Budget Your Remodel

Ah yes…the dreaded home remodeling project.  It really does not need to be a journey launched into the great unknown!   Here is a great, short read by Oliver Marks of Houselogic.com in which Oliver lays out 4 simple steps to follow before you jump in and do that home remodeling project.

Oliver presents the idea that most homeowners have no problem figuring out what they want.  The trouble lies in not figuring out – up front – what they can afford.  He suggest this four step plan:contractor3

1. Ballpark the costs.  Oliver suggests ‘Remodeling’ magazine’s 2015 ‘Costs vs. Value Report’ as a reference point for homeowners.  This report gives national cost averages for 36 common projects and can provide a basis for starting to add up project costs.

2.  Do you have the money?  If you can pay cash – Great!  If you need to borrow, you need to assess how much a bank will lend you for the project and what that loan means in additional monthly expense for the household.  In the article, Oliver goes into various home equity loan options available for home owners and the details of each.

3.  Get multiple contractor quotes. Oliver suggests getting solid quotes from at least 3 contractors.  And about those contractors… they should come from recommendations from family, friends and tradesmen you trust.  Provide each contractor a detailed project description and product list and request an itemized quote from each.   Take the winning bid and then add 15% for cost overruns and changes.

4.  Buy materials and appliances yourself.  Oliver suggests that by  educating yourself on item costs and then purchasing these items before your contractor begins your project,  you can avoid contractor mark ups.  However – before you buy, it’s imperative that you coordinate with your contractor to ensure you are purchasing the correct items for your project.

Click here to read Oliver’s complete article at Houselogic.com.

And if you are considering a home improvement project and you need contractor referrals or you have questions on how this improvement project may increase the value of your home, don’t hesitate to call or text me at 412-613-4466.  I can also be reached by email at sold@ericmckenna.com

Or feel free to fill out the contact for below.

Published by

Eric McKenna

Accomplished Realtor with Cowden Creek Realty. Creator and Host of The Eric McKenna Project. EMP is Pittsburgh's Talk Show.

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