Delinda HarrelsonThe Flipping Coach
6 Factors to Contemplate Before Embarking on a Home Improvement Project
A home improvement project needs to be approached from a contemplative standpoint.
What that means is you need to think about all aspects of a home improvement project, including the time needed to complete it, cost, and the value an endeavor will add to your residence.
Properly launching a home improvement project requires more than running to a home improvement center for supplies and bouncing off to work. There are six factors you need to contemplate when it comes to a home improvement project.
Select Improvements that Add the Most Value to Your Residence
As a general rule, you should focus on home improvements that not only satisfy some sort of personal desire but that also add value to your home. With this in mind, not all home improvement projects are created or completed equally. There are certain projects that more consistently enhance the market value of your property. With this in mind, it is a rare home improvement project that will provide you with a dollar for dollar increase in the value of your residence.
You must always perform this analysis before embarking on a home improvement project. The following examples of projects illustrate this reality.
An attic bedroom costs an average of about 49,000 to complete an adds about $41,000 to the market value of a residence. An entry door replacement costs an average of about $3,000, increasing the residential market value by approximately $2.000.
One of the most value enhancing home improvement projects you can undertake is the addition of deck. The average cost a deck addition is about $10,000. Typically, a homeowner will recoup about $8,500 in increased market value because of the addition of a deck. This represents a return on the home improvement investment of about 88 to 90 percent.
Tackle Timely Projects that an be Accomplished Quickly
Consider undertaking home improvement projects on a seasonal basis. By this it is meant consider embarking on a project based upon what season that’s up next. By taking this approach you can be sure to deal with any deficit in your home that might be problematic based on the season ahead. For example, perhaps insulation improvement is necessary. You may face a situation in which some sort of rodent issue resulted in damage to insulation. Taking that on in the spring or fall makes sense in anticipation of the two seasons ahead that tend to present the most significant demand on a home’s insulation.
If there exists more than one such possible project, you typically would be best served undertaking the one first that can be completed fastest. In that way if there is a pressing seasonal issue associated with this projects, you will at least have one of them completed before that time of year presents.
Do-it-Yourself or Hire a Professional
The next point of consideration when it comes to thoughtfully embarking on a home improvement project is to seriously contemplate whether you should do the task yourself or hire a professional. You might be capable of undertaking a particular home improvement project, but your skillset is not the only consideration.
You also need to seriously consider whether you have the time available to undertake a particular project. If you embark on a particular do-it-yourself project will you have the time to fully tend to it efficiently and effectively? Will you be slighting other activities by taking a home improvement task on your own?
You should also contemplate whether doing a particular home improvement project yourself will be enjoyable for you. Nothing is worse that embarking on a home improvement project you end up dreading working on.
Educate Yourself and Hone Your Skills
If you do decide to embark on a do-it-yourself project on your own, you need to make sure that you are properly educated in regard to the dynamics of that endeavor. You should make sure you hone the skills you will need to effectively take on a particular home improvement project.
Time and again people assume they know the ins and outs of a particular home improvement effort. In other words, based on that assumption these individuals just forge ahead with a project without first educating themselves or honing their skills. Taking this rather cavalier approach, a person can end up in the midst of project not knowing what to do next.
Due Diligence is More than Just Shopping Around for Decent Prices on Materials
An integral part of due diligence is finding a competent project contractor and decent prices for materials. With that said, you should also incorporate spending time seeking inspiration for your project as part of your overall due diligence efforts. By this it is meant you will want to check out how others have handled a particular home improvement project you are now considering. This effort can be particularly important when a home improvement project focuses on some sort of interior design improvement.
Develop a Comprehensive Project Plan
Finally, as part of considering a home improvement project, you need to develop a comprehensive written plan. The home improvement project plan needs to include all aspects of the endeavor, including:
- time frame, milestones, and deadline
- itemized project budget
- individual(s) responsible for different project elements
- tools and equipment required
- materials required (resources for tools, equipment, and materials)
- resources for tools, equipment, and materials
- contingency plans
Keep in mind when developing a comprehensive home improvement project plan you don’t need to reinvent the proverbial wheel. You should consult with friends, family, colleagues, and individuals with a background in the project you anticipate undertaking to glean information for your project plan. These individuals can prove to be invaluable resources as you plan and execute your own home improvement project.
By paying heed to these suggestions, you will place yourself in the best position to embark on meaningful home improvement project that will best serve your interests. This includes selecting a project that will most enhance the value of your residence, improve your home in a manner that is personally important to you, and that will be an endeavor within your budget.