Read on and we’ll explore seven home renovation tips that you can employ as you make your desired improvements.
1. Outline your job. It seems so easy, doesn’t it? Get the work done and you’ll be happy. Chances are you haven’t though the entire project through just yet. Do so now so that you understand what your goals are and avoid costly project overruns.
2.. Get recommendations. Whether you’re using a general contractor or individual professionals to help you get the job done, you should obtain recent recommendations from customers to verify the work. Unless this individual comes highly recommended from a trusted source, you risk getting stuck with someone that is unable to do the job to your satisfaction.
3. Get it in writing. Whatever your project parameters turn out to be, you’ll want to get everything in writing, especially from your general contractor. Leave nothing to chance. If you assume you’ll make an ass of “u” and me.
4. Set a budget. If you have $30,000 to spend on a project, anticipate that your final costs will go over that amount. Therefore, plan to spend about $25,000 to give room for cost over runs.
5. Borrow what you need. Unless you have cash on hand, you’ll be borrowing money to get your home improvement project done. Consider borrowing from the equity in your home, from your 401(k) plan or from a family member.
6. Decide on the fly. Larger jobs mean that they’re are more variables of things that will change. For instance, your contractor may have trouble securing a certain wood for your dining room floors, have difficult with the local planning board or will be faced with having to fire a subcontractor. Stay up on things and expect that you’ll be called on frequently to make decisions along the way.
7. Release your final funds. Make payments for the work along the way, releasing funds as certain project parameters are met. For instance, when the job is 1/3 and 2/3 done, make a payment. Hold back about 10 percent of the cost until the job is done and your inspection reveals that all unfinished items have been completed.
Interview your contractors to make sure that they’re bonded and insured. Workers that set their feet on your property must be insured too. If not, you could be hit with a lawsuit if an accident were to happen.
See Also — 6 Money Saving Renovation Strategies