Given the high home prices, rising mortgage interest rates, and lack of inventory of homes for sale, many homeowners have opted to embark on a home addition or remodel instead. Although out-of-control inflation has led to significant price increases for materials, many homeowners are choosing to remain in place and take on a construction project. Of course, any construction project will require a lot of forethought and planning to ensure a successful build. We discuss a few things to consider below.
What to consider
- Budget: No project may be undertaken without a proper and responsible budget. If you are working with a contractor, they should be able to provide you with estimated costs. With this said, you should also factor in additional funds for unexpected items such as add-on’s and permitting costs. You can almost be guaranteed that your project will end up costing more than you originally thought it would.
- Hire an architect: Although thinking of a proper floor plan may seem easy, there are more considerations than you think. A successful addition or remodel should always begin with a knowledgeable architect to draft the floor plans.
- Hire a contractor: We have all heard horror stories of bad contractors that either did poor work, did not finish a job, or never showed up. In addition to having a strong reputation, be sure to confirm that your contractor is properly licensed and insured. It may also be a good idea to obtain references for any contractor prior to hiring them.
- Obtain permits and inspections: As a best practice, you may want to check with your local ordinance to determine the protocol for permitting and inspections. This process can vary from city to city, so it is important that you obtain the necessary paperwork. Although your contractor should be quite familiar with this process, it is not a bad idea to educate yourself as well. Failure to adhere to these protocols may result in an unsafe structure and legal repercussions.
- Develop a timeline: Much like a home addition or remodel will likely go over budget, you can also count on a high likelihood that the project will take longer than originally thought. Nonetheless, it is important to establish a timeline with your contractor so that your project does not drag on forever. This timeline may also reflect some payment milestones for your contractor so that they are more motivated to stay on schedule.
Summary
Embarking on a home addition or renovation can be a daunting task. For this reason, it is critical that you implement a proper plan, budget, and timeline for your project. To be safe, always factor in additional time and money for your project. Given the rise in costs of materials and labor, a renovation project can be somewhat of a moving target in this market. Of course, when you take the time to properly plan, budget, and hire the right contractors, you will ensure that your project will be completed correctly and on time.
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