There are different reasons as to why a home owner would feel the need to renovate their home. At times it could be due to the fact that they would like to increase their living space. Maybe the small sized bathroom (for example) that once accommodated a couple has now become too small for their five-member family. There are circumstances where the homeowners would like to increase the value of their house for further investments or an assessment from the bank. It could also just be the need for a change of housing structure all together. Regardless of the reason it is important to way out the different options, plan a budgeting scheme in much detail in order to get a better understanding of the feasibility of the project. Gaining insightful information regarding home renovation is key to successfully remodeling your home. It is great to hire professionals to do the work, but it is important to have a detailed understanding of what is actually going to take place during the process.
Get the budget right
Throughout different neighborhoods and districts we sometimes observe incomplete renovation projects. At times we ask ourselves why the project was never completed and what could have been done better for the complete remodelling of the home to have taken effect. There are so many reasons as to why a renovation project would not have been completed. One of the main reason is underestimating the complete cost of the renovation at hand. With a lack of expertise and understanding one can make a rough estimation of how much it would cost for renovations just to be surprised in the end that the amounts do not even come close! The research prior to beginning the renovations cannot be overemphasized. Do your homework! Research shows that most homeowners set very unrealistically low budgets for most of their renovation projects. They completely underestimate how much would actually be going into the project and find out during the project that they unfortunately do not have the means to continue. When it comes to smaller projects such as; changing of floors, fences or painting most homeowners are convinced that the price would be very minimal and insignificant due to the fact that the project seems so small. When a thorough research is performed one will have a good understanding of what actually goes into making these “seemingly” small projects and why the amount is more than expected.
Get professional help
Once you decide on what you will actually be renovating in your home and have come up with an approximated cost of the renovations it is vital to get professional advice as well prior to actually beginning with the renovations to ensure that your finds are valid. Get multiple quotes from multiple contracting companies. Do not content yourself with the quote from only one company. Since you would have already done your individual research based on your needs and the potential cost of the project it would be easier to know what contractor to deal with. Ensure that the interview process is thorough and that you get an in-depth understanding of what their contract and services offer. Communication is key; make sure that they can easily be reached and that most importantly they understand you and that you understand them. Are there any hidden fees that you would need to know about in advance? These would all be valid questions to ask. When you are asked questions about your house make sure to answer as honestly and truthfully as you possibly can. It is important for the contractor to also get a good understanding of your home and not be surprised with additional work to do which would add costs. Most contracts do advise clients to add between 10 to 20% to the budget as there could be other changes to be made once the work begins. In the event that you cannot find contractors that are reliable or trust worthy you can always get references from friends’, family members or colleagues. Other professionals within the industry such as real estate agents like our very own Brad Roemer can also be of great help to you as they have the expertise and the network.
Financing the renovations
How will you be financing your project? Whether it be through a loan, a home equity plan, rebates or just plain savings it is important to cross that bridge prior to the start of the renovation to ensure that you have the funds available.
Renovating a home may be a difficult and very time-consuming process. You must exercise a lot of patience before, during and after the renovations as you will be deprived of your privacy space whiles the work is being done which may lead to frustration and stress. With proper planning and organization, you should have that perfect remodelling of your home that you have been dreaming of.