Embarking on a new home improvement project takes time and money. Reaping the benefits of a newly designed kitchen, finishing your basement or even working on the outside is very tempting. But before you jump right into a new project, there are some things to consider. Some home improvement projects begin small and then wind up being huge, money pit problems. To help your project run smoothly, here are five things to think about before you jump into a home improvement project.
The Increase To Property Value
What are your goals surrounding your home improvement project? If it is to add value to your home for resale? Make sure you have thoroughly researched the average return on investment for the type of project you are beginning. When you are getting estimates from contractors, have them give you the worst-case scenario and then add onto that for your budget. Often once they begin a project, there can be unforeseen issues that need to be addressed before the project can be completed.
Pick the Right Contractor
When beginning the process of choosing a contractor, there are many things to consider. You won’t have any shortage of contractors coming in to bid on the job. It can be very tempting to take the lowest offer, but that isn’t always the answer. Some contractors are just better than others. Using a lower skilled contractor can wind up costing you tons of money in the end. When corners are cut, you may have to call in a second contractor to clean up from the other which can cost you even more money than you originally planned.
The Inconvenience
Everyone would love a brand-new kitchen. You can picture how you will feel with new countertops, cabinets, flooring, and appliances. What we don’t like to imagine, is the invasion of our home for weeks on end. Having people in and out of your home, working all day with loud tools and machinery. And the job almost always goes over. Not being able to use the room that they are working in can leave you frustrated and wondering why you began the process in the first place!
Insurance
Make sure the contractor you use is insured. You do not want any accidents to occur without being protected When you are receiving estimates from the contractors, you may ask to see their business license and proof of insurance. Also, take time to discuss pulling the proper permits. Beware of contractors that do not want to pull permits, to save money.
Payment
Full payment should not be given until the project is complete. Many contractors will require a down payment, but never full payment. If a contractor asks you to pay in full, do not proceed. He is most likely scamming you.
Home improvement projects are a serious undertaking. It is worthwhile to consider if the project is worth it for your current home, or if you are ready to upgrade by purchasing a new home. Check out your mortgage affordability and see if this will make more sense for you.
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