Before starting any remodeling project, the very first question you need to ask yourself is whether you’d be better off in a new house. It’s a difficult decision for many people – but, more often than not, it’s an emotional decision, not a rational one. If you still decide that remodeling is in order, there are still some stringent questions that need answers before you start.
Evaluate the Impact of Remodeling Your Home
You may have an image of your dream interior in your mind – a perfect picture, but, before you start turning it into reality, stop to think about a few practical aspects. First of all, consider the added value of your remodeling project. In case you decide to sell your house after you’re done with the remodeling, would you recover your money, or at least a significant part of it?
Of course, that’s not always a key factor. Sometimes you may want an item that’s not considered attractive on the market at the time (but may become fashionable later on). The biggest risk is almost always with high-end gadgets and various appliances, which tend to lose value quickly as new ones are released on the market. Nobody says that you should stay away from the latest stove with online access and a timer synchronized with an atomic clock from the Gibraltar – but only if you have cash to spare. If you’re remodeling on a loan, make sure you purchase mainly items that add commercial value to the entire property.
Base Your Plan on Your Realistic Needs
Many people have a tendency to plan the remodeling around their ideal life, and not based on their real life and needs. A startup entrepreneur who thinks of herself as the perfect cook spends large amounts on getting the ideal kitchen, where she can stuff and roast a whole giant turkey, bake cookies, and get some perfect soufflés on the table in no time. Of course, she’ll get to do that maybe once a year, and, for the rest of the time, the kitchen will be used as a place to open pizza boxes. Similarly, men tend to over-invest in home gyms, billiard tables, cocktail bars, and so on. If you haven’t had anything but beer in the past five years, you can probably live without a cocktail bar at home.
Try to think realistically about what you actually need, what would make your life easier – and your remodeling project will bring you more satisfaction.
Determine the Amount of DIY
When you lay out you plan and calculate your first draft budget, it’s very tempting to put too much on your DIY plate. At that time of initial enthusiasm, everything is simple and straightforward, and it seems you can do all those tasks as well as a qualified contractor, and, of course, for a fraction of the costs.
Over-estimating the amount of DIY is a major cause of breaking the limits of your remodeling budget. Be honest in evaluating your initial skills and what you can and can’t do. Of course, you’ll learn much along the way, and you’ll discover that you’re capable of more than you thought – but it’s still better to plan conservatively.