7 Little-Known Factors That Could Affect Your Remodeling Costs
From Brittany on January 4th, 2012 in General Remodel
This lady’s enjoying a rather expensive new bathroom
In the grand scheme of things, a triple-paned window replacement here, a kitchen cabinet upgrade there don’t seem too extravagant. But believe me, they do add up.
It’s best that you go into your remodel well-informed of those money-draining mistakes, as well as the smart choices that’ll cut your costs in the long run.
Here are seven little-known factors that can affect your remodeling costs.
If you need direct pricing for a remodel, click here.
1. Design Planning
The design and planning phase of your remodel can be a time-consuming and costly one. When interviewing contractors, you can save money by approaching them with a 3-D rendering or scaled drawing of the area you want to remodel. The drawing should show the location of doors and windows, as well utility lines and outlets. You can sketch out the plans yourself or use simple design software.
For major remodeling projects, consider hiring a professional architect or designer to draw the plans. A one-time consultation is an affordable way to get sound advice.
2. How Bigfoot is Your ‘print?
To keep remodeling costs down, try to keep to the original footprint of a room whenever possible. The last thing you want to do is tear down walls or rearrange electrical outlets. Any renovation that involves moving plumbing or gas lines or rewiring electricity will add to the expense. Moving sewage lines (for the bathroom) is especially expensive. But with some creative planning, you may still find that you can move appliances or alter the layout of the space. Just be aware of utility line constraints.
3. Check the Resale Value
You’ll be happy to discover that much of your remodeling investment will be returned to you when the home is sold. While you want your kitchen remodeling or bathroom remodeling project, for instance, to make your home more comfortable, functional and stylish, you should always be aware of how that renovation will affect your home’s resale value.
In short, homebuyers prefer timeless-quality (especially energy-saving) materials, appliances and amenities. This does not mean indulging in design trends that may soon look outdated.
4. Energy Star it Up
Ensure that the new products you put in your home are energy-efficient, both for the environment and your wallet’s sake. By choosing appliances, materials and systems that save energy, you’ll recoup much of their cost through savings on monthly utility bills. Look for the Energy Star label on products like replacement windows, heating and air conditioning systems, and appliances. For long-term savings, consider installing residential solar panels for domestic hot water or electricity.
5. Is Your Insurance On Your Side?
While you’ll want to ensure that your contractor is fully insured, with both workers compensation and liability insurance, you may want to check your home insurance policy, too. Many home insurance companies require you to notify them before undertaking a remodeling project. Failing to do so can leave the renovation uncovered for the future. In addition, most insurance companies recommend expanding a current policy to cover the renovation.
6. Read the Fine Print
And then read it again. Never sign a remodeling contract before you’re comfortable with all details that will affect work schedules and payment schedules, as well as budgets, materials and labor. For extra help, you can speak with a contractor in your area by clicking here.
7. Jump on a Good Opportunity
The time is now for remodeling. In fact, the current economic environment has favored homeowners and contractors both with unprecedented growth in the industry. A study by the Joint Center for Housing Studies at Harvard University predicts that home improvements will continue to grow as it has been. Homeowners who put off projects much longer may find themselves having to wait for services and paying more in the long run.
