If you’re thinking about remodeling your home, I’d recommend meeting with a real estate professional to plan out your short- and long-term goals. Good candidates for remodeling are people who have a property they want to remain in for a long time and they are remodeling for more space, efficiency or amenities. If you’re considering putting your home on the market, you may also be a strong candidate for smaller remodeling projects. Cosmetic updates prior to selling are always a great idea to increase value and appeal.
If, let’s say, your home is in a great location and/or on a wonderful lot, remodeling can save you the time and expense of a move. Especially for those who love their house and plan to stay for at least five to seven years, I say remodel and enjoy it! To do any major remodeling to sell immediately may result in “trading dollars,” meaning that you won’t make money or potentially could lose money if the upgrades/remodel are not appealing to the average buyer.
In my experience as a real estate agent for over 30 years, if you are not experienced with the process, time and cost overruns can often be 30% or more. Supply chain issues and inventory of appliances and materials with the recent fires and economic conditions make it hard to predict a budget and time to complete a project. There are always complications in any remodel, so you need to plan on having extra time and dollars in any budget.
Even the simplest remodeling choices like appliance brands, tile, fixtures, paint brands, etc. can dramatically affect any budget. You need to budget down to the last small detail to get even an approximation of the real costs involved. Purchasing materials and appliances/fixtures is only the tip of the iceberg as you have to consider labor costs and availability of vendors and tradespeople. You need to plan out a timeline that either allows you to live in the home or budget for temporary living quarters for major remodels, which can exponentially increase the budget if you are paying for two homes while remodeling.
Remodels have caused more breaks in relationships than almost any other process in real estate. You have to make sure all parties in the relationship/family are on the same page with the same goals, expectations and budget understanding in order to avoid fallout from disappointments in the process. I always recommend using tradespeople, designers, and contractors who are aligned with your vision and who are committed to a set timeline with perhaps performance bonuses for on-time or early completion to help guarantee a successful project.
And while the prospect of a DIY-remodel seems glamorous on TV, in reality even the most basic cosmetic remodel is not a prospect for beginners. You don’t want to learn how to remodel on your own house. People often fantasize about a DIY project where they save all kinds of overhead and time doing it themselves but it is usually the opposite result if you don’t know what you are doing. Professionals can help steer your vision and tell you when something is not realistic or cost prohibitive for your budget before it is too late.
In addition to professional remodeling experts, hiring a designer can help bring space, color and design aspects together. Even the most savvy homeowner needs some guidance. Finding a designer who listens to your vision and presents the possibilities will help guide you to a successful remodel you can enjoy for years to come.
So, where do you find the best team for your remodel? I always suggest asking friends and colleagues who they have enjoyed working with and would recommend. Ask for those references! Often the good remodeling professionals will put you in touch with current or past clients who will let you see the work in progress or finished work and are happy to discuss their experiences with the process. There are architect, builder and designer sites with references as well and I suggest interviewing each to get an idea of who you mesh with aesthetically and whose vision you align with best.
When you speak with these professionals, ask what their biggest successes, regrets and challenges have been. Discuss your goals and how to achieve them and how this professional feels about your goals and their ability to help you get them done. It is always a good idea to ask if they see any issues or problems with your expectations or goals, and if they do, how would they overcome these hurdles to ensure a successful remodeling experience–and outcome—for all.
Remember, remodeling is part of the real estate process, so if you need any advice before getting started, feel free to get in touch and we can set up a complimentary consultation today!
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Andrew Manning • REALTOR® • Berkshire Hathaway HomeServices California Properties • DRE: 00941825 • 818-380-2147 • andrew@andrewmanning.com