HOW TO PLAN, PAY FOR, AND SURVIVE YOUR RENOVATION PROJECT The first step to planning any renovation project is to sit down and write a list of all the things you would like to remodel in your home. Next, take that list and separate all the necessary improvements that have to be done from the upgrades and “wish-list” items. Once a budget is established, items from your “wish-list” can be added back in. Shop around for materials and fixtures to get an idea what you would like and what items cost. Be as detailed and realistic as possible with your planning. You need to be satisfied with the results especially if you are planning on spending many years in the house. If you are making improvements to sell your home, do some research. Your real-estate agent can help you make improvements that will increase the value of your home and make it more attractive to potential buyers. Working out a budget for your project can be tricky. Be sure to add an additional 10% for unforeseen expenses. Once you have a budget in place obtain detailed quotes from contractors for the work you are not doing yourself. Always get more than one quote and be sure to clarify what is included in the quote and what is not. Additional costs and changes can become costly. The lowest quote isn’t necessarily the best if it does not included items or lesser materials are being used. Check the contractors’ references and ask for license and insurance information. When your budget takes shape, financing is available from many different institutions. Mortgage rates are still very favorable if you are looking to refinance or take out a second mortgage. An internet search will yield many options in addition to the local banks. Remember, most improvements add value to your home and increase the equity in your home. Certain improvements, such as replacement windows, can also pay for themselves with energy cost savings. Before work begins prepare your neighbors and family for any inconveniences your project might cause. Warning them of the extra noise or traffic will be appreciated. If you are hiring a contractor, please restrain all pets and children so no one is hurt and work can proceed safely. Due to the nature of the construction process there will be some noise, dust, debris, and vibration in the work area. Secure or move all breakables and cover or move any electronics such as computers or expensive stereo equipment. No one enjoys having their household disrupted but patience and a bit of preparation can make the experience a better one. |