6 Steps to Managing Home Remodeling Projects

Home Remodeling Projects

Managing Your Time And Money For Successful Home Remodeling Projects

A successful remodeling project will require both time and money, and deciding when to trade one for the other will be a big factor in the final results. Given unlimited amounts of money you might only need to point at a picture in a magazine before flying off to spend a month at your private beach house. If you decide to do everything yourself you could get the project done for a fraction of the cost but you might lose hope or sanity by the time it’s completed. The reality usually lies somewhere in the middle. Here are a few tips from the pros that will help you maintain your sanity and your bank account.

Design Your Project

This can take a few days and a trip to the mall or it can take years and find you trekking through exotic countries. Collect all your design ideas in one place, like a big filing box. Include plans, sketches, photos, samples of cloth and tile and swatches of fabric. At this point you may decide to work with a professional designer to help you narrow down your choices and create a cohesive design plan. If you have a flair for design then it’s time to select your materials.

Create Your Budget

Work up a detailed budget for the project. Estimate both time and money. Be realistic and then add 50% to both. If you can still live with those numbers then go ahead. If it looks like it’s going to be tight then rethink the size and scope of the project or scrap it completely. Running out of money half way through a major project will create a huge headache, that with proper planning, would never have happened. If you are going to hire a contractor now is the time to contact your top choices and request bids.

Set Standard of Quality

Decide how important quality is in the work that you plan to complete and determine what kind of specialty tools and skills are necessary for the job. If you are doing it yourself take a hard look at your skills. Consider your safety too. Are you willing to take the time necessary to learn and are you willing to live with the results of your rookie experience?

If you are going to use a contractor and you haven’t worked with them before then you also need to invest time and effort in research, requesting bids, and seeking out customer references. Draw up a mutual contract and maintain regular communication with your contractor during the project.

Keep Records

Keep your receipts and records and file them in a safe place for future reference. Receipts and other records of your renovation project may be needed to document the amount of value that you have added to your home. For qualified renovations your expenses will add to the cost basis of your home and may reduce your capital gains taxes upon the sale of your home in the future. Manuals and warranty information for new appliances need to be kept in case repairs or replacement becomes necessary. All records from your renovation will be important to update your home insurance policy
Posted on Oct 28, 2013


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