There’s a lot at stake when you decide to undertake a major remodel of your existing home, or the property you’ve just bought needs more than a fresh coat of paint and some TLC.
Deciding to remodel should only be done after you’ve satisfied yourself that you cannot buy an alternative property that needs no work and will make you just as happy.
Why does our agency believe this? The time and stress of remodeling should not be ignored because of the toll it takes on you.
Major remodeling can also be a significant distraction from your occupation, a factor that could cost you money if you have your own business or operate on a commission-based arrangement.
Put simply, the cost of remodeling or renovating is much more than simply the expense of building permits, materials and contractors.
Nevertheless, if you’re determined to push forward with a remodel, here are the key steps to preparing:
Determine your budget – Experts estimate a mid-range remodel will usually cost more than $120 per square metre. That’s not loose change, so make sure you have sufficient funding. Unsecured home improvement loans typically have a lending ceiling of $100,000.
Move out – You may wish to move out of the home if the work is extensive. Construction can disturb routines and unsettle children. The cost of rental or alternative accommodation should be factored into your budget.
Capture the vision – Design or sketch what you want to do, and make a list of attributes that will improve the home. Your drawings can be used to help describe your vision to an architect or draftsperson.
Hiring a contractor – Seek out those with good reviews. Friends and family are an excellent source of information and recommendations. However, you should seek multiple quotes from separate contractors. Make sure they are licensed and insured.
Building codes – Only professionally licensed contractors can be used for many types of remodeling, so be clear on what your local building codes stipulate.
The plan – Work with your contractor to pull together a timeline for the work so there’s no lost time between the various elements that have to be accommodated. Your contractor should have on hand an experienced project manager to ensure everything from structural carpentry to electrical and plumbing work, and painting and finishing are coordinated correctly.
No surprises – It’s a good idea to assess the foundation and structure of the home before any major work begins, as this will prevent any unforeseen issues occurring midway through the project. Always build in a financial buffer of 10-15% for unexpected costs.
Inspections – Sometimes, you will need a certificate that permits occupancy once the work is completed. This means an official representing the local municipality will do a final inspection to ensure the project meets code rules.