Knowing these numbers can help you make more informed decisions about how much to budget for improvements to your home. They can also give you an idea of the demographics for buyers in your neighborhood and the types of improvements that attract those specific buyers. They can provide you with comps and the valuation they would give your home if it were to sell. I highly recommend bringing in a local real estate professional to discuss the market in your area. If you have lived in your home for a while, you may not have an accurate understanding of your home’s value in the current real estate market. You certainly want to make sure your improvements will give you a positive return on investment. What you put into your home, dollar wise, has to make financial sense. Words you might use when defining your scope might include:īudget is a big determining factor for many home owners. Also, the scope of your renovation may be subject to change once you consult with the correct professionals. The age and state of your home along with the list of goals you have created, will all affect the project scope. To start with, you probably have an general idea of how much work needs to be done. How big or how small will this renovation be? Which rooms will be renovated? “Scope” outlines the extent of your project. Need help with creating a vision for your home? Our post titled “ 3 Ways to Get Inspired When Dreaming Up Your Modern Home” is a great place to start! Scope Imagine how you want to feel in your space and how you want others to feel when they enjoy your space with you. Look to the future vision that you have for your home and come up with a list of high level projects that you think will help you make that dream a reality. For example, this could be things like “Update Kitchen in 2019” or “New Lighting in the Great Room before Thanksgiving”. They are the “WHAT” you want to do for your renovation. Goals are more specific than your purpose. You can download it for FREE at the end of this post. We’ve put together a Where to Start Your Home Renovation Worksheet for recording your plan. It is likely that you already have some of this information in mind, but it helps to put it in writing and get agreement from everyone involved before any planning and construction begins. If you are working with a design professional, getting more in-depth answers to these items is typically the first step in the process. Before you can move forward with creating and executing a more detailed design plan for your renovation, you need to outline and prioritize your goals, budget and project scope. At this stage, all you need is a general plan that lays out the “WHAT” and a few basic “HOW” details of your project. Now, I’m not talking about a full set of plans or contract documents here.
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