If you have owned your home for a while, you may be considering a remodel to rework the house’s form and improve the flow of its interior space. When done properly, a remodel will add a great deal of value to your home while making it more enjoyable to live in. The critical component to a successful remodel is a good plan. The following suggestions will help.
Be Realistically Inspired
The best remodeling plans are often inspired by what others have done. Looking at home improvement websites is a good starting point to see if you can bring your dreams into reality. While you may have many ideas about the finished product, you will need to assemble a design team to see if what you want is realistic. Even if you have to compromise, you may be pleasantly surprised by the suggestions of the team. Another consideration is the amount of time you will be living in the home. You will need to plan for any future needs as your family gets bigger and you grow older.
Create a Workable Budget
This is often the most challenging part of a remodeling project. Even if money is not an issue, it is better to create a budget to keep the job under control. While you build your budget, there are several considerations:
• Get a ballpark figure. A typical remodel costs $100 to $200 per square foot. This should help you figure out how much you need to spend.
• Establish the budget early. This benefits both you and the contractor. The contractor will know exactly what can be done with the available funds, and you will know what you are getting without having to make changes later.
• Stay realistic. Remodels you see on television often offset the cost by being featured as a teaching moment. These projects do not represent a real-world situation. You will likely need to make a few compromises and trade-offs to get the best value for your money.
• Have a contingency plan. In any remodeling project, there will be delays and other unexpected events that will either hold up the job or force you to make changes. It is best practice to set aside an extra 20 percent as insurance against surprises.
• Know how much you can afford. You will have to keep paying all of your other bills while the remodel is ongoing. Do not make a budget that will exceed what you can actually spend each month. Having the right type of financing will help you to keep your money needs on track.
Be Prepared to Move
You may think you can tough it out in your house during a remodel, but the reality is there will be a great deal of noise, dust, debris and a lack of privacy. In addition, you will not be able to cook in a kitchen that is torn apart, and even if you have another bathroom, this could quickly become inconvenient for a large family. You need to consider everyone’s comfort levels before deciding to stay.