Remodeling/Improvements to home are an excellent way to give a new feel to your life. Taking out the old and adding the fresh gives an emotion of being brand new. It is one reason people go in for home remodeling. Another purpose and a more practical one is the value they add to your home that can be gained back if you sell the house. Let’s talk about some tips and ideas that one should follow to make home improvement a profitable investment.
- Never Over-Renovate
The foremost thing to keep in mind is that not every dollar will return an equal amount. Therefore, haphazardly remodeling parts of the home believing that they are a good investment is not a sound decision. Most homeowners think that if they redo their bathrooms and add expensive finishes to their kitchen, the value of their house will jump. This is not true; rather the fact is that the smallest of update give the best returns. The tip here is to re-insulate the attic or change the garage door or the front and back doors. These renovations will return a 117% to 91% of your investment.
Always remember renovation is money being spent not being invested. Be clear about why you need to remodel the home and then make an evident budget for it.
- Always Overestimate Cost
The most significant mistake individuals make while remodeling is the cost they assume. Homeowners tend to keep a meager budget even for the most obvious and widespread renovation tasks. This is being unrealistic. Some of the projects that property owners underestimate are fence construction, door and windows replacement and new floors. Think about it, if you want a kitchen remodeled you would require a gas expert, a plumber and a licensed electrician. These people are costly, and when you add in the price of superior finishes and gadgets, the budget is sure to go through the roof.
The tip here is always to overestimate your budget. If you think the total cost will come to about $8000, then add at least 20%more to it.
- Quotes Galore
To ensure you get the best out of your money, get as many quotes as possible from different contractors. Interview different candidates and ask what their contract covers. Question them about problems and issues that may occur during the project. These things can add a lot of extra costs if not handled properly. Also, check how they communicate with you – it is the key to a smooth renovation project.
Our tip is to keep in mind that every contractor will add a profit margin. It is their due. Pick the one that best suits your budget.
- More, More & More
No improvement or home remodel project is always within a budget. There will be extra costs and charges. The reason for this is because one cannot meticulously plan a renovation. Things like lead pipes crop up time and again. The tip is to keep a contingency fund of about ten percent for small tasks and twenty percent for bigger projects.