Your home is your castle, but lately the kitchen feels dated, the exterior looks a little faded, and you’re wondering if you have enough space for your growing family. If you’re working with a finite number for your exterior renovation budget, here’s what you’ll need to do to make sure your project is finished on time and within your budget.
Expecting the Unexpected
One of the pitfalls of renovating your home is the unexpected problem that isn’t obvious at the start of the project. Sometimes it’s impossible to predict what you’ll find when your contractor peels away the surface of your home’s exterior, and you don’t want to find yourself without the funds to cover extra costs.
You’ll want to take your total budget and make sure that around 10 to 20 percent of that budget is reserved for the “just in case” scenario. Finding money at the last minute to finish the project because unforeseen structural damage caused a delay in the project timeline is much more expensive than having that money on hand to deal with unexpected issues.
Getting a credit card or a personal loan at the last minute to cover problems or setbacks may cost you hundreds of dollars in fees and interest in the months after completion of the renovation. If your contractor doesn’t run into any problems during the project, use your contingency fund for future inspections and maintenance.
Handle a Few Simple Jobs for Big Savings
Your contractor can handle absolutely any facet of your home renovation project, but there are some tasks you might take on yourself to save money on the total cost of the project. You might be able to trim the cost of labor on your project if you offer to act as the cleaning crew.
As long as your contractor deems it safe, you can help keep the project workspace organized, which will reduce the time the contractor needs to spend on the project each day. Just swinging a broom around each day may help you save some money over the lifespan of the project.
You’ll want to discuss these money saving options during the contract phase and before work has begun on your renovation.
Avoiding Spending Mistakes on Exterior Remodeling
The time and effort you put into improving your home’s appearance helps build equity and improves the enjoyment you have of living in your home. However, even the best intentions in your remodeling project may lead to a bloated budget.
One of the most important choices you’ll make during your renovation project is your choice of contractor. If you want to perk up the exterior of your home, you won’t want a contractor whose specialty is interior flooring. Find a contractor with experience handling the exact type of renovation you’re seeking.
Discuss Codes and Permits
During the contract phase with your renovation contractor, you’ll want to discuss the permits needed for the project, as well as the building codes that may influence what materials you may use, as well as the size or scope of your renovation project.
Any reputable contractor will be very familiar with the permits needed for the project, as well as the city building codes required for your renovation.
According to the National Association of the Remodeling Industry (NARI):
Hire a professional contractor who is familiar with the building codes in your area. Replacing work that does not meet code can be extremely expensive.
Consider ROI for Small Budgets
Many home improvement projects offer some return-on-investment, but very few allow you to fully recoup the investment if you decide to sell.
For example, according to the National Association of Realtors (NAR), a minor kitchen remodeling project will offer 72.8% return-on-investment. This means a kitchen remodeling project that costs $21,695 will add $15,790 to the resale price of the home.
On the other hand, something as simple as an entry door replacement may actually add a small amount to the resale value of your home, as well as create a better first impression for buyers if you choose to sell. According to further numbers from the NAR, an entry door may recoup 102.1% of your investment.
Thinking About an Exterior Remodeling Project?
Interested in improving the exterior of your home? Want to investigate your options for a new roof, siding, or other exterior improvement? Contact Erdmann Exterior Designs Ltd for a Free in Home Consultation to find out how we can help you repair, replace, and improve your home’s appearance