A significant house makeover can significantly increase how much you enjoy your property.
A brand-new patio, deck, or pool can create inviting new locations for entertaining. A practical space that has been renovated into a family gathering spot is the kitchen. A master suite expansion can produce a personal haven. The good news is that there are steps you can take — before you start building — to keep more of those pennies from leaving your pocket.
Here are a few tips to consider:
Plan your big picture - The more decisions you make up front, during the design phase, the smoother the project will run — and the lower your overall cost will likely be.
Hire the right help - Gathering quotes is important, but not just so you can review each contractor’s bottom line bid. That’s just one small part of the overall equation. Upfront conversations can help you understand questions that are important to ask other contractors, what services are included with which bids, and what type of expertise a specific contractor brings to the project.
Do some of your work yourself - Even if you’ve hired a general contractor to manage the overall project, you may be able to cut costs by doing some of the unskilled labor yourself.
Avoid changing your homes layout - When you start moving plumbing and electrical, your renovation costs will increase significantly so consider bypassing those kinds of changes if your budget is limited.
Decide where to splurge and where to skimp - A high-end renovation can break the bank, but that doesn’t mean you can’t strategically create the illusion of a more expensive upgrade. Another philosophy is to save high-end finishes for high-traffic areas of the home, like the entry, kitchen, and dining room. These are the areas where homeowners and guests spend the most time, which means details are more likely to be noticed and enjoyed.
Check your insurance coverage - Many general contractors carry a general liability policy with a $1 million limit but, if someone is injured on your property, that coverage may not be enough. Your insurance professional can help you decide if you need a temporary umbrella policy or additional homeowners coverage for the duration of the project.
By keeping all of this in mind you will be able to make wanted changes to your home that do not break the bank.