Spring is here and homeowners are excited to start on remodeling projects to update their home. These projects can get expensive, so before getting started you need to plan carefully.
A home owner's reasons for remodeling can vary from adding more space, upgrading cabinets and fixtures, to making your home more energy efficient and increasing its resale value. These projects can get expensive, so you need to prioritize your wish list and decide on a budget. A professional REALTOR® can provide important input to your remodeling decision, according to Jeff Bell, president of the Silicon Valley Association of REALTORS®.
"Since REALTORS® see hundreds of homes each year, they can provide valuable insight on improvements that will affect your home's value," Bell says.
After you determine which project you will undertake and how much you can afford to spend, you need to decide who will do the work. A do-it-yourself project can be both rewarding and cost-effective, but make sure you are qualified to do the job. If the project is too complicated and you decide to go with a professional home remodeler, be sure to check the person's background, references and insurance coverage. Ask about warranties on his/her work, who would be responsible for obtaining any building permits, and the process for changes after the contract is signed.
Make sure you stay within your budget. Set aside money inreserve to cover unforeseen changes or problems, and miscellaneous charges.If your project includes energy efficient updates such as replacing windows or doors, adding insulation, upgrading heating or air-conditioning units, or installing solar panels, check if you can take advantage of federal and local energy efficiency tax credits that will help defray costs.
Bell says you also need to consider how long you plan to live in your home and the number of years left on your mortgage before you decide to undertake a big and costly project. "Consult your REALTOR® about the project you plan to undertake as it may exceed what you can or want to do with your existing home," Bell advises. "Once you've decided on a project, stick to what you have planned rather than deciding to renovate your entire the house."
Remember that remodeling takes time, so it's important to be patientand understand there will be inconveniences and challenges before the work can be completed.
"Stay focused and be preparedfor challenges," Bell says. "Know in the end that you will enjoy the rewards for years to come."
The Silicon Valley Association of REALTORS® (SILVAR) is a professional trade organization representing over 4,000 REALTORS® and Affiliate members engaged in the real estate business on the Peninsula and in the South Bay. SILVAR promotes the highest ethical standards of real estate practice, serves as an advocate for homeownership and homeowners, and represents the interests of property owners in Silicon Valley.
The term "REALTOR®" is a registered collective membership mark which identifies a real estate professional who is a member of the National Association of REALTORS® and who subscribes to its strict Code of Ethics.
Variations of this article have appeared in local area newspapers.
For further information, please contact Rose Meily at SILVAR Public Affairs, email , or phone (408) 200-0109.