STEP 1: Run your numbers
Will the cost of your home renovation increase the value of your home? Yes, your new renovation will bring comfort to your home. But maybe your investment would be better spent in buying a new home. So run your numbers.
You should have fixed a Budget that you can afford and keep the financing / borrowings to a minimum. You do not want to be locked to a Bank for too long.
STEP 2: Start Developing Ideas
The first step in home renovation is deciding what you would like to do. You can use these guides to help flush out ideas and design considerations:
Start with home remodeling ideas: Sketch up some drawings of ideas you have and note it down. Get a copy of your house plan ready.
View houses for design ideas: Take a drive around your neighborhood, look at what some of your neighbors have done. Visit their homes.
View plans from Contractors: Should you have a contractor at hand, ask dome for some ideas and photos of completed works.
Browse the Internet: There are a lot of ideas that you can obtain for free from the Web.
STEP 3: Sketch your plan
Once you have your home renovation idea, your next step is to sketch out your plan. The sketch could be very simple or for those with a bigger budget, you could engage the services of an Interior Designer.
You will use this plan to obtain quotations from contractors.
STEP 4: Find a Contractor
Look around; don’t jump into signing any agreement with any contractors. There are a range of contractors that do renovation works for only Offices and Homes. Look for a contractor who is near-by or by recommendation.
- Get recommendations from friends and neighbors.
- In a new Housing area, there are usually many contractors who set up their office close by.
- There are those who only do work in certain areas as they have repeated and recommended customers. They usually come highly recommended.
STEP 5: Arrange for Renovation Loan / Financing
Refer to my previous article on this.
STEP 6: Manage the project
Stay on top of your home remodeling project; become involved as much as needed to avoid cost overruns and to address issues that can turn into expensive repair problems.
Key issues to understand include:
- Type of management: owner vs. contractor; give explicit instruction to the contractor on how you would like to manage the works.
- Change management: Design change during construction can be negative to your budget, think before you have decide to proceed.
- Problem resolution management; resolve it immediately and without cost implication. Don’t let the contractor take you for a ride.
- Cost management: Direct purchase the materials and hand it down to the contractor for installation, would some up to substantial savings. Alternative materials of same performance and lower cost.
- Financing management; keep tab on the budget.
