Ready to Remodel: What You Need to KnowReady to Remodel: What You Need to Know https://www.govellum.com/lo/erichopkins/files/2019/09/article_ready-to-remodel-1024x536.jpg 1024 536 ericjhopkins ericjhopkins https://secure.gravatar.com/avatar/23d591245b871a5a336c69dddf9285c8?s=96&d=mm&r=g
Now is a Great Time: Interest Rates are Still Low
Current interest rates are still low, so if you are thinking of remodeling, buying a new home or investment property or refinancing your current mortgage, contact us for a complimentary review of your current financial story.
Do you think your living space could use a little upgrading? You’re not alone. According to a recent survey from Trulia, 90% of all American homeowners plan to remodel their home at some point. And nearly 40% of those homeowners are planning a renovation within the next two years. But while sprucing up your surroundings is an enticing idea, it’s important to go into this endeavor with your eyes wide open.
Unexpected delays, changing costs and other assorted surprises can all be part of the remodeling experience. But these and other potential pain points can be mitigated with a little careful preparation.
Here are just a few things to consider as you ramp up for renovation:
Whether you’re freshening up the fixtures in the guest bathroom or revamping your entire living space, it’s a good idea to get a basic budget in place. Builders and craftsmen are happy to give you a quote, but going into the discussion with a reasonable ball park estimate of what you’re looking to spend can help you avoid sticker shock. RemodelingCalculator.org offers an easy-to-use calculator that gives you the choice of a general quote or pricing specific to your immediate area on projects like bathroom or kitchen remodels.
Even if you have no immediate plans to sell your home, it’s still wise to keep an eye toward the future regarding the colors, materials and finishes you choose. Making over-personalized or highly unusual design choices could hurt your home’s value when it comes time to put it on the market. If you’re planning to stay in your home for the long term, feel free to be more individualized in your design choices. Just remember that you may need to modify to a more standard décor if and when the time comes to sell.
When it comes to choosing a contractor, the adage “you get what you pay for” often applies. It can be tempting to go for the lowest bid. Doing your due diligence to find a reputable, licensed contractor is worth the effort. Ask family, friends, colleagues and industry professionals for referrals. Once you’ve have a few companies targeted, inquire as to whether they’ve completed a job like yours before, what their company policies are regarding warranty service claims and whether they have a list of references you can contact.
It’s exciting to think about the fresh new look you’re creating for your home. But it’s also essential to take into account the scale of your remodel and how it can significantly impact your lifestyle. Redoing your kitchen can be budget-busting if you resort to restaurants for every meal. Find some creative alternatives to eating out, such as offering friends home cooked meals in exchange for using their kitchens. Bathroom remodels can be tricky if you only have one in the house.
One of the best things about homeownership is the ability to design your home any way you wish. Depending on where you live and the local codes, you may need permits for certain types of remodels. Adding a detached structure like a shed or garage or modifying the home with structural changes like balconies or decks almost always require permits. Check with your local municipal government office to find out what the rules and regulations are to obtain any authorizations you’ll need to move forward.
Combine planning with a healthy dose of flexibility for a successful — and sane — remodel experience!
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