It’s a daunting feeling when you start a remodeling project – you have great expectations but there’s a lot on the line, including your money.
Whether you’re undertaking the work to improve your lifestyle or upgrading the property so it’s ready for sale, careful thought and planning are essential.
As a local real estate agent, I’ve seen many residents complete awesome remodeling projects. On each occasion, they’ve spent time thinking about what they want, and who they employ to deliver the dream.
Often, I’m brought into the conversation to provide feedback on the types of alterations that are popular with buyers, and what type of work would increase the property’s value.
If you’re thinking about selling and climbing the property ladder, here are six key ways you can keep projects on time and budget.
- Take your time – The biggest mistake is rushing the process. Whether you’re drawing up plans or reading the builder’s contract, make sure you take your time. You don’t want to make changes midway through the project as that can be expensive.
- Focus on efficiency and function – Don’t waste your money on a folly. Be sure that the changes you’ll make will be well-used by everyone in the home. If you’re going to change the floor plan, consider the impact on “the flow”. Don’t make bathrooms difficult to get to, or a living room too far from the kitchen.
- Fix your budget – Know how much you can afford, including a 10-15% buffer to pay for unforeseen expenses. Hopefully, that will be cash leftover, but you need a contingency in case of problems that are urgent or dangerous like issues that can spring up with the wiring or plumbing.
- Employ your “A” team – Again, take your time finding builders and contractors you trust. The best ones might not be the cheapest, but peace of mind has a value when you’re remodeling. Consider employing an architect as they can help you find great builders and will assess the quotes you receive for the work. A lighting specialist and a kitchen designer can work wonders, too.
- Make deadlines – Be firm about the completion dates for various stages of the remodel. Don’t let the timeline get out of control. You’ll need a firm hand with your builder, or you can ask your architect to be a project manager and let them deal with this stress.
- Be ready for a mess – If your remodel is of a significant scale, consider moving out and renting a place until the work is done. Alternatively, if you’re going to stick around, then protect your furniture and belongings from the inevitable dust and mess that goes with construction.
As your real estate agent, I’d be happy to help you understand how your planned remodeling might add value to your home, and guide you on what is currently appealing to buyers in our area.