One of your first steps should be defining your renovation goals. Instead of a vague goal, such as “I want to re-do my entire house!”, try to define in more detail what you want to achieve. Proceed room-by-room and write down what you want to change, for example. Prioritize your list, if possible.
Once you’ve defined your goals, you can start working on a concrete renovation budget. You can start the budgeting work by yourself or you can consult a professional already at this point.
- Do you want to do the renovation by yourself or hire a professional to do it for you?
- Do you want to consult an interior designer to perfect your plans?
- Do you need a plumber or an electrician for the job?
- Where do you and your family live during the renovation?
- Which materials, furniture and new appliances are essential to you? Which ones can you substitute with a cheaper alternative, if needed?
After you have put all this together, you might find that the costs really start to build up. However, now you are properly informed to explore your financial options. If your savings are not enough, you can keep saving for a while. Or, you can complement your renovation with a renovation loan suitable for the scope of your project.