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4 Questions to Ask Yourself When Remodeling

Home remodeling is a fun and exciting endeavor. But aside from refreshing your view, it's also a great way to significantly increase the value of your home and make it a more optimal place to live.

recent survey notes that more homeowners want to remodel their homes to boost livability and comfort. However, remodeling your home is a huge undertaking. Without proper planning, you may find yourself regretting the whole thing or spending more than you can afford.

With that said, here are four questions you should ask yourself when remodeling your home.

What's the reason behind your renovation?

As we've mentioned, there are many reasons for undergoing home renovations, and this is something you should definitely ask yourself.

For example, are you looking to sell your home? Is it for your own pleasure and comfort? Do you want to reap more rental returns? Whatever you choose, this will affect the choices you make throughout your renovation journey.

Will this be a cosmetic or structural renovation?

It’s important to have an overview of your remodeling project to figure out if it’ll drastically change the structure of your property. If so, you may need to obtain building and planning approvals from the authorities before starting any work.

What’s more, structural renovations also require you to talk to your HOA and local government agency so that they can approve your renovation plans and certify that it follows local regulations. Some examples of this kind of renovation include changing the floor plan and extending your property.

On the other hand, cosmetic renovations are a bit more lenient and don't require you to obtain approval from authorities. So if you just want to install concrete features or repaint your home, you are totally free to do that.

These kinds of renovations often cost less, too, as they are more focused on improving the visual appeal of your home. By figuring out what kind of remodeling project you'd like to do, you can optimize your renovation plans and avoid issues down the line.

What’s your budget?

Long before you tear down any walls, make sure that you've created a solid budgeting plan. This will dictate the quality and length of your project, as well as the kind of contractors you can afford.

If you just keep spending without a guide or a deadline for your renovation, you might end up with debt or an unfinished home you can no longer afford. With a budget, you'll also know what aspects of your renovation you should prioritize, and which areas you can scrimp on.

As a rule of thumb, give yourself a cushion of at least 10% more than the project’s cost so that it will cover any unexpected expenses.

How will you finance the remodel?

Once you have the budget set, it’s time to figure out how you can finance your remodeling project. While it’s ideal to cash out your savings and pay upfront to avoid loans and interest rates, this can be difficult to pull off for large-scale renovations that cost tens of thousands of dollars.

Thankfully, you have plenty of options to choose from when figuring out how to pay for your remodeling project. For starters, you can choose to take out a personal loan that has fixed APR rates and doesn't require collateral. The great thing about personal loans is that you can use these for a variety of reasons, and having a high credit score makes you eligible for lower interest rates.

Another popular way to finance a remodeling project is by applying for a cash-out refinance. This is where a lender allows you to borrow money that costs more than your original mortgage. Whichever you choose, make sure to do your research first to avoid unreasonable interest rates and accumulating too much debt.


When undergoing a home renovation, the bottom line is not to dive into it hastily. Make sure you have a plan and a strategy, and that you're prepared to shoulder the costs and effort. 

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