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Planning Your Renovation

The first step in renovating a home is to decide if it's best to renovate or move.

Deciding to Renovate:

  • Evaluate your needs – how long you plan to be in the home, space needed in the future, etc.
  • Compare costs – it could be less expensive to move than to renovate and make home improvements. 
  • Be sure the improvement doesn’t raise the price of your home so much that it’s the most expensive in the neighborhood. 
  • Don’t solve one problem but create another – converting a garage into an office could cause resale issues, for example. 
  • Consult the experts (REALTOR®, multiple contractor quotes, etc.) before beginning your home improvement project. 
  • Make sure the home improvement cost will be recouped in the eventual sale of the house. 
  • Sometimes several small renovations attract a better return than one major remodel

Planning to Move: 

  • Save for a down payment. 
  • Have good credit. 
  • Be pre-approved – homes go fast. Use a REALTOR®. 
  • Have inspections. 
  • Keep your lender updated with home purchase status. 
  • Be flexible with the seller on items that are not important to you. 
  • Talk regularly with your REALTOR® and lender to avoid stress in the process – don’t pick a home you can’t walk away from.

Planning Your Renovation

It’s important to plan your renovation projects in a strategic and efficient way to maximize your budget. For example, new paint and flooring should be done after major demolition and framing projects. Also, home builders offer buyers the latest design trends and home layout options. Before planning your home renovation, tour a few new model homes to look at how new homes are being laid out. If you live in a neighborhood take a look at how your neighbors have renovated. You may pick up some ideas you never thought about that are a perfect fit for your home.

It is also important to take advantage of the resources you have. Online resources are available to help you plan and design your home improvement project. Your REALTOR® can also help you prioritize projects and often will have a network of contractors who may be able to bring the cost of your project down. Contractors will know what styles are trending and how other homeowners are renovating their homes.

Talk to us

To apply for a mortgage or get answers to questions, call our Mortgage Specialists at 317-558-6420 or 866-367-8600 or email us at

FORUM NMLS #469848
NMLS Registry Information for FORUM Credit Union Mortgage Loan Originators