As we begin 2022, the Pandemic continues to wreak havoc worldwide and shows no sign of disappearing any time soon. Though many industries have suffered as a result closures, decrease in demand, and shrinking economies, one bright spot has been in the home improvement sector, which actually grew by $420 billion dollars in the Pandemic’s first year as the need for enlarging homes became a natural consequence of families adjusting to combined home, school, and workspaces.
With the Pandemic entering its third year, much of the workforce has opted to work from home, while school districts around the country continue to move back and forth between physical and virtual classrooms as covid variants take hold. Families all over the United States are completing major home renovations to accommodate these new demands on what was once considered a private space.
So how do you take on a major home renovation and avoid costly mistakes? There are several proven steps that will help you get the most out of your home repair project.
Too many homeowners make the mistake of not sitting down to make a budget for what they can truly afford. Or they make a budget, but do not stick with it and discover along the way that they have overspent on their project by thousands of dollars. As you think about your budget, consider the value of your home. Room renovations should not exceed 10% of your home’s value. If you do, you might not see a return should you decide to sell your home. When creating your budget, be sure to include an amount for contingencies. Contingencies are the unknown problems that can occur that no one anticipates. Depending on the type of renovation, contingencies can be anywhere from 5 – 10% of your entire budget.
Do your research. Once you have decided what you want to do, go online and research similar projects to get ideas that will work best for you. Also read people’s blog posts about what worked and didn’t work for them. Learning from other people’s mistakes can save you a lot of time and money.
Most people do not have the construction skills to complete a major home improvement project on their own. Knowledgeable professionals are there to help you learn and understand the building requirements set up by your town, city, or state, and to expertly complete the work to your satisfaction. To ensure the success of your home improvement project and it’s completed in a reasonable timeframe, you will most likely be hiring contractors even if you choose to do some of the project yourself.
When hiring professionals, make sure you get at least three written estimates for the job. Make sure the people you hire are licensed, bonded, and insured. Be sure to ask them for the names of past customers so you can check out their previous projects.
Create the Proper Work Environment
You will also want to create a building site that will be least disruptive to your family’s activities. The last thing you want to be doing is meeting with a contractor while supervising your child’s virtual learning at the dining room table, or working on your own report, that’s due the next day. Your home is already being disrupted and you most likely are confined to a smaller space, with items from the project space stacked all around. An affordable solution to this problem is to rent a construction office trailer for your project manager to meet not only with you, but with the numerous trades people and inspectors who will be in and out throughout the time of your project. It will also be important to have a portable restroom onsite so as to reduce the wear and tear on your own plumbing.
Know When to Splurge
You have been searching online and fallen in love with the most expensive design features. You are desperate to ignore your budget and just go ahead. Don’t succumb to temptation. This is where your research will come in handy. Some items are worth the splurge and add value to your home while others are not. New kitchen cabinets can take up a considerable amount of a budget. Many older cabinets are excellent quality. Consider painting them instead and adding new hardware for an updated look. This can save you a lot. Glass shower doors are not only costly, but difficult to maintain. Shower curtains are cheap, easy to maintain, and easy to replace when you want a new look. Using existing plumbing and electrical locations will save you lots on a remodel. So where should you splurge? Kitchen counters add value as do hardwood floors. Your contractor is a great resource and can guide you on which items will bring you the greatest value for your investment.
There is no better time than now to renovate your home. A renovation project can add value to your home and look high end, even on a budget. By following these easy steps, you will make your home the dream space you have always wanted.