A home renovation job is one of life’s biggest and most satisfying events. From the beginning of the design process to the very last nail, it is a labor of love. Many homeowners dive in without first considering the time investment, the problems that could arise and the cost. The building experts at Alair Homes Chilliwack outline the following steps of a typical project.
Planning the Project
The first thing to determine is what needs to be changed about the home. If the job is limited to repainting the interior walls, this only requires choosing the colors and hiring a professional painter. If the entire house will be redone, it may take several weeks or months to finalize the plan with a design team. Overall, the homeowner should know exactly what they want to do before any work begins.
Calculating the Costs
When the plan is ready, it is time to figure out the costs. A major upgrade typically costs $100 to $200 for every square foot of the home. This is why it important to have a design team place to assist in this process. The homeowner will then need to determine how much money is available to them. If there is enough cash to cover the costs, the plan can move ahead quickly. If a loan is needed, the homeowner should contact the bank and see how much can be borrowed as well as how much the loan will affect monthly expenses.
Getting a Loan
The most common types of loans for a renovation project include the following:
• Refinance cash out
• Equity loan
• Home equity line of credit, also known as a HELOC
The HELOC is the most popular choice for home remodeling. The credit line is secured by the amount of equity the homeowner has accumulated over the years. A HELOC offers the benefits of a lower interest rate along with text-deductible interest.
Obtaining Estimates
The next step is obtaining estimates from several contractors. The bidding process is crucial, and the lowest bid is not always the right choice. Checking online sites that have both peer and customer reviews of contractors is helpful in making a final decision. The homeowner should also ask for references and visit previous job locations to get a better idea of a builder’s work.
Creating a Timeline
Time is a vital factor in any remodeling job. If the entire house is being done, it could take several months to a year to finish. In addition, there could be delays due to weather, unavailable materials or change orders. All of this should be factored in when creating the project timeline. The homeowner should also consider the dirt, noise and disruption that will be going on around them. Having another place to go during the majority of the work will reduce stress, and this should be a part of the timeline as well.