Ready To Remodel: What To Know Before Your Start

Do you think your living space could use a little upgrading? You’re not alone. According to a recent survey from Trulia, 90% of all American homeowners plan to remodel their home at some point. And nearly 40% of those homeowners are planning a renovation within the next two years. But while sprucing up your surroundings is an enticing idea, it’s important to go into this endeavor with your eyes wide open. Here are just a few things to consider as you ramp up for renovation:

Basic Budget: Whether you’re freshening up the fixtures in the guest bathroom or revamping your entire living space, it’s a good idea to get a basic budget in place. Builders and craftsmen are happy to give you a quote, but going into the discussion with a reasonable ball park estimate of what you’re looking at can help you avoid sticker shock.

Tracking Trends: Even if you have no immediate plans to sell your home, it’s still wise to keep an eye toward the future regarding the colors, materials and finishes you choose. Making over-personalized or highly unusual design choices could hurt your home’s value when it comes time to put it on the market. If you’re planning to stay in your home for the long term, feel free to be more individualized in your design choices. Just remember that you may need to modify to a more standard decor if and when the time comes to sell.

Contractor Qualifications: Even a minor remodel can be a major investment, so it makes sense to compare costs and search out the best bang for your buck. But when it comes to choosing a contractor, the adage you get what you pay for often applies. It can be tempting to go for the lowest bid, but that discount rate can sometimes signal that the builder is hiring inexperienced workers or using inferior quality materials. So, doing your due diligence to find a reputable, licensed contractor is worth the effort. Ask family, friends and colleagues for referrals, and once you’ve got a few companies targeted, inquire as to whether they’ve completed a job like yours before, what their company policies are regarding warranty service claims, and whether they have a list of references you can contact.

Proper Permits: One of the best things about homeownership is the ability to design your dwelling any way you wish. However, depending on where you live and the local codes, you may need permits for certain types of remodels. Adding a detached structure like a shed or garage or modifying the home with structural changes like balconies or decks almost always require permits. However, there are other instances when approval may be required - such as window installation, fence construction or working on your heating system. Check with your local municipal government office to find out what the rules and regulations are to obtain any authorizations you’ll need to move forward. 

Combine planning with a healthy dose of flexibility for a successful and sane remodel experience!


* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.