Before you begin your home remodeling project, you should know a few things. These tips help you plan your project, get permits, and budget. It would help if you also considered who will be handling the permitting. Once you’ve outlined, it’s time to find a contractor and apply for permits. A contractor will probably take these details for you, so go here and get as much information as possible before you start.
Budgeting
Having a strict budget is one vital tip to help you keep costs down when remodeling your home. This will guide your renovation process and influence what services and products you can hire. Having a tight budget means you’ll likely discuss project changes with contractors before the project even starts. In addition, you can also save money by not upgrading certain items until the project is complete. But when you’re remodeling a home, the costs can quickly escalate and go beyond your budget.
First, consider the budget you’ll spend on labor. If you hire a contractor to perform the work, you’ll have to pay them for their time and materials. Additionally, you’ll be paying them for their time and expertise. In most cases, labor costs range from 20 to 35 percent of the overall budget—finally, figure in the price of fixtures and finishes. Don’t forget to factor in taxes, delivery, and disposal fees.
Planning
Whether you are looking to add resale value to your home, improve your family’s living conditions, or age in place, there are many reasons to plan a home remodeling. Knowing how your home compares to others in the neighborhood will help you determine what projects you should pursue. Also, if you plan to stay in your home for several decades, consider the safety and durability of materials and design projects around your current needs.
After deciding on your budget and team, you’ll need to create a timeline for the project. It’s important to discuss how long each component will take and in what order those phases will occur. Be sure to plan accordingly, taking into consideration the shipping of materials and holiday schedules. If you plan to hire a team to do the work, you must communicate clearly with them. Having an idea of when each phase of the project will begin and end is essential to keep everyone happy.
Permits
Before beginning your home remodel project, you must obtain building permits. These permits are like permission slips from your local government, ensuring that your work meets local regulations and will leave your home safe for future occupants. Building permits vary by city and state, and you should consult the building department in your area to determine which permits are required for your project. Once you have obtained your permits, it is essential to post a copy of your application in your home’s window.
Not only will your project be delayed, but the previous owners may also sue you if you do not have the necessary permits. In addition, unpermitted work can result in unpaid property taxes and hurt your chances of selling your home. Therefore, you must obtain all permits before you start any home remodeling project. There are some exceptions, but you should always check with your local building authority before beginning any work.
Getting Funding
When you are ready to remodel your home, you need funding. There are several ways to obtain this funding. Home equity loans are one popular way to get this money. These loans pay off the existing mortgage and provide cash for your home remodeling project. Depending on when you took out the original mortgage, the interest rate on these loans may be higher than on a conventional mortgage, but they can be a viable option. Closing costs are typically about 2% to 5% of the loan amount.
A 0% introductory interest rate credit card can be convenient for more minor home improvements. If you can repay the loan in full within the introductory period, you will only have to pay a low interest rate. Credit cards can provide a low-interest loan that fits your budget if you cannot pay off the balance within the introductory period. Credit cards also offer the added convenience of dispute rights in case you don’t get the money you need.
