It Takes time, but With Proper Planning, You’ll Get it Done
We’re going to continue our series on how the process of a renovation will actually go. Last week we looked at planning out how to pick a contractor and timeframe for your Remodel in Landfall NC. While obviously, pricing the right contractor is a big deal, so is understanding the financing side of the job! That’s why today we’ll look at how to get financing, how to set a budget, and more!
Setting a Budget
We touched on this briefly above but this is very important not only for your project but your sanity. Knowing how much money you are spending is going to keep stress down and let you really understand what you can actually achieve with your project. You want to work out what you are willing to spend to get your dream space, sometimes that means you can do less, and sometimes more.
However, before you pick a budget, it’s good to do some research and talk with the right contractors. This is important because prices are always changing and sometimes things that seem easy are actually very in-depth and can certain things actually come out to be more expensive than you might believe.
If you have no idea of what you’re willing to spend, it will create issues down the line. Most homeowners really have no budget in mind when starting a project. If you can get a solid one, you’ll be ahead of most people and this alone will make the project run much more smoothly. Still, sometimes going in with an open mind can help, just don’t be too shocked when the numbers roll in when you ask for a large job.
You Might Need Financing
Most of us need financing when it comes to big home renovation projects. Since we have been in the Wilmington, NC building scene for so long, we know who is good to work with. This part of the process can be very stressful (as anything with money can), so try to stay calm and understand how it all works. Generally, construction loans are paid out as different parts of the work are finished. However, some can be done all at once depending on the circumstances. That’s why we recommend the Corning Credit Union as they will make the process much smoother and help explain the entire process much better than we could.
If you need financing, it’s best to try and start that process as soon as possible. The longer you wait to get the ball rolling, the longer the entire project will take. Most building loans are paid in installments, so you won’t need everything upfront, but if you can start to compare rates and such early, you’ll be ahead of the game again. If you wait until the last minute, sometimes you just have to go without comparing. We recommend comparing rates if you have time, as you want to get the best option out there!
If you’re ready to get started on your addition in Wilmington NC, give us a call today for a free consultation!