MONEY OBEDIENCE

How to remodel a room in 6 easy steps

When we remodeled our kitchen, we followed these six steps and we ended up very happy with the result.

1. Dream. – What is the best remodeling of the room we can envision? Think about your dream solution for the room you want to remodel. What would the room look like, if money were no object?

2. Set a bottom line. – What is the least acceptable remodeling? Think about the least work you need to do to fulfill your basic needs. In the case of a kitchen remodeling, ask yourself whether you really need new appliances, new countertops, or whether it would it be good enough to resurface the cabinets, replace only the worst of the appliances, etc.

3. Guesstimate well. – How much does your top and bottom line remodels cost? Get a good estimate for either version of your remodeling plans. You can price out some of the materials needed on your own and you can get some input from a contractor who can also give you estimates for the work involved in either case. Don’t forget to include alternate living expenses should those be necessary. Add 20% to labor costs just to be on the save side. You will most likely run into problems that were not foreseen when the estimate was made, which will increase the labor cost.

4. Set a budget for the remodeling. – Your budget will most likely not be big enough to fulfill all your wishes, but that is ok. Think about what you can do staying within your budget. You will hopefully be able to cover the basics and to add a few bells and whistles that will make you really happy.

5. Inject reality. – How much of this is affordable? What are your options for financing the remodeling? What are your preferences about financing it? Check your savings and see how far those would go. If you don’t have enough savings, you can set up a savings plan to save up enough money and put off the project for a while. Maybe you can get a home equity loan and bring forward the time you’re able to sit back and enjoy the fruits of your hard remodeling work. But think about other options. Just because you have access to a big loan does not mean that you have to or even want to take on a big loan.

6. Find the best help you can get. – Where do you shop for architects, contractors, and other work(wo)men? Get references from friends and family. Look around the neighborhood, see who has gotten what work done, and ask for the contact information of people whose work you see and like. Whether you get the names from friends, family, or strangers, ask to check their references anyway. You don’t want to find out later that your cousin got a good deal but others who hired the same person before him had been shafted. For the same reasons, get an estimate from all professionals whom you consider for the job. And be sure you use your information in a smart way. Don’t be afraid to not hire the cheapest one if he or she cannot give you good references.

Once you hire the contractor and you break ground on the work, get ready for a lot of dust, noise, and upheaval in your daily routine. Whenever you get discouraged, think about the end of the process and how you will enjoy the remodeled room. Take it from us! We did not like “camping out” in the dining room when our kitchen was redone, but we are sure very glad that we redid our kitchen. We enjoy cooking in it very, very much!

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