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Many home buyers run into serious spatial concerns just five to seven years after having moved into their new homes. Families grow and change. Houses, however, do not. If this sounds familiar, you may want to renovate your property, rather than selling it and searching for a new one.

With a renovation project, you can expand your current abode or radically alter its interior design in order to free up space. For instance, your project may be as simple as knocking down a few interior walls in order to create larger and more open spaces. This type of interior layout can be far more flexible in terms of meeting the needs of growing households than are those that have been sectioned off.

Some households opt to add in-law units to their properties. These sit on the same tract of land but they are entirely separate from the original structures. If you have an aging relative or a college-age child living in your home, this is a great way to give your loved one more space while still living in the same basic area. Units like these can also be rented out in the future for additional income.

Before beginning these efforts, you should determine your budget and decide how you will fund this project. Some families may need to implement these projects in affordable stages. This allows them to pay for various improvements as the funding becomes available. Keep in mind that you do not need a tremendous amount of money to make impressive changes at home. You may even find that these efforts can be a lot cheaper than trying to upgrade to a bigger property by simply selling your current house.

There are many builders who may be willing to accept retention payments. Retention payments allow you to remit funding for each phase of a project right after the last phase has been completed and approved. It gives you the chance to verify that the workmanship is up to your standards, while giving you a longer period of time to cover the full costs of these endeavors.

If you have additional goals aside from creating more usable space, you should define these before you start shopping around for a builder. For instance, you may want to make your home more energy efficient or more aesthetically pleasing. Knowing what you want in advance of starting is key for choosing the right contractors and building materials.

Determine whether or not it will be possible to earn any credits or rebates by altering your design. Adding on solar panels or increasing water efficiency is one way to qualify for special government grants. Anything that you do to protect or improve the local environment could lead to the award of funding that you can use to offset other aspects of your improvement project.

Start screening local custom home design companies to find the right professionals to head your renovation up. Look for builders that are aligned with reputable supply companies and who are willing to stand behind their work. You can find a lot of reputable builders online, many of which have comprehensive image galleries that host photos of their past renovation projects.