Do your summer plans include a home renovation, addition, or other major changes? Whether the goal is a new swimming pool, expanded garage, attic conversion, or a whole new wing, it's important to plan now to minimize expenses. It's no secret that some home additions can cost more than the original house, so smart owners need to ask themselves relevant questions if they want to make every dollar count.

What kinds of things should you be thinking about? Deciding whether an addition or renovation is the main focus of the project. Further, explore the idea of applying for a personal loan to cover some or all of the expenses for which you don't already have financing. Those who have little equity built up usually rely on personal loans to pay for design and architecture services. Research the various ways you can save on long-term energy bills with efficient designs and special materials. Finally, consult a contractor and architect to learn how you can do some of the work and save even more money on the total renovation bill. Here's how to get started.

Take Out a Personal Loan

Applying for a personal loan can save you money in the long run on any kind of home-related renovation or design job. Not only are personal loans an efficient and fast way of acquiring needed funds for just about any purpose, but they also give borrowers a chance to pay for items like supplies and down payments ahead of due dates. Many contractors offer significant discounts to homeowners who can pay the entire project fee within 90 days of completion. Others have special bargains and seasonal discounts for customers who remit balances in advance.

Of course, there are plumbing, roofing, and other types of contractors who offer in-house financing. But it usually makes sense to get a personal loan so you can control payment timing and avoid fees and high-interest rates. Make a detailed financial plan for the entire renovation before deciding how much you need to borrow. In nearly every situation, it's helpful to take out a personal loan for about 5% more than your estimated amount.

The DIY Strategy

Don't attempt to do construction, design, or other work that you aren't qualified to perform. Instead, utilize architectural visualization and consult with any contractors or architects you bring into the job. Ask them what tasks you can take on based on your current skill level and available time. Homeowners who are handy with tools or particular kinds of work can substantially reduce their total project cost by contributing sweat equity to a given renovation or improvement job. Some projects lend themselves to homeowner DIY work, but others, like pool or roof installations, don't.

Explore the idea of doing all the cleanup work yourself, painting the home inside and out after the work is complete, or installing tile floors for a kitchen or bath renovation project. Avoid being on-site while hired workers are on the job. A smarter approach is to schedule your chores for later in the evening or on weekends. Be sure to take precautions when painting or doing floor work. Wear proper protective gear and keep areas well-ventilated.