The number of home remodeling projects available to homeowners is limitless. Everything from small cosmetic changes to large home additions are available if you have the money to spend. With such a wide array of projects, it can feel overwhelming to even begin to think about starting a home remodeling project. But with the right plan, a well vetted team, and a good financial plan you can remodel your home and possibly save money in the process.
Have a Plan
Beginning any project without a plan will lead to disaster. So before you even begin dreaming about that kitchen upgrade or the closet remodel take the time to write out your remodeling plan. The first thing you need to think about is how the remodel will affect your home’s value. Not every remodeling project will have a positive impact on your home’s marketability or its resale value. So while you can dream of a project doesn’t mean you should do it especially if your goal is to sell your home. Before you move forward with your remodel, consider your long term home goals. If your plan is to remain in your home for many more years then go ahead and tailor your remodel to fit your personality. However, if you are planning to sell in the near future consider how your projects will change your home’s value.
Hire Your Crew
Now that you’ve decided what you want to remodel, it’s time to find the right people to make your remodel dreams come true. If your remodel won’t require extensive changes to your existing home layout a general contractor should be able to handle your project. The general contractor will hire and oversee the necessary subcontractors for your remodel. If you remodel will involve major structural or layout changes you will need to hire an architect to ensure that you meet building code requirements. More complicated remodels such as kitchen and bathroom remodels are often handled by interior designers.
After you decide who you need on your remodel team, it’s time to research local experts in your area. Contractor recommendations can come from online, friends and family, or community events. No matter where you find your potential contractor, you need to properly vet them. This means taking the time to look through online reviews, talking to community members and finally setting a meeting with the potential candidate. During your meeting you should discuss basic questions such as their experience, employees, licensing, and insurance. You can also ask to see any projects they have completed. After you have ensured the basics of your candidates you can discuss your plans with them in order to see if they are the right fit and can complete your project in a timely manner. Finally, and perhaps most importantly, discuss payment arrangements. A good contractor will have transparent payment arrangements as well as general contract requirements that should protect both of you from significant loss of finances. Be weary of contractors that don’t use written agreements or those that ask for cash or full upfront payment.
Prioritize Finances
So you’ve been dreaming of a 4,000 square foot home addition complete with walk-in closets, sauna, and personal home gym. Is that upgrade really in your budget or is your remodel destined to stay a dream? You can only remodel what you can afford, so be realistic about your finances. There are ways to increase your budget through a home equity loan, home improvement loans, or credit card but you need to first have these resources at your disposal.
Stick to the Plan
When you began your remodel you had a specific project in mind, but now that you’ve hired the contractor and the work is being done, you just can’t stop thinking about how nice it would be to get a few more improvements done. This kind of impulse remodeling is fairly common for homeowners and can be a large pitfall in terms of finances. So stick to your plans as much as possible. Yes, there will be small changes along the way and being flexible is necessary during a renovation project, but don’t get caught up in the excitement. If there are necessary changes or upgrades that need to be added for the completion of the original project your price may change, but it should not shift significantly. If there is something extra added to the budget make sure that it is put in writing along with the additional cost.
Search for the Savings
If you find that you are unable or unwilling to pass up the additional to your remodel, you may be able to find savings for project materials by looking for alternatives to high-end options. Countertops can be expensive when you go with luxe marble, but you could use a more affordable choice such as quartz. The same is true for vanities, hardware, and appliances, which with a bit of research and patience can all be found for discounted prices on various websites.
Believe it or not, there is an off-season in home remodels. Contractors are busiest during the spring and summer months. In the winter, contractors may be more inclined to offer off-season discounts which could save quite a bit of money in the long run. It will also allow for more time and labor with your remodel since he or she will be less busy with other projects.
Be Patient
Once your project is up and running you should assume that there will be bumps in the road. Whether the bumps come in the form of unexpected expenses or material shipping delays you need to be patient and flexible. The best way to keep bumps from totally derailing your project is to keep the lines of communication open. Be upfront with your contractor about how often you would like to check-in, whether that be daily, weekly, or only periodically.
A home remodel can be stressful but with a well laid plan and the right construction team your project can be completed with ease. Just remember to stay patient, stick to your budget and your plan, and your dream home will be ready before you know it.
