value, but it’s important to plan ahead to make sure the project goes as smoothly as possible. In this blog post, we’ll go over some of the key considerations to keep in mind when planning a home renovation, like budget and homeowner’s insurance. By considering these factors, you can help ensure that your renovation project turns out exactly as you envisioned it.

What To Consider When Planning a Home Renovation

When planning a home renovation, there are some key things you’ll want to keep in mind. Here are eight important considerations to take into account:

Figure Out A Budget

The first thing that you should do is figure out how much money you’re willing to spend on the project. You also should keep in mind that sometimes you will run into future costs, so have at least 25% contingency for cost overruns. Once you have a budget in mind, you can start narrowing down your options and decide what kind of renovations you want.

Decide What Renovations You Want

Once you have a budget, you can start to decide what kind of renovations you want to do. If you’re not sure where to start, consider talking to a professional contractor or designer who can help you figure out what changes would be most beneficial for your home.

Be mindful that some improvements can affect your homeowner insurance rates. For example, adding a swimming pool to your property could result in a higher premium because they present an increased liability risk.

Get Estimates from Contractors

If you’re planning on doing any major renovation work, getting estimates from multiple contractors before making any final decisions is important. This will help ensure that you’re getting the best possible price for the work that needs to be done. Also, when researching each one, check out their reputation to make sure you’re hiring a reputable and trustworthy contractor. Don’t hire the cheapest contractor; hire the one with the best reputation.

Also, contractors make their money when you change your plans; the cheaper the quote, the more that contractor will want to charge for changes to earn a profit. So make sure you keep this in mind when looking at your quotes.

Contact Your Insurance Broker

As we mentioned above, some renovations can affect your homeowner insurance, so you will want to discuss your plans with your insurance broker before getting started.

A new home build requires a builders risk; major renovations where the square footage is changed require a course of construction. Both endorsements (changes) will amend the liability to cover the change in occupancy and sometimes includes coverage for materials.

When making changes to the inside existing dwelling without a change of footprint, increasing your coverage will help prevent a coverage shortfall. Although Guaranteed Replacement Cost (GRC) will allow coverage to exceed the limit of insurance, GRC has become more limited due to the current inflationary pressures on construction.

Consider the Timing of Your Renovation

Another important consideration is the timing of your renovation. If you want to sell your home in the near future, you’ll want to be mindful of how much work needs to be done and how long it will take to complete. You may also want to consider seasonal factors, such as whether or not you’ll need to deal with inclement weather during the project.

Create a Detailed Plan

Once you’ve considered all of these factors, it’s time to start creating a detailed plan for your renovation. This plan should include everything from the timeline for the project to a budget breakdown. By creating a detailed plan, you can help ensure that your renovation goes as smoothly as possible.

Obtain the Proper Permits

Depending on the type of renovations you’re planning on doing, you may need to obtain certain permits from your local government. It’s important to research this ahead of time so that you can be sure to comply with all the necessary regulations.

Prepare Your Home for Construction

Once you have all the permits in place and your contractor lined up, it’s time to start preparing your home for construction. This may involve moving out some of your furniture or taking other steps to protect your belongings from dust and debris.

Be Ready for Unexpected Costs

Even if you’ve done your research and created a detailed plan, there are always potential unforeseen costs when undertaking a home renovation. Be sure to set aside a contingency fund in case you need to make any unexpected repairs or changes to your original plans.

Contact Will Marshalls Insurance Brokers Today

If you’re considering a home renovation and need help with your homeowner insurance, get in touch with Will Marshalls Insurance Brokers. Our team of experienced professionals can help you find the right policy for your needs and ensure that your home is properly protected during the renovation process. We’ll work with you to create a custom insurance solution that fits your unique situation so that you can focus on making your dream home a reality. Contact us today to get started.

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