There are many aspects a homeowner or a potential homebuyer need to understand before deciding to remodel their home or purchase a home that needs many improvements. A homeowner could potentially spend too much upgrading their home without seeing a large increase of equity in their home value. Making sure that the homeowners are reducing cost where they can, making few mistakes, and allowing the project to flow smoothly is key to successfully remodeling their homes.
Ways to Save
When a homeowner feels that the home is too small, it is much more cost effective to make the space efficient rather than expand. Expanding a home is structural, costing much more than reorganizing a space so that it feels more open. Homeowners should always first consider other ways to increase the size of a space without actually enlarging it. It is also much cheaper to find salvaged materials which cost half the price of normal building materials. Making sure that the homebuyers are checking salvaged materials first will save a large sum of the remodeling budget.
The first common mistake that many homeowners and especially potential homebuyers make is underestimating the budget. It is common to have unforeseen costs and many renovations can cost much more than homeowners originally believed. Another mistake that homeowners can make is over improving for the neighborhood. The home value is limited compared to that of other homes in the neighborhood and if there are extravagant renovations, the homeowner may end up losing most of their costs. Homeowners must decide what costs will likely become equity in the home, and what will be lost forever.
Make it Easy
Remodeling a home can be stressful, especially if many large changes are being made. Hiring a reliable contractor is key to relieve that stress. Contractors will make sure all necessary permits have been acquired, will have realistic costs, and will manage the project for the homeowners. If the home improvements are small, homeowners can do it themselves. However, they should set out a reasonable amount of time to do the project including any delays that will be incurred from learning curves. If homeowners have a realistic budget and understand the amount of time it will take, the amount of inevitable stressful points during the project will be reduced.
These three items are key to understanding what it entails to remodel a home. Please comment below with your own remodeling stories and follow me on twitter.
Photo Credit – Tanamera Construction