Affordable Remodeling Made Simple
When you're planning a remodel, no matter whether your job is small or large in scope, no detail is insignificant. That's why, before you start knocking down walls or wielding a paint brush, you should consider all of your options, including whether or not it makes financial sense to remodel at all.
Start with a simple list. Prioritize your needs and wants. Collect photographs from magazines and Web sites illustrating examples of what you're seeking in a home. Consider how you use your home and how you expect to grow in your home, as well as the furnishings you have. Ask: how energy efficient is my home and will I need to upgrade windows, doors, insulation and appliances?
These steps will help you envision exactly what you want--and determine whether the costs of remodeling your home will exceed what it would cost to move to a home that better fits your needs.
Budgeting Basics
Budgeting is a key factor in successful home improvement. Without a remodeling budget, it's easy to get carried away with projects that, in the end, will improve neither the quality of your life nor value of your home. In fact, spending too much can put a real damper on what should be a positive event in your life. To determine a remodeling budget, begin seeking estimates for your remodel. Ask friends and family members for recommendations for local contractors. Contact at least three.
Contractors ought to be able to give you a high-end estimate that lays out how much it would cost to complete every item on your dream list, as well as middle and low cost options. Be sure to request that each item be listed a la carte to give a sense of possible add-ons down the road.
Do You Need Financing?
Once you have a grasp on the price tag, start crunching the numbers. A number of financing options are available through banks, including home equity lines of credit and fixed-interest home improvement loans.
If you're handy, perhaps you'll be completing some, or all, of the work yourself, which is not only satisfying, but also great for your bottom-line. Keep in mind your time constraints and the fact that about 30 percent of contractors' remodeling jobs result from failed do-it-yourselfers, according to the National Association of Home Builders. Getting a job done professionally is often cost effective simply because it's done quickly--and right--the first time.
Cost Saving Tips
Green remodeling is all the rage and for good reason. It's good for the planet, good for your well-being and good for your wallet. New windows and doors, added insulation and energy efficient appliances can reduce your carbon footprint significantly and save you hundreds, and perhaps thousands, of dollars in heating and cooling expenses every year.
Yet another way to be green is to offset construction waste and save money by reusing and recycling building materials. Building material salvage yards offer a treasure trove of bath tubs, solid wood doors, hardware and wood flooring, among other items, all at a considerable discount. Avoid landfill fees and recycle your own construction waste by dissembling rather than destroying items you no longer want. Your trash may be someone else's gold mine.
And for everything you need to buy new, remember that the current economic recession means you may be able to find excellent bargains. Beyond basic homeowner tax credits for energy efficency updgrades, many home improvement retailers are offering zero-percent financing for a year or more for customers making significant purchases. Some contractors might even be willing to trade services if you can offer something that's valuable to them, i.e. an accountant might offer tax services or a veterinarian may swap animal care.
Remodeling is expensive and time-consuming. But it can also be highly rewarding: living in a beautiful and comfortable space is a priceless luxury. Avoid headaches and heartaches and make your remodel a good experience by doing your homework and taking time to plan and budget.
If you do these things, not only can your remodel be affordable, it'll be some of the best money you've ever spent.
Thinking about Remodeling, Start With These Resources
Request Free Estimates from Local Contractors
National Association of Home Builders
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