Renovating your home can be both exciting and intimidating, especially if you’re remodeling the whole property or building an addition. It can be a big project, and anyone who’s watched a home remodeling show knows that things often don’t go as planned. Does that mean you shouldn’t take on your renovation project? Not necessarily. But you should go into the project with realistic expectations. These tips from MINIFIED will help you to make some plans and decide if you are ready for a home renovation.
1. Double Up on Space Purposes
Maybe your current home doesn’t meet your needs – yet you don’t have the funds to cover a large addition. Get creative, and think about how one room could serve two or more purposes with the right features.
For instance, perhaps you want a home office and a guest room. Why not update one room so that it can function as both? Make space for a sleeper sofa, hang a full-length mirror on the wall, and pick out a few convenient storage solutions for bedding and other items, like cabinets and an ottoman.
It’s fine to complete projects that make you happy, but it’s even better if you know they will provide higher ROI, or return on investment. What this means is that, let’s say, renovating your kitchen will get you more money than you invested into when you go to sell your home – even if you don’t plan on selling right away. You can work with a local real estate agent to determine which projects are the most lucrative in the end.
You can also look at comparable homes in your area to see what upgrades they have and how much the sellers are asking. What’s even better is to look at sold properties as your models because you can see the price someone actually paid, not just what the seller is asking. For instance, a five bedroom home in New York with a beautifully updated kitchen recently sold for $1,772,000. Compare that to the median sale price of $785,000, factor in some other elements, and you’ll see that an upgraded kitchen is like a good ROI renovation choice.
Once your renovation is complete, you might benefit from taking out a home warranty policy, so feel free to start researching these plans while your contractors work on your property. This is an annual, renewable plan that covers lots of maintenance issues, including problems with your electrical, HVAC, plumbing, and other home systems.
Before paying for a home warranty policy, it’s important to understand exactly what these plans will and won’t cover. For example, if you’re having your garage renovated, your warranty might cover the cost of a garage door opener, but it won’t cover fixing damage to your garage doors.
Hiring contractors is by far the most pivotal decision you’ll make with regard to your home renovation. Check any potential candidates’ portfolios, and ask for references from their former clients. It’s a good idea to start by hiring a general home remodeling contractor who will already have subcontractors in mind. This will minimize the workload on your end.
To communicate with your renovation team, receive invoices, and check in on project progress, you’ll need to get a handle on the basics of construction software. Your team might utilize project and contract management software, an accounting platform, and an inventory management program.
Some professionals also use software that is specific to their line of work. If you’re working with an electrician, they will probably rely on electrical contractor software to generate timely, accurate estimates. They will also use this software to track project timelines and invoice clients.
How long will it take to renovate your home? This depends on the scope of your project. Lamont Bros. states that it can take anywhere from seven to ten months to fully remodel a small home while remodeling a larger home will take around nine to fifteen months.
If you’ve ever lived next door to a home under construction, you know just how noisy it can be. Therefore, it’s important to give your neighbors a heads-up about your renovation project. CheapSheds recommends telling your neighbors about the project in advance, letting them know the estimated schedule, and sending a thank-you card to express your gratitude for their patience.
You can type up a letter apprising your neighbors of the upcoming project. If you have a couple of documents you want to distribute, use a PDF merger tool to combine them. Then you’ll be able to let your neighbors know what to expect, as well as including contact information should they have concerns or questions.
Yes, a home renovation involves a lot of work – even if you’re not tackling any DIY projects. But when you see the final results, you’ll know that it was all worth it! By referencing these guidelines, you’ll be able to register with a home warranty policy, optimize your space usage, and even learn a bit about construction software.
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