Posted in Blog  
  on Oct 28, 2013

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


5 Landlord Forms that Every Landlord Should Have

When it comes to being a landlord, one should know that it is not for the unprepared individual. This should be clear that being a landlord does not simply mean that you will be taking the rent and... More

Landlord Obligations: The Responsibilities of a Landlord

Becoming a landlord is a major deal and no one can simply get up and think, “well, yes I think I should be a landlord and rent out my flat.” If you are thinking that you would like to be a landlord,... More

The Best Landlord Forums

Landlords and aspiring landlords, do not become as such, without guidance and advice. There is a lot that goes into being a landlord nowadays; in fact, there is so much to learn that it often confuses... More

The Biggest Landlord Problems and How to Fix Them

Renting out an apartment or a house can become a constant revenue source for landlords, but at the same time, it gives rise to several problems. It is a fact that high standards, a strict lease... More

Landlord Tenant Disputes

If you are currently thinking of becoming a landlord only because it helps you have a constant stream of income, you should think twice. It’s not that you should not consider offering your property... More

List of Landlord and Rental Property Tax Deductions

When it comes to paying taxes, most individuals have no idea that they may be paying so much without needing to do so. The same goes for landlords. Why should you or any other landlord be paying more... More

Landlord Advertising Guide: Marketing Your Properties

When you own a rental business and start it from scratch, you know how important it is for your business to reach the people it matters to most. How else would your business flourish and blossom? It... More

How to Handle Tenants from Hell

For a landlord, it is of immense importance to ensure that they only let a qualified tenant to move in. It is however every landlord’s nightmare when they get tenants from hell who make the tenancy... More

Explanation of Tenant at Sufferance

There are many terms and concepts used in the realms of landlording, and when it comes to learning everything in the property business, most aspiring property owners find them in trouble. Most... More

Handling a Tenant Breaking the Lease Agreement

Not all tenants are alike; some of them are good, others are from hell. That’s why one should know the right way to deal with bad tenants. They can be troublesome in the sense that they can damage... More