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Contracting Our Your Renovation Projects

By
Real Estate Agent with Coldwell Banker Schmitt

In addition to potentially increasing the value of your home, making improvements and renovations can make your daily life more enjoyable. Sometimes, however, it is best to contract out these projects to qualified professionals who have the time, energy and expertise to get them done quickly and affordably. Read on for some ideas on determining which projects to embark upon and how to choose the right people to get the job done for you.

It is not always easy to determine which kinds of renovations will actually be the most valuable to you in the long run. It never hurts to get an appraisal of your home, even if you do not plan to sell it immediately. This does not need to be done by a professional appraisal company, but can be as simple as calling a local real estate agent. They are trained to look for things in a home that would increase value. Some will be willing to do a walk-through in order to build a relationship with you as a potential customer in the future.

As the real estate agent walks through your home, ask them for not only things that stick out as needing attention, but also for suggestions on things that could be incorporated into the home's design to increase value over time. They often know what home buyers are looking for, whether it is cherry hardwood floors, kitchen islands or built-in storage space. Make a list of ideas and keep them in a notebook for potential projects.

Once you have compiled a list of feasible projects, pick one that stands out as holding the most value to you at the moment. Narrow it down to ones that not only increase value to your home, but ones that you and your family will enjoy immediately.

Take a look at available financial resources and determine which projects you can actually afford right now. If it is only one large project, then decide if that is worth doing instead of multiple small renovations. Do not commit to more than you can pay for in cash, unless you are willing to do into debt to improve your quality of life right now. If the project is just to increase future value, you will rarely come out ahead after paying interest on accumulated debt.

Make a realistic assessment of what time period you want to work within. Decide what you have the free time to oversee, and what distractions could occur that would impair your family's ability to function normally while work is going on. If you have visitors coming or a big party planned, do not neglect to consider the impact of ongoing renovations.

Identify what contractors are available who specialize in the work that you need done. Ask for quotes in writing and then do not be afraid to reveal them to the next contractor you call. Price competition is normal in the industry, and you may find that you will get better rates if you just ask for them.

After settling on a contractor and checking his references, licenses and bonding status, make the deal and put all commitments in writing. Be sure to include clauses for how conflicts will be settled, and what will happen if the work is not done to your satisfaction. Though it may feel awkward to insist on this, it will create a sense of understanding and accountability on both sides.

Home renovations can greatly improve your life, as well as the value of your home. Use some of these ideas to get the most out of contractors who will be hands-on in helping you reach your goals.

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