If you’re thinking of taking on a home improvement or remodeling project, it’s so important to keep the costs under control. A few impulse buys here and there, or an unexpected issue, and you could find your budget blown to smithereens. So whether you’re updating your current home with a much needed facelift, or if you’re getting an investment property ready to go on the market, you need some tips on your remodel.
Plan in detail
Large renovation projects need to be planned well in advance. You can’t just wing it and make big decisions along the way, trust me, I’m the queen of winging it and this is a terrible strategy. Managing a large project on your own can be daunting. Again, trust the person who’s been renovating a home for the past three years, hiring a home remodeling contractor will likely spare you headaches in the long run.
A general contractor will run the job for you; they’ll bid aspects of the job to other professional contractors who have the expertise to do the job right. Signing a contract will ensure the jobs you want done will be done for a price you know in advance. As with any renovation budget, you need to set aside at least 10% for any unexpected issues that spring up, because they will spring up.
Think about the scale of your renovation. Is it some minor interior work, or a substantial remodel? Are you wanting to do all tasks at once or take the renovation in stages? Prioritize the areas that are structural and get those done first. We all want cosmetic work done so our home will look gorgeous, but if floors or foundations are failing, all that cosmetic work will fail as well.
Get multiple quotes
If your renovation job is small, you can handle hiring local contractors to do the work. Talk to friends and family to get recommendations. Website reviews don’t always tell an accurate story. Asking people you know and trust is the best way to really know what to expect from a particular contractor.
Get a few quotes, the lowest isn’t always the best deal, take into consideration the resume of the contractor you’re interviewing. Ask to see pictures of their work. You may want to pay a tad bit more for who has a particular skill like tile work or texturing.
Look for bargains
You may want top of the line products for your renovation. There are lots of tips and tricks to help you find hidden bargains. Don’t discount purchasing form surplus stores. Many times these stores have overruns from high end stores that they offer at big discounts. Use your local marketplace to find bargains. Many times contractors will sell materials that they have left from jobs that they have completed. These will likely be in smaller quantities, but if you just want flooring for a bedroom, for instance, this is a great source.
Get your finances in order
How will you be financing your remodel? There are a number of options you can use. If you are going into an extensive remodel, and you have equity in your home, you may want to do a cash out refinance of your mortgage. Depending on the state, you can refinance your mortgage for 80% of your homes appraised value or more. You’ll be able to take the money above what you owe on your original mortgage and use those funds to add a pool, a new kitchen, or new bathroom. Just be prepared for a higher mortgage payment since you’ll essentially be paying the newest appraised value on your mortgage. You’ll be adding value to your biggest investment and that’s a win.
There’s nothing more stressful than going into a home remodel or renovation. If you follow some tips on your remodel you can manage your stress level as well as your finances. Just plan, plan, plan, and you can find ways to keep costs under control and not break the bank in the process.