While you might have grandiose renovation visions the Downtown Boston condo you just bought, you may not have the budget to support them. Fortunately, there are countless ways to establish an affordable, feasible plan that will allow you to bring your designs to life. With the right strategies, you can create the look you really want for your unit without spending beyond your means.

Decide How Much You Want to Spend & How You’ll Finance This Project

You should start these efforts by determining exactly how much you want to spend, what you want to accomplish, and how you prefer to pay for everything. If you intend to set an all-cash budget, the related financial planning will be easy. Homeowners also have the option of taking out home equity loans and securing other forms of financing.

Collect Quotes

Shop around for contractors that are willing to provide free, no-obligation estimates. This will give you a better understanding of the total costs for labor and materials. It will also help you determine which aspects of this project are in line with your short and long-term financial goals and which are not.

Prioritize Your Goals

If your redesign plans far exceed your current budget, you may have to decide which improvements will have the greatest impact on the overall value and appeal of your condo. For instance, rather than switching out the flooring and replacing your cabinets, you can opt to invest in new flooring and buy new hardware for your cabinets instead. Choosing projects that will add the greatest amount of sweat equity to your investment will make it easier to qualify for a home equity loan in the future for funding additional renovations.

Consider Breaking the Project into Manageable Increments

The most effective strategy for completing a major condo overhaul on a relatively nominal budget is breaking down the entire project into a number of manageable, affordable phases. If you’re working with a single contractor, you may even be able to make retention payments. With these, you’ll pay only the costs of each job phase, right before the work begins. In addition to giving you an easy way to sidestep the need for a loan, retention payments will also give you the ability to review and approve each completed phase before rendering payment for new work. The most important thing to remember is that everything doesn’t have to get done at once. Tackling projects like these gradually and as you can afford to will limit their overall costs. You won’t have to pay interest on loan and you can continue to shop around for cheaper labor and materials throughout the work process. Still looking for your dream condo in Downtown Boston? Sometimes, finding something that requires a little elbow grease is a great way to get into a certain high rise Midtown Boston condos. For more information call 617-720-5454.

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Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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