Starting Your Home
Remodeling Project

home remodeling tid-bits

topic: home remodeling plans
by Amelia Gray

 

Taking the plunge into a home remodeling project can be a daunting concept.

Remodeling can be a costly and time-consuming project, but the results -- a more valuable, more comfortable home -- are often worth the time and expense.

While home remodeling costs are an obvious detraction from updating a living space, homeowners should consider the benefits of remodeling. Owners recoup 88 percent of remodeling expenses on average, according to one recent study.


Follow these steps to make any house remodeling go smoothly:

Step 1: Analyze the Numbers
Before you begin, compare the costs of a renovation with the costs of buying a new home. Consider the time commitment of possible remodeling ideas, the home buying market in your local area, and other monetary factors. Fully research your potential project before you focus in on specific renovations.

Step 2: Consider Home Remodeling Ideas
A recent report by Remodeling Magazine found that replacing siding with fiber cement siding was the most popular home remodeling project nationwide. Other popular projects include kitchen and bathroom remodels.

Local government and utilities initiatives may be willing to cover some of your house remodeling costs. Home remodeling costs for energy efficient homes may be recouped by these groups. Determine what project will result in the highest value gain for your home.

Step 3: Develop a Spec Plan
Once you've decided on your project, determine product, labor, and permit requirements and costs. Even a basic spec plan can be useful in the search for a contractor, but the more detailed your requirements get, the more accurate future quotes will be.

Make final decisions on the type of home renovation materials used here, but understand that many contractors will only work with a particular brand or material.

Step 4: Find a Home Remodeling Contractor
Finding the right home remodeling contractors is an essential step in the house remodeling process. Contact potential contractors with your spec plan and collect price and time estimates. Work only with licensed home remodeling contractors who come with a number of reliable references, and don't jump on the lowest quote without researching the contractor.

Be sure that potential home renovation contractors are compliant with your state's workers' compensation, personal liability, and property-insurance laws.

Step 5: Secure Financing
Home remodeling costs are typically offset by some type of financing. Homeowners may use the equity in their home to complete renovations and consolidate prior debt. Obtain a number of financing quotes to compare rates, draw periods, and other terms.

Step 6: Manage the Project
Be sure the contract with your contractor includes a detailed payment schedule, and fully inspect the completed project before making scheduled payments. Upfront payments should be no more than 10 percent of the project's cost, and payments afterward are fully contingent on the homeowner's satisfaction.

Remodeling can make a home more energy efficient and more comfortable, and homeowners who stay in control of their home renovation projects are more likely to be satisfied with the end result.

More Information:
designing your home remodeling spec plan

Navigate: home  >  tools  >   remodeling tid-bits