Tips for Successful Home Improvement Projects
Perhaps you have been dreaming of a room addition for years, or it’s time to replace the roof. Some home improvement projects, like a kitchen remodel or deck addition, may increase your property value. Others are simply projects that need to be done.
To improve your chances for success with home improvement projects, consider these tips:
Trust your design professionals
Architects and interior designers spend years acquiring the skills needed to transform homeowner dreams into reality. Time spent locating good design talent can be well worth it. You'll likely live with the aesthetics that your design professionals suggest for years to come, so select your design team with care.
Select a quality contractor
Look for an experienced home improvement contractor that has a high rating with the Better Business Bureau. Also, many remodeling contractors will maintain a membership in the National Association of the Remodeling Industry (NARI). Ask for references and look at online reviews. Do your homework and you'll be confident as your project gets underway.1
Leave the construction site to the workers
Children and pets do not mix well with remodeling projects. It may even be unsafe for them. Once the project is underway, it can be difficult to escape all the noise, dust and commotion, so consider a stay with family or at a hotel when construction activity peaks.
Set reasonable expectations
An experienced contractor realizes that unexpected delays or costs may arise, and this should be communicated to clients. There are many moving parts to a home improvement project. The general contractor must carefully choreograph the work of the carpenters, plumbers, electricians and building inspectors, and it is not uncommon for delays or unexpected expenses to arise. Plan for this possibility with a contingency fund. Learn the basics of financing to help control your cost of capital. Cost of capital depends on the mode of financing used – it refers to the cost of equity if the business is financed solely through equity, or to the cost of debt if it is financed solely through debt.4
Take the long view
The upfront costs of a remodeling project are only one part of the overall financial equation. For example, if you are adding a room to your home, consider the added maintenance and energy costs that will accrue over time. And of course you’ll want to decorate. Improve your chances of success when you embark on a home improvement project by taking the time to carefully assemble a team of talented professionals. It's always wise to plan for the occasional delay or added expense. Synchrony Financial can help you get your project underway. See the home improvement partners we work with in your area now.
1. Better Homes and Gardens: 15 Tips for a Successful Remodeling Project
2. Houzz: Contractor Tips: Top 10 Home Remodeling Don'ts
3. Angies List: Home Remodeling: 8 Essential Do's and Don'ts
4. Investopedia: Cost of Capital
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