How to plan for a home remodel

Remodeling can be a major undertaking, so be sure you are up to the task. Having a contractor come in and finish your already-started project may end up costing you more than if you had hired the contractor in the first place. Be sure you understand what you are doing and the steps that need to take place before you begin.

Am I sure I have thought through my remodel? Ask your self these questions before you ever start down the road to a remodeling disaster.

1. Do I have enough money to complete the job? If you are penny-pinching before you begin you may end up over budget all too soon. Unexpected problems always come up in remodeling. (Example) When you think you may reuse something, you’re taking it out and it gets broken removing it. Now you have to buy more. Leave some extra funding aside for such emergencies. If you have money left over, “GREAT”–buy that big screen TV.

2. Am I thinking realistic about the project itself? An existing home has a structural shell that has to remain or the house will fall in. All walls in a home can not easily be removed. Homes have “bearing” (as in “load-bearing”) walls that hold the floor and roof up. In removing these walls, a beam will be needed for support. This is where most home owners run into problems. (Example) Months of planning to remodel the kitchen–materials may even be ordered or bought–and then the wall that was to be removed can’t be done: nightmare!

3. Am I realistic in what I think I am able to do? Many people get in over their heads and end up hiring someone to bale them out. This goes back to the extra funds. Plumbing, electrical and major reconstruction are a few areas to question your abilities. (Example) Spending thousands to remodel the bathroom and then having it leak is not money-wise.

4. Is my home build sound, and worth a remodel, or should portions be removed and rebuilt? Older homes may need to be remodeled just to maintain the structure. Newer homes may be remodeled with just cosmetic upgrades. Paint and wall paper will not fix a crumbling cinder block wall.

5. Do you and your wife have a good relationship? Marriages get tested to the limit with a remodel especially when you are still living in the home.

6. Is the value of the remodel right for the home? If you live in a $200,000 home, where the homes around you are selling for $180,000 to $200,000, understand that throwing an additional $50,000 into a remodel will NOT net you a home sale of $250,000. Remodels will help a home sell but not always increase the buying price.

Be sure you have thought through your remodeling plan before you ever start. Make sure the value of the remodel is right for the home; make sure you can do everything you plan; keep some emergency funds on reserve; and over-plan all of the steps.

Source: factoidz.com