Taking on a Big Home Improvement Project: 3 Things to Know
Taking on a major home improvement can be a great way to save money on the purchase price when you buy a new home, or as a way to customize space that can be a real source of pride. Such projects are a major undertaking even under the easiest of circumstances. Meeting with architects, contractors, choosing materials, and budgeting can take time. To help make your experience as positive and productive as possible, here are three recommendations to help you along the way: thoughtfulness, patience, and cash.
1) Thoughtfulness
This includes developing a set of plans for the project as well as a presentation to your building management (or HOA) for approval. This can include filing for permits with the city or county. And, with this year’s supply chain climate, anyone renovating should wait until all the materials are on site before commencing the project. Ask the contractor to check off every item down to the last nail before the project starts. You don’t want your kitchen to be all set, but with a gaping space between cabinets and counters while waiting for your oven to arrive.
2) Patience
Home additions or major renovations this year may require patience. Factor in additional time to cover material delays or possible labor shortages. These days, a building department could take longer for approval, and your preferred contractor may be working on several projects. In some cases, with patience comes the need for flexibility. Supply chain issues—from framing, sheetrock to appliances, can all affect your timeline.
3) Cash
Cash is also something you’ll need to prepare for, especially due to increased material costs. In addition, when looking for a contractor take into consideration that the best ones may be extremely busy, and their prices may reflect that fact. Today, top contractors can pick and choose the projects they are most interested in. Most homeowners find the total cost of renovating their home for sale, or their fixer-upper dream home well worth it after all the blood, sweat and tears (and sawdust), they put into it. They’ll have a home that is customized to their own standards and taste, even if it means investing more money.
If you’ve planned ahead, extended your timeline to account for potential delays, and left a cushion in your budget, the finished project might reflect your needs more precisely vs. a home environment built for the previous owner. As any expert will tell you, it’s hard to put a price tag on the pride that comes from a successful home improvement project, especially a big one.
And, remember, the NIHFCU is ready to help make your goals a reality. Whether it’s updating your kitchen, creating a home office, enhancing your landscape, or more—our home improvement loan or home equity options can help homeowners get the funds they need.
Resource:
USA News
