When you own a home there is never a shortage of home remodeling projects to choose from. From small cosmetic changes to extra-large additions, the types of home renovations to choose from are limitless. With such a large array of home improvement projects, it can be overwhelming to decide which project is right for you, your home, and your finances. But with a well-thought out plan, a vetted team, and a sound financial plan you can dive into the remodeling project that is right for you and even save money in the process.
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Make a Plan
Large projects must always start with a plan. Without one, the project will most likely veer off course and lead to disaster. Instead of just dreaming of your home remodel write it down. What is your remodel goal? What is your timeline? What is your financial budget? How and where will you find a team of experts to complete your dream remodel? All of these items need to be answered so that your plan is sound and can be carried out with minimal issues. The most important thing to consider before beginning a remodeling project is how the change in your home will affect your home’s value and marketability. Unless your home will be in your family for years and years to come you may want to research what home remodels add the most value and which remodels will reduce your home’s value. Once you have done your research and found a remodeling project that you like and that benefits your home’s value its time to move on to implementing your plan. If you are also looking for loan consulting , you may also check the borrowing club reviews.
Find the Right Crew
In order to complete your home remodeling project, you need to find a great team of construction experts. Who you hire will depend largely on the size and scope of your remodel. If it is going to require extensive changes to your existing home layout or change the structural integrity of your house, you will want to first hire an architect. An architecture can ensure that you meet building code requirements and will also deal with the blueprints and layout changes necessary to complete your project. Even more intricate remodels that deal with the kitchen and bathroom may even require an interior designer. If you project is not going to change the layout or structural integrity of your home then you can begin your search with a general contractor. A general contractor will be in charge of hiring and overseeing subcontractors for your remodel.
Remember that it takes technical knowledge and experience to build a house. Hiring the right people will ensure that your home will be safe and stable to live in. The foundation, wirings embedded in the wall, the appliances you’re using, all these things must complement each other. But perhaps the most important aspects of your home are the things you don’t see, like what goes on underneath. Little do you know that having a nifty grinder pump installed in your home will make managing waste easier, something that your contractor can advise you.
Regardless of if you will need an interior designer, architect, general contractor, or all of the above, you should do your research. Begin with an easy search of local experts in your area. Recommendations for who to hire often comes from word of mouth. Sources who have completed their own home remodel and have first hand knowledge of the individual or individuals you are considering hiring are best. These people are often neighbors, family, and friends. Narrow down your choice to just a few people and then do a bit of additional research online. The person or company you are researching should have a website and possibly online reviews, testimonials, and photographs of recent work. The next step is to make contact and sit down for an initial meeting. Don’t be afraid to ask questions about experience, employees, licensing, and insurance. When you are satisfied with the potential candidate you should share your plans with them to ensure that they are the right person for the job. Discuss your timeline and your expectations. Finally, and most importantly, discuss payment arrangements. A good contractor will have transparent payment arrangements and general contract requirements that will protect both of you from loss of finances. Contractors that don’t require a written agreements, ask for full payment upfront, or only take cash payments should raise a red flag.
Make Your Finances a Priority
No matter what your home remodel dream may be you need to stick to a budget that fits within your financial capabilities. There are various avenues that homeowners can explore when searching for finances to make their remodel dreams come true. However, you don’t want to end up with a heavy loan or massive addition to your mortgage over a home remodel project. When creating a budget for your home remodel first consider where and how much the remodel will cost. Is this a project that you can pay for with extra savings or will you need to find money in a home equity loan, home improvement loan, or credit card? Talk to your lender about your financial options.
Home remodels aren’t always perfect. Changes may need to be made along the way, which is why it’s smart to have an extra 10%-20% extra in your budget. This will cover unexpected expenses that the contractor was not able to predict before the work began. These problems are commonly electrical or plumbing related. They may also involve structural difficulties such as additional framing. If additional work needs to be done to complete the remodel, you should get a fixed price from the contractor. Get the additional work and cost in writing. If the changes are going to add extra time to your remodel be sure to discuss changes with your contractor.
Unexpected complications can always arise during a home remodel and many of them need to be corrected for the project to be completed safely. But what about those additional improvements that keep popping into your head? Maybe a few tweaks to the bathroom, a new fixture in the living room, or additional cabinets in your kitchen. If these aren’t part of your original budget you are falling to an impulse remodel trap. This is fairly common for homeowners and can end up being a huge financial pitfall. Stick with your plans and resist the urge to add in new projects.
If you are unable to pass up remodeling additions you may be able to save on project materials. High-end options can cost quite a bit more than alternative options that are relatively close in design and style. For example, countertops such as luxe marble are very expensive, however a close alternative like quartz is much more affordable. Cabinet hardware, vanities, and even appliances can be found at a lower cost on discount websites. Don’t skimp on certain appliances such as smart refrigerators and stainless steel appliances as they will usually add to your home’s value.
When your home remodel is in the works there will be minor bumps in the road. These can range from unexpected expenses, shipping delays, or unforeseen additional repairs. Keep the lines of communication between you and your contractor open. This will prevent minor bumps from becoming major mountains during your home remodel.
Though home remodeling projects can come with additional stress, you can limit how much it derails your life by planning ahead and finding the best construction team. Stick to your budget, stay patient, follow your plan, and before you know it your home remodel will be finished.
