Important Things To Know Before Starting Your Home Renovation

Whether you’re going to do a home renovation by yourself or you’re enlisting the services of a professional to carry out the job, keep in mind that there are still a lot of things you need to know before embarking in this kind of project. So before starting your renovation, keep all these information in mind to ensure you have a smooth home renovation.

Be realistic. This is among the most important thing you need to have before starting any home renovation as you need to be realistic about what you can accomplished based on your available budget or resources. Some homeowners will live beyond their means just to get the home renovation they want, which is sometimes unnecessary. If you really want to do such renovation, you can do it in stages rather than ending up losing your home to a bank loan or mortgage.

Budget. There will always be additional costs in each remodeling project, even those smaller ones. Therefore, when calculating for the total possible expenses of the project, add 10 % to 20% to the estimated cost of the project.

The right person for the job. If you decided you wouldn’t be doing the job yourself, you’ll need to find the right person to help get the job for you. Be sure you do a diligent and in-depth contractor search before you start considering the type of financing you’ll use for this project. Always check a contractor’s references and feedback plus, compare price quotes from different contractors as much as possible.

Return of investment. Regardless if it’s your first time to do a home renovation project or not, you have to understand that not all renovations are worth doing. You have to think about the cost of your renovation in terms of resale or rental value. So if you plan to sell or just rent your home in the future, you should know which home remodeling projects are worth doing and not.

Get advice. This is necessary especially if it’s your first time to undergo a home renovation projection. You can either chat with your family, friends or neighbors who have gone through such experience before. You can get referrals from them, tips and even save money based on their advice.

Like What You've Read?

If so, please join our newsletter and receive exclusive weekly home buying tips, financing guides and Charlotte, NC real estate news. Enter your email and click Send Me Free Updates

Send Me Free Updates

5 Reliable Techniques to Find A Reliable Contractor

Thinking about having a major renovation or repair in your home? Is the project to difficult or complicated to take on by yourself? Then you’ll need the help of a reliable contractor to work with you and get the job done. In these tough economic times, you’ll need to be careful when hiring a contractor to do work, as you certainly don’t want your renovations to go wrong. Below is a guide to help you find a reliable one.

1. Ask referrals from family, friends and neighbors. Do you know someone who just had renovations done? Then ask referrals from them and ask their experience with the contractor. Just be sure that you talk to people who have undertaken a similar renovation to the one that you’re planning to have.

2. Check if the contractor is insured. You’ll need to ask the contractor if his/her company is insured against claims covering worker’s compensation, property damage and personal liability in case of accidents. Once you have determined that the company’s insured, then verify the insurance coverage.

3. Check with your local building centers. Local building centers usually keep a list of contractors who get materials from them. They as well list the job such contractors usually do so you can ask from them for any referrals.

4. Compare costs from prospective contractors. When you haven’t decided which contractor to hire, solicit at least three bids from your prospective contracts based on the project you plan to have. The bid should include the same building specifications, materials, labor, along with the time it will take to complete the project. Since there will be variations in the price, discuss this with each contractor so you understand why there is a variation.

5. Trim down your list of potential contractors by interviewing them. It’s recommended that you choose at least three potential contractors and interview them one by one. Some questions you’ll need to ask them during the interview is how long they’ve been in the business, how many projects have they done similar to yours, do they have a license to do the job since some states require contracts to have a license, are they covered by insurance, and a list of names of their previous clients whom they have done jobs similar to yours. In this way, you’ll know the capabilities of the contractor not just from his credibility or background but also from feedbacks from his previous clients. If possible, also ask the contractor to bring you to some similar projects he has completed.