A home renovation can be an overwhelming task, but understanding what to expect can help make the process smoother and less stressful. Whether you’re planning on adding a home office or simply want to update your kitchen, there are a few key things you should keep in mind. In this blog post, Riddick & Co. covers the types of home renovations, budgeting and estimating costs, finding capable contractors, clearly communicating your ideas, the technology you may see your contractor use, establishing a timeline and schedule, and getting a home warranty when your renovation is complete.

The Different Kinds of Home Remodels

There are two main types of home renovations: cosmetic and structural. Cosmetic renovations are changes that improve the aesthetic of your home but don’t alter the structure itself. These might include painting, installing new flooring, or updating fixtures. Structural renovations are changes that actually alter the physical structure of your home, such as adding an addition or knocking down walls.

Home Office Additions

A home office is a great way to add value to your property and make better use of underutilized space. If you’re considering adding a home office, you’ll want to consider things like circulation and proper lighting. Ideally, your workspace will be flooded with natural light, but when this isn’t possible you can employ overhead lighting to compensate. To make this kind of home addition, you’ll need to factor in the cost of materials like drywall, painting, flooring, electrical work, and furniture. You’ll also need to account for any permits that may be required.

Approximate Costs and Set a Budget

One of the most important aspects of any home renovation is budgeting and estimating costs. The last thing you want is to start a project only to find out halfway through that you can’t afford to finish it. When budgeting for your renovation, be sure to include a contingency fund for unexpected expenses. It’s also important to get multiple estimates from different contractors before making any final decisions.

Find an Experienced and Dependable Contractor

Choosing the right contractor is one of the most important steps in ensuring a successful home renovation. Be sure to do your research and ask around for recommendations. Once you’ve found a few contractors you’re interested in working with, be sure to check their references and licensing status. And always remember to get everything in writing!

Be Clear and Direct About Your Vision

After you’ve chosen your contractor(s) and drawn up some initial plans, it’s time to start communicating your ideas clearly. The more specific you can be about what you want, the less likely it is that there will be any misunderstandings along the way. Don’t be afraid to share pictures or even videos with your contractors, so they have a good understanding of your vision.

Set a Schedule

One of the most stressful parts of any home renovation is dealing with unexpected delays. That’s why it’s so important to establish a timeline and schedule with your contractor before work even begins. This way, everyone understands what needs to be done and when it needs to be done. And if there are any delays, everyone will know about them in advance so they can make alternative arrangements as necessary.

Understand the Technology Your Contractor May Use

There are all kinds of apps available that can help you and your contractor, especially when it comes to budget estimation and design. Some are specifically geared toward budgets – they allow you to input information about your home and the scope of your project, then provide estimates for material and labor costs. Other apps may help homeowners find inspiration with photos. Some will let you create a detailed, 3D design to help you better envision your final product. With software for general contractors, you can make your overall project much easier.

Consider Investing in a Home Warranty

Once your renovation is complete, be sure to get a home warranty from your contractor. This will protect you from any unforeseen problems that might arise after work is completed. And if something does go wrong, all you’ll have to do is call the warranty company, and they’ll send someone out to fix it — simple as that!

A home renovation can be a big undertaking — but it doesn’t have to be stressful! By keeping these tips in mind, you can make sure that your next home improvement project goes off without a hitch.

Riddick & Co Entrepreneurial Finance specializes in offering innovative financial advisory solutions for entrepreneurs and growing businesses. Schedule a consultation. 

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Author – Joyce Wilson is a guest blog writer for Riddick & Co Entrepreneurial Finance and is not affiliated with the firm in any other capacity.

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