When it comes to home remodeling there can be a lot of stress and a lot of money involved! It is a major financial commitment. There is a lot that goes into the decisions of remodeling.
We just remodeled our whole house in three months! We considered doing the standard one room at a time, but…not us! We jumped in and did the entire house. One huge mess, but only one time. And then it’s done! We learned a lot along the way — including that it IS possible to have a no fight home renovation with everyone’s sanity intact at the end.
We knew this could be a stressful time for our family and our marriage so we made sure to talk through things before the dust started flying. Here are 3 things we did before we started that might help you on your next home project:
#1 Determine the Value of the Investment
Figure out where you are going to put the money and how you are going to get a return on that investment. We are not talking about a flip or flop type of investment. To recoup the most money from your investment, it helps to make a commitment to the house for a least five years. You really do have to determine the return not the investment you are making. And then, figure out where you are going to make the investment. It’s amazing, but you can put almost the same amount into landscaping as you can in remodeling the house.
#2 Determine the Non-Negotiables
If you are married go around the house together, write a list of the things you definitely want to do and another list about the things that you would like but it doesn’t matter as much. For example, our fireplace reno was a non-negotiable but our master bath was okay and we didn’t feel we absolutely had to have something done with that. Another example is our upstairs railing. We hated the old railing so that was a non-negotiable. Agree on those basic things before you get your estimates because things will otherwise steamroll out of control.
#3 Determine Where Will You Be Living During the Remodel
You have three choices. First, live in the house with all the dust. Second, live with family or friends. In our case we love our family so much we didn’t think living with them for nine weeks would help. Third, check into a hotel for that time (this is what we did). Our dog and our fish even came. We got two adjoining rooms so our teenage boys had some space of their own. We negotiated how much the rooms would cost. When you go to a hotel for that long you can absolutely negotiate the price. For example, they don’t clean the room everyday so there are options for them to decrease in costs. We made great memories and had lots of laughs, but none of us want to see a styrofoam breakfast plate again anytime soon.
Remodeling is a big investment of time, energy, and money, but it is also an investment that pays dividends almost immediately. Imagine the priceless peace for your family of expanding your space where everyone seems to hang out. Is it your kitchen? Your family room? The back deck? Or maybe you would smile just a bit brighter every morning if you didn’t have to share a sink with your spouse. You love him or her, but you’d rather see their moves on the dance floor than banging into each other every morning in your bathroom.
No matter what you’re thinking, it’s free to dream. Take some time and dream together. Then put some price tags on those dreams, you might be amazed.
Make it Happen!
Scott & Bethany Palmer
Check out the ALL NEW Money University to get your money and relationship in order!
So you know how to get out of debt, but you are struggling to figure out how to get out of debt with your spouse? Discover the 4 Cs to getting out of debt together, now!