Remodeling Tips
Remodeling your home can be a great alternative to buying a new home. This is especially true in today’s financial markets. A well executed remodeling project can significantly increase the value and comfort of your home. Having said that I wanted to share some remodeling tips that are sure to help make your next project a sure success.
Realistic Budget
Before beginning any remodeling project it’s extremely important to setup a realistic budget. There’s no sense starting a major remodeling project if you know you can’t afford it. Be honest with yourself about how much you can afford and write down an actual budget. After you’ve done that then only allocate 85% of that money for the remodeling tasks and save 15% for a contingency plan if things happen.
Appraisal / Value
So you’ve decided that you can afford to install an underground pool in your new addition but is that the best decision? Or you decide to install a shake roof on your home because you love re-creating historically accurate homes. The real question is are you remodeling to an extent that the real estate market will not bear based on neighbor hood. If none of your neighbors have a shake roof or underground pool it may be not likely that an appraisal will compensate you for those costs.
Design
Now that you’ve come up with a budget and you’ve presumably come up with an idea of your remodeling needs it’s time to develop a design. This is a step that requires some time and planning. YOU SHOULD NOT RUSH THE DESIGN. If you take your time and make a list of needs and materials for your remodeling project. Once you’ve got a list of needs then you can do some research and come up with a plan. Obviously if you’re going to undertake a substantial remodeling project then you may want to think about an architect or interior designer in the plan.
There are tons of great design books available from Amazon and your local library. Taking the time to at least start the design will likely save you money even if you hire a contractor to finish the design. We will have quite a few remodeling and design articles on; kitchen design, walk-in closet design, kitchen remodeling and a kids playroom design. Coming soon!!
Scope of Work
Once the work is finished create a detailed scope of work. You won’t be able to effectively sign a contract with a contractor without identifying the scope of work to be completed. The more detailed the scope of work the better your plan will be and fewer chances for conflict will arise.
Schedule
Start with some realistic expectations about the remodeling projects schedule. Most projects are not able to be accomplished in a weeks time. Even simple kitchen remodeling projects are likely to take a month or more, so be sure to plan for the ruckus. Be sure not to plan construction around holidays times. Bad weather, and product lead times are to be expected . The bottom line is don’t wait until two weeks before New Years to remodel your kitchen and expect it to be complete.
Multiple Contractor Bids
Unless you’re going to do all the work yourself I highly recommend getting at least five bids from qualified and recommended contractors. This is very important if for no other reason than to flush out details that may not be specified or clear to all the parties. It’s also likely to save you a significant amount of money and flexibility in choosing someone that is available to meet your schedule. Be sure that each contractor is bidding the same work so you can compare quotes.
Qualified Contractors
This is one of the most important tips I can give you. You really should get references from any contractors that you’re planning on hiring. There are lots of great contractors doing wonderful work and there are also a handful of crooked, dishonest, unqualified contractors out there. It doesn’t take any effort to ask them for a couple of references that you can call and ask about the quality of their work.
Contracts
NEVER higher a contractor without signing a contract. Most reputable contractors will insist on it and if they don’t then this should be a flag that you have a shady operation. Contracts can be quite simple but it’s important to detail the scope of work, the cost, and how delays and changes in scope will be paid for.
DIY and Save Money
You can save a lot of money by doing it yourself (DIY). Even if you don’t have many DIY skills it’s not that hard. Start to save some money doing basic demolition, painting or other simple tasks. Maybe you’re creating an open floor plan, you could remove a wall and save some money that way. Just remember to check and make sure that the wall is not load bearing.
Financing
The last remodeling tip is about financing. Depending on the size of your project you may want to consider several different financial options. If you’re project is fairly large one option would be to take out a home equity loan. The benefit of that would be obvious tax deductions for interest paid. The other is a financial loan, that you will not get any deductions back on. Witch ever way you decide to finance the project be sure it’s in place before you begin. One other thing that might help is to set some money from the loan in a separate account for making payments if you have any financial troubles.
