The process of remodeling your home is exciting; however, it can be stressful and intimidating when not adequately planned. According to research by the Joint Center for Housing Studies of Harvard University, residents in the US spend over $400 billion on home repairs and renovations.
People believe that home remodeling is costly, but creating a refurbished space at a reasonable price is possible. Budgeting the essential elements required for renovation ensures you have a sense of what is expected. Additionally, you need to plan and schedule proper timelines for the reconstruction process.
When planning a house remodel, consider incorporating the following tips:
Design your Remodeling Process
The remodeling process requires concrete architectural plans, which may vary depending on your specific needs. During the reconstruction process, you can opt to either build up, bump out, or build-out.
- Building out: It requires an additional foundation or support posts. Typically, the remodeling affects the whole floor plan and roofing structure. It also increases the footprint of your home, which will significantly reduce the existing exterior garden space.
- Building up: It requires minimal disruption to your space. The renovation will barely affect the existing footprint of your room. However, it mitigates for roofing adjustments, which might be quite costly.
- Bump out: The process of adding extensions to your existing structures. A bump-out is an inexpensive solution as it merely involves adding square footage that aligns with your existing roof.
Hire a Professional Contractor
The best way to find a professional contractor is to get recommendations from neighbors, friends, and colleagues. It is wise to work with a contractor who has previously worked on individual projects successfully.
Secondly, ensure the contractor has the proper licenses and credentials. Having the right certifications guarantees that the person is accredited to handle construction jobs. Also, they have the right qualifications and meet the set standards to renovate residential and commercial property.
Lastly, interview the contractors and request for price quotation of the job. Ensure you have versatile proposals to consider if you are tight on budget. Essentially, what might appear cheap at the moment might cost you a fortune in the future.
Account for Other Factors
There are multiple expenses involved in the remodeling project of a home. In most cases, you might not consider such costs on your budget. Such unforeseen factors include:
Lack of Making a Robust Decision
In the renovation process, you, as the homeowner, need to have a static plan concerning the areas you want to be extended or remodeled. Although most contractors will allow a certain level of flexibility to change your initial plan, constant reconsiderations might affect your budget. Also, your inability to make a standing decision will result in conflicts with the contractor, which may lead to a haphazardly done project or incomplete project.
Allocation of Contingency Fund
During the remodeling process, there are many eventualities which you or the contractor cannot accurately predict. Issues such as cracked foundations, faulty plumbing, or rotted wiring might arise. Initially, the budget might not capture such factors, and you might not be financially prepared to manage them. Thus it is always wise to locate a 10% contingency fund to address unforeseen issues like that.
Alternative Home during the Remodeling Process
Finding alternative accommodation during the remodeling process is quite necessary. You must allocate funds to rent a temporary home or a storage facility for your furniture. You must include other things in your construction budget, including commuting costs, moving costs, and lost income funds. Typically, you should locate a 5% contingency fund for covering such additional fees.
If you have a sentimental value to your home and neighborhood, but your home is not entirely satisfactory, remodeling is the best option. Compared to buying a house, remodeling is an inexpensive option. We have experts who will help you reconstruct your dream home at an affordable price. Contact us for more information.