If you are planning a remodeling project for your home, you likely know there are a number of benefits associated with this choice. For example, remodeling and construction work often has high returns on investment, with an expected 63.6% ROI from a redesigned bathroom and a 77% ROI just from installing new windows. With these benefits, it is no surprise that the home remodeling industry generates an estimated $47 billion in revenue in the United States. But before you get lost in the details of your residential home design, there are a number of things you should know to keep your project running as smoothly as possible. Whether you're working with a local handyman or an established contractor, remodeling your kitchen or renovating an entire house, keep the tips below in mind to keep costs manageable and get the best results out of your contractor.
Make Decisions in a Timely Manner
Try to have all of the details for your residential home design set before construction begins. However, if you notice an unexpected problem or change your mind about something, tell your contractor immediately to prevent plans from going awry. Also, try to make changes sparingly and carefully: every new decision will likely result in a change order, cost more money, and could put the project's schedule at risk.
Listen to Suggestions
Even if you labor over every detail of your residential home design plans or have remodeled homes in the past, you often can't beat the experience of your contractor. Most reputable residential remodeling services have been in operation for a few years, at the very least, meaning they spend a considerable amount of time learning what does and does not work. This knowledge can help save you money and time, and also prevent annoying mistakes. If they make a suggestion, you should at least consider it.
Have a Contingency Fund
When it comes to general remodeling and renovations, it isn't unusual for homeowners to find that they either haven't budgeted sufficiently or the work has cost more than they expected. Prepare for this chance by keeping a contingency fund to cover issues and additional expenses. However, you should resist the urge to spend it on upgrades; this money is only for emergencies. If you make all of your decisions ahead of time and have a good contractors, some experts estimate that you will only need five to 10% of your original budget to keep yourself financially safe.
Have you remodeled or renovated a home in the past? How did you work with your contractor and stay on budget? Tell us about it in the comments.