The years of saving up have now paid off, you are finally ready, or maybe you just can't look at that old tile any longer. It's time to start your home renovation. No matter how you got here, renovating is exciting. And while you may be tempted to dive right in and take a sledgehammer to that bathroom, here are the top 4 questions to answer before starting your home renovation.
1. What's my real budget?
On the surface your budget might seem simple - it's the amount of money you can spend on the project. Right? Well, while that may be technically correct, we advise breaking things down a little further to make sure you are covered in case of the unknown.
Unexpected costs happen, trades can be delayed. Even with the most meticulous planning most projects sees some sort of surprise expense - be it in dollars or in time. For this reason, we recommend building a contingency into your budget - 10-15% of the estimate from your contractor, set aside for those unexpected costs.
You should also be considering the budget of time you have for your project. With major renovations, it's often best to temporarily move out of the home - which could mean housing costs while your project is completed. Be sure to communicate often with your contractor about your project's schedule and any proposed move in date. While moving in as soon as possible might seem like the best case scenario, your presence in the home may actually slow work down and cost more in the long term than an extra month of renting.
Your contractor should also have some insight and advice about how much contingency you should carry in your budget based on your contract, specific project's scope, and possible unknown elements.
2. How long do I plan to live in my home?
This may seem like a fairly simple answer, but think a bit longer term. Do you plan to stay in this home for 5 years, 10 years, or is this your forever home?
For example, elements like aging in place might not be a consideration for you right now, but preparing for senior living or having a caretaker can be a great money saver if done during other renovations. Aging in your home challenges include steep staircases, high maintenance yards, too little or too much space, insufficient electrical capacity and more. This goes hand in hand with question 3:
3. Am I renovating for me, my family, a mortgage helper or for a future buyer?
Understanding your longer term plan for the property includes who will be in the home. Maybe your children are priced out of the housing market and you want to create a separate space for them. Or do you have an aging loved one that you want to assist or care for? Perhaps you just need to spruce up your home for sale. Are you adding a space for a mortgage helper? Consider more durable materials in your rental suite. All of these use cases create different opportunities and strategies to maximize the return on your renovation investment.
Don't forget, just because you plan to sell your home eventually doesn't mean you should make all your decisions based on that future plan - surface elements like fixtures and paint are easily replaced down the line, so go ahead and go for that gorgeous matte black faucet!
4. How can I make sure the project stays on budget and schedule?
The greatest thing you can do for the success of your project is really quite simple. Communicate. Before embarking on your project, sit down with your Design Build team and review expectations. Who is the point of contact on the Design Build side and who is the contact on the homeowner side? How often will you meet in person on site, and what methods of communication will be used between meetings? What is a reasonable response time to questions both from the contractor side and the homeowner side?
After you've turned over your home to your Design Build team you may be left wondering, "what's my part in this"? While we don't anticipate homeowners to be swinging hammers, it is important to discuss your role in the project with your team. There is a fine balance between staying informed and making timely decisions and having the project become your second job. You hired a team for a reason, they should do the heavy lifting, not you. Trust me, your contractor understands (and shares) your excitement. And in order to give you the best result, you need to trust your team will keep you informed with everything you need to know. That's not to say you shouldn't ask questions or raise concerns, of course. Are you ready to start your renovation project? Contact our Design Build team here
