- How Much Money Is Needed To Invest In Rental Property?
- Should A Real Estate Investor Get An Agent’s License?
- 5 Big Factors That Affect The Costs Of Renovating Your Home
- SIBOR Hike – What You Can Do With Your Current Loan
- 6 Basic Don’ts Of Real Estate Negotiation Tactics
- Will New Condo Relaunches Trigger The Great Property Sale We Have All Been Waiting For?
- 10 Proximity Amenities That Add Value To Real Estate
- How To Get Personal Loans More Easily With Good Credit
18 Compact Tips On Managing Home Renovations
1) Think about the inconvenience renovating your home will bring to your daily routine lifestyle. Try to schedule major construction works together so that you will not be exposed to them for an extended period of time. It is possible you might have to move out temporarily for major construction.
2) Once works commence, it is almost a certainty that you are going to discover problems that needs to be addressed. For example, on tearing apart your bed, you found a few bed bugs and there is a possibility that the house is infested. Be prepared to set aside an extra budget for these adhoc expenses.
3) Do a reference check on the contractor you want to hire. Big brands usually have well known clients that you will be able to easily find out. But for those that are lesser known, you can ask for references which you contact. It will be worth the hassle to give yourself peace of mind.
4) If you are undergoing huge works, consider freeing up space that have been underutilized throughout the years. Since you are going big, you might as well go biggest. Basements, attics, storerooms, are some examples of these spaces.
5) When extra work is required that is out of the agreement with your renovator, never pay them by the hour. Agree on a small full fee or hire a freelance handyman if the job is a small one.
6) If your renovation budget allows, hire a n interior designer to manage the project for you. This frees you up from the stress and misery of managing contractors. You don’t have to be the bad guy and can leave that role to your interior designer. Designers will also have a creative mind to ensure the final product will be a tasteful one.
7) If you will be living in the house while constructions are going on, remember to seal up the area with plastic covers. It can seem like a cumbersome task to do that. But contractors have the tools and skills to put them up properly within half an hour.
8) You are bound to discard a lot of stuff that you might think is rubbish. But almost any item is something that someone else in the world is collecting. It might be a smart move to check out the value of something before discarding them. Just look at eBay to see how some old weird items are selling for thousands to willing buyers.
9) Do checks to find out the licensing details of the contractor you are hiring. Also do a check on the insurance details on protection and liability limits. You can never predict what will or will not happen when there are hazardous heavy equipment around.
10) If your property is of some heritage value, there may be laws that prevent you from doing extensive works. Properties under conservation are protected and needs to be retro-fitted. This is something you do not want to overlook.
11) For aesthetic purposes, try to match your material with those of the current house. It will look weird to have a big mismatch of colonial times and modern times. Maybe your interior designer can accomplish a blend of such a theme. But do not attempt that if you are not sure.
12) If you are planning to sell the house in 3 years or less, have a chat with your real estate agent. They might have information you do not know and can give you good advice on committing to your renovations. The key consideration is resale value.
13) Landscaping is a long term commitment. It might look great and pleasant. But you need to maintain it in the long term consistently. Neglecting it will screw up the whole look of your house. Think about this before planning for landscaping.
14) You might be planning a do-it-yourself. Do not fear taking on task that you have not done before. The DIY shops are around for a reason. Almost everything except major renovations can be easily done yourself as long as you have the proper tools to do them and a positive attitude. Just go talk to the salesman at the DIY shop. You will be surprised as how easy some seemingly tough jobs are with the right tools.
15) Demolishing and discarding things is actually a very easy job. Contractors can charge you hundreds of dollars just for that. If you are on a tight budget, you can consider doing this yourself.
16) Going shopping for furniture and appliances can be a very tiring affair especially when you spouse challenges you at every chance. You can eliminate this by agreeing beforehand what is required. Or assign different rooms to different persons. Let’s not make a happy remodelling into a heated argument over design.
17) Built in cabinets are not only more space-friendly, it adds up to the built-in area as well which adds onto property value. So do not doubt yourself if you are insistent on custom cabinets. They look stylish when workmanship is good and certainly looks much better than stock cabinets available in the supermarkets.
18) Expect the deadline for completion to be extended. It is almost impossible for a contractor to deliver before the agreed date. Because the moment that happens, you will find faults for them to remedy till the completion date. There can be many reasons for delays. Some are the contractors faults and some are due to circumstances out of everyone’s control. For example, a late shipment of materials required. Remember not to make the final payment until all agreed jobs are completed.