Remodeling your home can boost its value and improve your quality of life. Some projects are a necessity due to a major life change, like welcoming a new child.
You’ll get better results with your home remodeling project if you plan and budget for it with the following tips.
Understand What Costs the Most
Some projects can result in higher costs than others. Typically, demolition costs more because of the labor involved.
Matching existing materials can be expensive, especially if you’re looking for older materials that are hard to find. Consider a close match or think about replacing old materials instead of finding a match.
Changes to the structure of your home will cause the cost of your project to go up. If possible, avoid changing the load-bearing structure of your home to stay away from expensive projects like installing a new load-bearing beam.
Focus on Projects with the Best Value
Kitchen and baths are two of the top things people look at when buying a home. Remodeling your kitchen and bathroom often results in the best ROI.
A minor kitchen remodel has an average ROI of 87%, a two-story addition has an ROI of 83%, and you could get 75% of your investment back if you add a deck to your home.
Create a Budget
Take the value of your home into consideration and how much value the remodeling project will add to figure out how much you should spend.
It’s also important to consider how you will finance the project. Paying with cash can give you more flexibility while using a loan means you will incur additional costs.
On average, a kitchen remodeling project will cost $150 per square foot. You should plan on spending $5,000 to $15,000 for a new bathroom and just under $8,000 to remodel a bedroom.
Here’s what you need to consider when establishing your budget:
- Consider the amount of work required for demolition and the cost of labor.
- Look at prices for the different materials, applies, fixtures, and finishes you will need to purchase.
- You will need to get rid of old appliances and waste. You might need to rent a dumpster.
- Assess the cost of HVAC, electrical, and plumbing work.
- Estimate the cost of labor for installing new materials.
- Put together an additional fund you can use if you go over budget.
You can get quotes from different contractors and shop around to get an idea of what new appliances and materials will cost. Talk to people who have completed similar projects to find out about their budget.
Get the Right Permits
Things like window installations, plumbing, and electrical work, structural changes, and additions to your home will require permits. Regulations vary from one state to another for smaller projects. Contact your local government to find out if you need a permit.
You’ll also have to contact your local government to schedule an inspection of the finished project. If you do some HVAC, plumbing, or electrical work, you might need to schedule an inspection half-way through the project so an inspector can look behind the walls or underneath the floorboards.
Hire an Architect
You might not need an architect for small remodeling projects, but it’s best to have a professional create blueprints if you’re building an addition to your home. You should get help from an architect if your project changes the load-bearing structure of your home.
Look for Contractors
Contact different contractors and get quotes for your project. Check online reviews and ask plenty of questions. Make sure the contractors you hire have the right licenses and carry insurance.
Ask about similar projects they have worked on in the past and ask for some before and after pictures.
Once you’ve found the right contractor, sign a written contract that outlines the services they will provide and a timeline for the project. It’s best to work with your contractor to establish a realistic timeline.
Be Realistic about DIY
You can save money on remodeling your home by doing some of the work yourself. However, you need to be realistic about your skills and how quickly you can work.
Here are some things you should consider doing yourself:
- Removing or installing cabinets.
- Installing flooring if you opt for a material with a simple installation process.
- Taking care of finishes like trim and baseboards.
- Installing and plugging in new appliances.
- Consider How the Project Will Affect Your Life
You might have to change your routine while contractors work on your home. Ask yourself to which extent the project will affect your life.
For instance, you might have to spend more on food and get ready-made meals while waiting for your new kitchen. In some cases, you might be better off staying at a hotel or with a relative for a while.
Protect Your Investment
You can get a home warranty to protect your investment. A home warranty is a service contract that gives you access to repairs and replacements for things like major appliances and home systems. You should get a home warranty after you complete a major remodeling project to reduce future costs linked to repairs and maintenance.
You can avoid overspending on your home remodeling project by planning for it carefully and comparing quotes from contractors. If you want to limit future expenses, your best option is to get a home warranty to protect your investment.
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