Once you decide you are going to remodel your home, whether it's a small home improvement project like redoing a bathroom or a large one like putting on an addition, you need a plan. You need to finance it through a home improvement loan, home equity line of credit or personal savings. You need to find an architect and a contractor. You need to have plans drawn up and you need to figure out how you are going to deal with the disruption during the project.
It seems overwhelming, but it doesn't have to be if you have a step-by-step plan for project management.
Have a Plan
Before you start getting estimates and applying for loans, you need to know what your home improvement project will entail. If you are doing a major remodel or addition, your first step is having an architect draw up plans, since this is how contractors will bid the job. If your project is relatively small and doesn't involve much reconstruction, skip this step and rely on a good contractor to help you figure it out. Either way you must have a clear idea of what you want done before you start taking bids.
Hire an Architect
The best way to find an architect is by asking friends, neighbors and coworkers for recommendations. You can also check the phone book or search online for architects who work on homes like yours. Some firms specialize in restoration projects, others in newer homes, others in green, environmentally friendly building. Find one whose working philosophy meshes with your ideas for your home. Your architect may even be able to refer you to a good contractor.
Find a Building Contractor to Bid your Project
Now that you have plans drawn up, it's time to find a contractor. Ask around for recommendations. Even if you got a referral from your architect, you want more than one estimate. Make sure that you only consider contractors who are fully insured, licensed and experienced with your type of home improvement project. You also have to like your contractor. He and his crews will be in your home on a daily basis for many weeks.
Getting Bids and Contracts
Get at least three estimates and don't let price be your only criterion. If there is a wide disparity in prices, call back and ask for this to be clarified. Make sure you have everything in writing, right down to the number of coats of paint and types of light fixtures.
Ask your contractor how long he has worked with his subcontractors, if he plans to work on your project exclusively until it is done and when he believes the work can be completed. Don't try to hold to an absolute date; setbacks can and will happen, but a contractor should be able to give you an estimate of when the work will be finished.
Obtaining a Home Improvement Loan
Now that you have a figure in mind, you may need to get a home improvement loan. There are three basic types of loans. Shop around for the best type of loan for your project.
If you have enough equity in your home, you can get a home equity loan or line of credit. Depending on current interest rates, this may be more expensive on a monthly basis than a second mortgage as they are typically repaid in a shorter amount of time.
If interest rates are low enough, refinancing your home for the projected cost of the project will give you more flexibility and longer to repay if needed.
You may be eligible for low-cost financing through the US Department of Housing and Urban Development. (HUD) Check their Web site for information: http://www.hud.gov/improvements/
No matter what type of home improvement loan you get, add 10% to the amount borrowed to cover unforeseen expenses during your project.
Work Begins
You have your plans, your contractor and the funds. Now the real work begins. Make sure your contractor can always get in touch with you for questions, because there will be many little decisions to be made. Move furnishings and valuables away from the workspace. Make sure there is room for trash collection, materials and workers' vehicles. Hold your contractor to schedule but realize that supplier hold-ups, weather and plan changes may slow progress and this cannot always be helped.
When you write up the contract, make progress payments commensurate with work completed. Make agreed-upon payments on time, but never pay too much up front. Always keep portion of the payment back until all work is completed to your satisfaction.
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