Make Good Remodeling Decisions to Save Money

missmanors · #1 09-22-2008, 09:38 PM

Don't be penny-wise and pound foolish when making decisions about a remodeling project. Some people seem to think that money can be saved by using "bargain basement" products in their projects, such as plumbing fixtures, paint, or lighting fixtures. Be careful of what you are paying for.

It's important to have detailed plans for your project and to get bids well in advance. This can save you money since many contractors have their schedules full several months in advance, and if your project disrupts that schedule, you are going to have to pay a high rate for their services.

If you plan ahead, you can get more competitive bids. Most building trades have slow seasons as well as busy seasons, so if you schedule during their slow season, it can be a definite advantage for you.

The best time to schedule?
roofing - during rainy or cold months

indoor renovations - during rainy months or in winter months

heating - before fall in the late summer

chimney cleaning - anytime but fall

air conditioning - during early spring or late winter

If you need an architect for project design - fall and winter

For an additional price, many contractors offer energy-efficiency upgrades. These could be extra-thick insulation, higher-efficiency windows, guaranteed air sealing, and higher-efficiency cooling, heating or other appliances. If these are not offered, ask them what additional measures they, or you, can take to improve your homes energy performance. Compare the cost of each upgrade with the estimated energy that will be saved. If you get a return on your investment within seven to ten years, this is good. Remember that the upgrades done during the remodeling process will cost you less than upgrades done later on.

One of the most expensive mistakes that homeowners make is not hiring an architect or designer for at least an initial sketch, before building an addition or remodeling a room. The homeowner often finds that this addition or remodel is not to their liking when finished. A professional design helps during the planning stage and helps you tailor the space to fit. Often, one or two key details can make a room special.

Most architects and designers will help during the initial planning for a modest fee, so gather as much visual material that you can to help to illustrate your ideas. Also be sure that you and your spouse is on the same page here, do some legwork to find those things that will be special to both of you.

If you have the time and the know-how to do the project yourself, this is of course, the best way to save you cash. Even if you can't do the whole project yourself, you can save by doing what you can on your own to save you some money on your project. Consider taking on some of the work, such as demolition, moving materials, digging, cleaning up the job site, doing some sanding or painting of trim. Negotiate with the contractor in advance and agree on what jobs you will be responsible for and the value for doing those jobs. Be sure that once you commit yourself, that you follow through and complete the work in a timely manner, as tardiness can throw off the construction schedule and cost you money.

If you can't afford all the upgrades that you want to do, plan for them now. Don't wait until you can build your whole dream addition all at once, start now and gradually add as your finances allow. It's important to work from a master plan so that work won't need to be torn out, or upgrades need to be re-done.

If you are planning a future addition, perhaps you can add extra capacity for electrical service for it.

Perhaps you can add rough plumbing for a future hot tub or half bath.

Wiring for future lighting or in-the-wall wiring for future electronics in other rooms

You may want to add French doors that will open on to a future deck.

JaredfromIndiana · #2 09-22-2008, 09:53 PM

Great post. DEFINITELY hold off until winter (if you can) to hire contractors! Oh, and don't be afraid to negotiate. Their first price is NEVER their bottom price, even though they will say it is!

missmanors · #3 09-23-2008, 07:17 PM

Thanks Jared, and you are correct that a negotiation with any contractor should ensue. They always quote a higher price than they actually expect to be paid!!

JaredfromIndiana · #4 09-23-2008, 10:15 PM

I was thinking more on this... always get your contractors to sign contracts that states the work they will be performing and the day they will be done. Include a penalty if they don't finish on time. I charge $100 a day for each day my contractors go over the agreed finish date. The thing is that I am hiring contractors to do big jobs that cost more than $3,000 usually, so if they are just putting down some ceramic tile in your kitchen the penalty may be smaller, but still needs to be there in my opinion.

missmanors · #5 09-24-2008, 12:07 AM

Another great point, Jared. Thanks for that tip also.

flip_it_fast · #6 09-26-2008, 12:36 AM

Contractors are in the business to make money just like car salesman and so on. They always want you to pay the very most that you will pay. For sure negotiate and you will most likely find a lower price than the first quote they give you.

JaredfromIndiana · #7 09-26-2008, 12:32 PM

I keep thinking of more and more things on this one. Don't pay any money up front. If the contractor needs money down to start the find a new one!

flippinout · #8 09-26-2008, 01:35 PM

Keep adding your suggestions Jared, we are more than glad to get pointers from a professional. It will help us all know the proper ways to go about doing things and save us all money in the long run.

Knowing how to handle contractors etc is invaluable information, and your knowledge is priceless. Thank you so much.

badmomma · #9 09-28-2008, 12:25 AM

Thanks for all the tips. I have considered getting someone to do some of the work on our home. I have been afraid to because of the horror stories that I keep hearing. With all the information that you guys have provided I will be able to hire someone and be pretty much worry free.

missmanors · #10 09-28-2008, 05:48 PM

Right now, with the housing market in the bad shape that it's in, you may be able to get a really good deal with a contractor. Especially those that are usually busy building new homes. Since there aren't many new homes being built at this time, some of those contractors are looking for work.........this is just my opinion, but I thought it might be worth mentioning.