Before You Start Your Renovation
Before you start your renovation, there are many factors to consider, and specifics you must understand to know what you are getting into. Renovations could be the answer if your residence no longer suits your needs. Remodeling is more affordable than moving and can increase your home’s value.
Your Renovation
However, significant renovations require investments of time and money, so you should research before taking the plunge.
You Need Homeowners Insurance
Even if you take precautions, there’s a chance of damage to your belongings or home during a renovation. Insurance provides peace of mind by paying for specific types of repairs and limiting your personal liability.
Homeowners insurance doesn’t apply to normal wear-and-tear, but it can pay for damage caused by the following:
- Weather
- Fire
- Vandalism
- Theft
- Smoke
Since remodeling can cost tens of thousands of dollars, you don’t want to risk spending more on unforeseeable accidents.
You Should Hire Professionals Where Necessary
Many homeowners prefer the do-it-yourself approach to save money, which works for small projects such as painting, installing shelves, or switching out doorknobs. However, you must call a professional for all roofing, electrical, and plumbing work.
Most municipalities have strict building codes for these jobs and for a good reason. Failure to follow regulations can lead to collapsed roofs, fires, and water damage. If these incidents happen because the work wasn’t up to code, your homeowners’ insurance probably won’t pay for repairs.
You May Need Permits
Most municipalities require permits for significant construction. You’ll need city permission for the following projects:
- Adding a room
- Building a porch
- Installing a fence
You Should Thoroughly Prepare Before Starting Construction
In addition to deciding which of the three types of homeowners insurance you need, you should also have a complete design plan before demolition day. Making big decisions beforehand means a tighter timeline and less money wasted on poorly thought-out failures. You should also make a budget to guide your choices, as it will help you identify the best places to save money.
You Will Encounter Surprises
Even with highly detailed plans, you will probably stumble across a surprise or two during renovations. For example, you may find termite damage once you open the walls; you must fix this issue before continuing. Construction may also take longer than you expected. While frustrating, most surprises aren’t deal-breakers. You can even ease the strain by building a contingency fund into your budget, ensuring you have the funds to cover unexpected repairs or hotel stays.
You Can Boost Property Value
Specific changes add more to a house’s value than they cost to install. If you want to boost your property value, consider the following renovations:
- Enhanced landscaping
- Redone bathroom
- Updated kitchen
If you replace the flooring, you can add value by choosing natural stone or hardwood, options that last a long time while offering beauty.
About Byrnes Agency
At Byrnes Agency, we offer insurance solutions that can be tailored to meet your specific needs. Whether you’re looking for personal policies or commercial coverage, we have the right coverage for you. To learn more about our products, contact us today at one of our two locations.
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