In the life cycle of every property, there’s a time when improvement is needed to keep pace with contemporary living, as we approach spring in Northern Colorado it is an opportune moment to plan your next renovation.
Before undertaking an upgrade, you must know your motivation, will we be selling our home after this or will we keep it and enjoy! This will help manage the scale of your ambition appropriately and keep your budget realistic. The aim is to avoid over-capitalizing your property, make the right decisions that will gain the highest return on investment, and keep in mind the ceiling that an upgraded home in your neighborhood will fetch and work within that box.
Keeping up with current trends that buyers are looking for, or gathering information concerning what projects will produce the greatest return on investment are only two of the ways a real estate professional can be of service concerning a remodel.
With remodels continuing to be so popular with homeowners, I’ve made a list of eight tips to help you approach this challenge.
Scope the work – Carefully consider the work you want to do, and why. This will help decide whether the project is worth the expense. Write down everything you would like done. Keeping a detailed list of what has been done and what the next steps are will keep things on track.
Create a budget – You need to be disciplined with your money, or the costs will quickly get out of control. Use your scope of work to understand all the costs. Then you can identify which are essential and which are just nice to have, adjust appropriately.
Consult an architect – While they can be expensive, they’ll likely prove their value with advice on the best way to make the improvements you’re seeking and then draw up plans. Unless you’re in construction, they’ll have a better idea of the costs and will help you select a contractor.
Appoint a contractor – If you’re not using an architect, then get a minimum three quotes and ask to see jobs they have done previously. If you can’t separate the candidates on hard numbers and the scope of work, go with the people you like best.
Be open about your budget – It’s advantageous to share your budget with your contractors as they will do their best to ensure they stay within its constraints. You should set aside 10-15% of the cost for overruns and unforeseen problems.
Make a deadline – Ensure your contractor commits to a finishing date. An excellent way to do this is to work backwards in terms of how long each element of the remodel will take. Many builder contracts can be vague on a finishing time, so you may need to negotiate on the deadline.
Do the paperwork – Some improvements require permission from the local authority. Don’t ignore these. A government body can insist on the work, even when completed, is pulled down or reversed in some way because you didn’t have permission to build it.
Double-down on insurance – Your licensed contractors will have their insurance, but you need to assess your own needs, too. It’s best not to short-change yourself on this.
No remodel is stress free, though, if you can reduce the overall stress load from the outset it will be the cherry on top when the project is finished. Understanding how to keep a lid on spending while working within the criteria that you lined out will keep you and your home at the top of the real estate market in your neighborhood.