However, if you’re considering a home renovation, think practically about what you can and cannot do; painting the walls of a small bathroom may be totally feasible by yourself, but painting all of the walls of a 4,000-square-foot house is likely less so. While you may think you would be saving a lot of money by doing the work yourself, if it is something unfamiliar, it might cost even more to have a professional undo and then properly complete the project.
There are times of the year that are better for purchasing certain big-ticket items, such as American holidays for appliances, Black Friday for electronics and power tools, and the end of summer for outdoor furniture and lawn care items. Research the best time to make your purchase, and don’t let your impatience steer you away from getting a good deal. And don’t forget about buying scratch-and-dent appliances or floor models!
Obviously, this is one of the most effective ways to save money during a home renovation. If you’re thinking, “I’m not handy, so this tip’s not for me,” well, think again! You may not be able to put up drywall, or even feel comfortable laying tile, but there are some things you can do to prep your space before a crew comes, because remember you’re paying a crew per hour, regardless of how skilled or unskilled the task. If you can demo the space, clean up, prepare surfaces (like scraping off mastic on the floor and skim-coating walls), and paint, then you’re one step ahead.
Figure out your entire budget. Don’t forget things like eating out more than usual if you are doing a kitchen remodel or hotel expenses if you will have to move out of your home during any of the work. Decide if you need to split the project into phases based on how the budget is shaping up. If the contractor arranges financing for the remodeling work, be sure you understand all aspects of the terms, especially you are taking out a second mortgage on your home as security. You may want to ask about putting an arbitration clause into your contract in case of any dispute between you and your contractor.
Home renovations have been some of the most exciting, but also most trying times in my life. My biggest advice is to just know yourself and what you’re cut out for, and don’t get in over your head, budget-wise. No beautiful home is worth the anxiety that comes along with consumer debt! If you have the extra money, it’s worth saving yourself the stress and hiring out the work, as long as you found someone good and trustworthy—otherwise it may equal even more stress! Sometimes homebuilding also equates to character building, and I’m talking about personal growth here, not investment growth. But the two aren’t mutually exclusive.
Of course when selecting a contractor or skilled workers to help with your renovation, you’ll want to read lots of reviews or use personal recommendations from friends to choose someone you can trust. I highly caution against hiring a friend of a friend, unless you know of someone who had hired them in the past and had great things to say. I even would advise that you use caution when hiring friends and family to help, too. Someone might be a great friend but an awful contractor, and you don’t want to put a crimp in your friendship if things go south with your renovation. But on the flipside, when you have friends that you know are trustworthy and hard workers, your home renovation can be a great opportunity to give them work!
Traditionally, the bathroom is comprised of a variety of key components, such as the toilet, sink, shower, and tub. In other words, the bathroom is one of the easiest places in your home to break down into bits and pieces. This makes for an ideal DIY opportunity – you can tackle the projects you’re most comfortable with, which ultimately cuts down on your bathroom remodel cost, and then you can leave the other parts to a professional.
For those who are thinking of putting their home up for sale five years from now, then it’s important to ensure that the value of your property would increase over time, consider having your home renovated for that purpose. On the other hand, if you’re planning to live in your home for a couple of years, it’s very important to ensure that the design of your bathroom is something you would really love and fit with your style and preferences.
However, you may choose to add a clause in your cost-plus remodeling contract that pays a bonus if the contractor completes the project early or under budget. This is more an incentive than a show of appreciation, and can be a percentage of estimated money saved or a flat fee, perhaps $500 to $1,000 for a major project like a large kitchen remodel.
Realtors agree that top on most homeownes' list of wants is ample storage space. For less than $5,000, consider upgrading your home's storage by adding custom shelving systems to a closet or garage. The first step to really getting organized is de-cluttering. Start by sorting your belongings, then stash them away in your new organized closet or garage to really maximize your home's value.
For bathrooms, overhead lighting is very important. As for ambient options, you can always consider the use of a sunken track lighting, frosted glass fixtures, or even rice paper. Likewise, perimeter lighting is also capable of creating both soft, ambient glow, as well as useful light. It’s also highly advisable to consider using pendant lighting. Something like this allows the scattering of light into the direction that it gives the illusion of a beautiful centerpiece ceiling.
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