How are you dealing with life during this Qarauntine?
I have been involved in a lot of construction projects over the years and here are my TOP 5 Things you need to consider BEFORE you start a Home Renovation!
#1: Where are you getting the money?
Have you saved, are you taking out a loan on the house?, etc. For obvious reasons this one should be addressed first and fore most. Now I understand that when industry professionals ask what you’re budget is and as a homeowner, you’re thinking “I’m not telling you that because then you’ll just use up all my money”. The truth is, we simply need to know how much you’re anticipating to spend in order for us to make project suggestions that are in line with the dollar amount your comfortable investing.
Once you know how much you want to invest, now you can think about how you’d like to fund the project. If you know this project is going to be in 10’s of thousands, then the most common way to fund a home remodel is to use the equity in your home. [more on this is another blog post]
#2: You don’t have to “Get Three Quotes”
Don’t get me wrong with this one, you still want to do your research when it comes to cost and if you end up looking into 3 separate companies for every aspect of your project, so be it. However, I’ve found more of an importance in looking at customer reviews and listening to the word-of-mouth about a particular contractor or company.
You’re going to want to ask about product warranties and workmanship warranties – depending on what they provide – because there’s a fair chance that something is going to go wrong throughout the course of the construction and you want to make sure that the company stands behind their employees, products and/or services. Trust your gut feeling – even in business.
#3: Track Your Money
Even if your project isn’t necessarily a major one, it’s always worth while to know where every dollar is going when you’re investing in your home. Accept it now that you’ll probably go over budget and when there are so many different people and things that need to be paid for, it can get messy when you’re sitting hundreds of dollars over budget and you can’t pin-point where it went. There are plenty of Money Trackers that you can print online for free, and a good ol’ excel sheet never hurt anybody either.
#4: Hire ONE person to be in charge of your project.
I understand the allure of saving thousands on project management. You’re thinking, “Nah, I can totally hire everyone on my own.” But don’t forget that you have to mange them and make sure they’re all doing their jobs so that the next trade can start their job also. It can get pretty hectic, especially if you’re working fulltime and have children to take care of also.
Depending on the size of your project, I always suggest having a contractor or a designer to project manage. This way you have ONE person to hold accountable for the work getting done. This will save you time and money!
#5: Nothing is going to be Perfect!
Not the process nor the finished product. We all expect it because let’s be real – you’re spending ALOT of money to get what you want – but rarely does perfection ever live up to our expectation. Especially if you’re renovating an older home, unforeseen expenses could arise that will cost you certain design elements that you had your heart set on. You’re going to miss deadlines, be over-budget, things can come in damaged and will have to be replaced, you name it, it’s happened before and it will happen again.
What you CAN do is be as “go with the flow” as possible! Remember that everyone working on your project wants it completed just as much as you do and if you followed your gut like #2 on this list, everyone will be on your side to get it completed and make you happy!
Thanks so much for reading this folks and I truly hope it helps give you some insight into what to expect when you’re planning a complex project.