Whether it’s repainting a room or renovating the entire house, home renovation can refresh your living space and boost your resale value. But before you begin, be sure to understand how the project can impact your homeowner’s insurance.
A good policy should cover the ebb and flow of a remodel, including repairs and replacements that are necessary due to the work being done.
1. Do Your Research
Home renovation is a major undertaking that can require a lot of time and money. As such, it’s important to do your research beforehand to make sure you’re on the right track. This can include finding a qualified contractor and making a list of materials and supplies that will be needed.
One of the biggest benefits of home renovation is increasing a home’s resale value. This can be done by adding a room, improving the kitchen, or upgrading to energy-efficient appliances.
Energy-efficient upgrades are especially appealing to potential buyers, as they can help lower utility bills and save homeowners money in the long run.
2. Work With a Contractor
A renovation project can be complex, and a reliable contractor will provide you with peace of mind throughout the process. They can also help you navigate NYC’s maze of building codes and regulations, avoiding costly mistakes.
A good home renovation will make your house more functional for you and your family and improve its curb appeal for potential buyers. This includes projects like adding square footage, updating kitchens and bathrooms, and swapping out windows and doors.
Ask contractors about their estimated costs and timelines, and compare them carefully to find the best one for you. Also, be sure to find out whether their price includes materials or if they’re extra.
3. Get Permits
Whether you’re planning a kitchen renovation or adding square footage to your home, you’ll need to secure the proper permits. Failure to do so can stall or complicate your project, and it may also jeopardize the sale of your property.
Some small home updates don’t require a permit, such as painting or installing new flooring. However, reroofing and other projects that change the structural integrity of your home almost always require a permit.
Permit fees can add up, so be sure to factor them into your budget. It may also be helpful to work with a permit expediter to ensure that all paperwork is submitted properly and on time.
4. Set Your Budget
One of the most important steps in a home renovation is setting a budget. This will help ensure that you don’t overspend and that the project stays within your financial limits.
When creating a budget, be sure to include all costs related to the renovation, including labor and materials. Also, be sure to set aside money for unforeseen expenses. Better Homes & Gardens recommends setting aside 10 percent of your total budget for this purpose.
Finally, remember that it’s always more cost-effective to spend a little more upfront on higher-quality items than to save money by buying cheap, low-quality alternatives. This is especially true for things like furniture and appliances.
5. Get a Designer
Designers can help you determine the aesthetic direction of your project and what materials will work best. They also know what techniques and materials are new, which can save you money and time.
Renovating and remodeling your home are a big undertaking. They can be stressful and taxing on family life, but they can also increase resale value and make your house a place you love living in.
It’s important to get a designer in early to help you plan your project. A good designer will help streamline communication with architects and general contractors, which can save you a lot of headaches.
6. Make Sure Your Neighbors Are On Board
Home renovations are messy and disruptive, especially if your neighbors live nearby. Some might be curious (“Is it for real?”) or even upset (“Why are you doing that?”).
It’s a good idea to inform your neighbors about your project. Let them know the start and end dates and what’s going to happen during that time. You can do this via in-person conversation, a handwritten note or by calling them. Update them as the project progresses if something significant — such as an unexpected delay or particularly noisy work — happens.
7. Do Your Homework
It’s important to do your homework before starting any home renovation project. This includes knowing how much materials and labor cost before beginning, and staying up to date with any changes in costs. It’s also important to know your limits and stay away from trendy design ideas that may not stand the test of time.
A home renovation is a great way to add value to your home and improve its aesthetics. But it’s important to do your homework and work with a professional contractor to ensure the job is done correctly.