10 Tips and Tricks for Popular Home Remodeling and
Flipping
Listed below are ten tips and tricks to ensure that
when you improve your property for resale that you
avoid the common pitfalls many people struggle with
and which will allow you to maximize your property
value.
Tip #1 – What is your desired end result for your home? What is the ending “big picture” supposed to look like? It is always of the utmost importance to look at the overall structure and architecture of your home when you are trying to decide what your improvements should look like. For instance, in a classic craftsman style home the last thing you want to do is add an upstairs addition or a loft. These two things just do not fit with the authentic style and architecture of the home. No matter how nice it looks, it will always look out of place in the house. So, when you are planning a major improvement, consider how it will fit-in with the rest of your existing or improved home.
Tip #2 – Spend money in the right places. When you are going to do large renovations stick to kitchens, bathrooms, master suites, and rooms which add living space to a home. Start with a budget and list the improvements you want to make. From this list choose those improvements which will give you the most bang for your buck. For example, while you might want to finish off your garage to make it look better and more efficient, you might want to put that money into finishing a basement for extra living space instead or redoing the guest bathroom.
Tip #3 – Don’t aim to create a palace out of a tract home. One of the biggest mistakes people make when improving a home for resale is to over-improve the property. While you want your improvements to show and be impressive, you also need to keep in mind the neighborhood and local property market as well. For example, granite kitchen countertops in a lower income neighborhood home are not necessary and you will never recoup the high cost of the granite when you sell the home. It is always important to have your improvements fit within the norm of the neighborhood.
Tip #4 – Opt for a more classic style rather than the absolute latest trends in decorating. While it’s fun to watch the latest home design shows and emulate the things they do into your own home remodel, it is generally best to consider how an improvement that you make will look ten and twenty years from now. Something “in” today can look terribly outdated in a few years. Since home improvement projects are so expensive, you should aim for the more classic looks in your improvements which will not have to be redone in just a few years’ time.
Tip #5 – Overestimate your costs on everything! Many people start out with a budget and assume that it will cover the things they need. However, Murphy’s Law applies to home renovations and you can count on the fact that things will go wrong. For this reason, you should always overestimate your costs and have a nice cushion for the unforeseen expenses which you will invariably have.
Tip #6 – Make sure, before you hire professionals, that you know exactly what you want them to do. If you are hiring a contractor, landscaper, or anyone else to work on your property, make sure that you know exactly what you want them to do and have the funds required to complete the projects. This will save you time and money as well as save frustration on the part of those you hire.
Tip #7 - Invest the time required to hire the right people to work for you. While you may want to get a project completed as soon as possible, the best thing you can do for yourself is to be patient and hire the right people to do the work. Once you know what you want done, and have the funds available, then take the time to ask people you know for recommendations, call around and get references from potential contractors, check references, etc… and hire the people who you think will do the job the best – not just those willing to do the work for the cheapest price. A really low bid usually means the person either didn’t understand the entire project to be completed, or is from someone who will deliver substandard work.
Tip #8 – Hire a professional who has the skill-set which goes with the work you want to have done. If you are improving a home with a very distinctive architecture, hire someone who has worked extensively with that same architecture. You wouldn’t hire a Ford mechanic to work on a BMW, and the same goes for home improvements. Just because someone is brilliant at what they can do does not mean they are the appropriate fit for the project you have to be done.
Tip #9 – Always oversee those you hire and make sure the work is being completed with quality and timeline in mind. Your job as a homeowner is to oversee anyone you hire to make sure that they are doing what you are paying them to do. Check-in every single day and see what work is being completed and always be available to answer any questions they may have for you.
Tip #10 – Don’t believe that you and your family can live in a home while it is undergoing major renovations. If you are having major work done on your home, you will need to find somewhere else to stay while the work is being completed. If you don’t then you will be in the way, slow down the process, and ultimately cause yourself and your contractors undo frustrations.
Tip #1 – What is your desired end result for your home? What is the ending “big picture” supposed to look like? It is always of the utmost importance to look at the overall structure and architecture of your home when you are trying to decide what your improvements should look like. For instance, in a classic craftsman style home the last thing you want to do is add an upstairs addition or a loft. These two things just do not fit with the authentic style and architecture of the home. No matter how nice it looks, it will always look out of place in the house. So, when you are planning a major improvement, consider how it will fit-in with the rest of your existing or improved home.
Tip #2 – Spend money in the right places. When you are going to do large renovations stick to kitchens, bathrooms, master suites, and rooms which add living space to a home. Start with a budget and list the improvements you want to make. From this list choose those improvements which will give you the most bang for your buck. For example, while you might want to finish off your garage to make it look better and more efficient, you might want to put that money into finishing a basement for extra living space instead or redoing the guest bathroom.
Tip #3 – Don’t aim to create a palace out of a tract home. One of the biggest mistakes people make when improving a home for resale is to over-improve the property. While you want your improvements to show and be impressive, you also need to keep in mind the neighborhood and local property market as well. For example, granite kitchen countertops in a lower income neighborhood home are not necessary and you will never recoup the high cost of the granite when you sell the home. It is always important to have your improvements fit within the norm of the neighborhood.
Tip #4 – Opt for a more classic style rather than the absolute latest trends in decorating. While it’s fun to watch the latest home design shows and emulate the things they do into your own home remodel, it is generally best to consider how an improvement that you make will look ten and twenty years from now. Something “in” today can look terribly outdated in a few years. Since home improvement projects are so expensive, you should aim for the more classic looks in your improvements which will not have to be redone in just a few years’ time.
Tip #5 – Overestimate your costs on everything! Many people start out with a budget and assume that it will cover the things they need. However, Murphy’s Law applies to home renovations and you can count on the fact that things will go wrong. For this reason, you should always overestimate your costs and have a nice cushion for the unforeseen expenses which you will invariably have.
Tip #6 – Make sure, before you hire professionals, that you know exactly what you want them to do. If you are hiring a contractor, landscaper, or anyone else to work on your property, make sure that you know exactly what you want them to do and have the funds required to complete the projects. This will save you time and money as well as save frustration on the part of those you hire.
Tip #7 - Invest the time required to hire the right people to work for you. While you may want to get a project completed as soon as possible, the best thing you can do for yourself is to be patient and hire the right people to do the work. Once you know what you want done, and have the funds available, then take the time to ask people you know for recommendations, call around and get references from potential contractors, check references, etc… and hire the people who you think will do the job the best – not just those willing to do the work for the cheapest price. A really low bid usually means the person either didn’t understand the entire project to be completed, or is from someone who will deliver substandard work.
Tip #8 – Hire a professional who has the skill-set which goes with the work you want to have done. If you are improving a home with a very distinctive architecture, hire someone who has worked extensively with that same architecture. You wouldn’t hire a Ford mechanic to work on a BMW, and the same goes for home improvements. Just because someone is brilliant at what they can do does not mean they are the appropriate fit for the project you have to be done.
Tip #9 – Always oversee those you hire and make sure the work is being completed with quality and timeline in mind. Your job as a homeowner is to oversee anyone you hire to make sure that they are doing what you are paying them to do. Check-in every single day and see what work is being completed and always be available to answer any questions they may have for you.
Tip #10 – Don’t believe that you and your family can live in a home while it is undergoing major renovations. If you are having major work done on your home, you will need to find somewhere else to stay while the work is being completed. If you don’t then you will be in the way, slow down the process, and ultimately cause yourself and your contractors undo frustrations.
Did you purchase your home with the idea that you would make some improvements to it and then later sell it for profit? Most people whether they purchase and intend to immediately fix-up and sell, called house flipping, or intend to live in a home for a long time and make improvements to increase the value of their property, do hope at some point to sell for as much profit as possible.
To this end, there are many people out there at any
given time doing home improvements. Some people do
wonderful improvements and their property values go
up. Other people think they are doing the right
things to their property, and find out when it
comes time to sell, that they didn’t do things the
way they should have.