Everything You Need to Know About Home Renovation Planning in Cooper City, Florida
Guide to Home Renovation Planning in Cooper City, Florida
Are you planning a home remodel in or near Cooper City, Florida? This renovation planning guide will explain the entire process from start to finish.
With home prices and interest rates on the rise, renovation is a popular choice to update a home. In 2017, more than 207,000 homes were flipped which was the largest number in a decade.
Florida falls in the top 10 states in America for house flipping. The average profit on a house flip in Florida is nearly $60,000 with a return on investment of over 80 percent.
Flipping houses is just one reason why homeowners choose to renovate. Other homeowners simply want a fresh look in their house or to increase resale value.
Either way, renovation planning is critical to get the most bang for your buck. Read on if you are considering a home remodel in Cooper City, Florida. Explore the ultimate renovation planning guide that explains the process from start to finish.
Establish a Renovation Budget
You cannot start a renovation project without setting a budget. This is a critical step so you can determine what specific upgrades you can afford.
Another factor in the budget step is where the money is coming from. Are you pulling the funds from your savings account or do you need to apply for a loan?
There are many different types of loans that people use for home renovations. Home equity loans and personal loans are popular choices. However, some people withdraw money from their 401(k) to fund the renovation.
Create a Renovation Wish List
Now is the time to brainstorm and write down all the renovation projects that you would like to undertake. Experts recommend prioritizing the projects that generate the greatest return on investment.
Every room in your house is not created equal. Remodeling the kitchen, for example, increases resale value more than updating a bedroom or living room.
Other projects that rank high in terms of return on investment are upgrading the bathroom, adding a deck, and finishing the basement. Of course, quality of life improvements should be considered if you will continue living in the home. However, it is always financially prudent to consider resale value as well.
Create a Detailed Renovation Estimate
The next step in renovation planning is to see how far you can stretch your budget. Your renovation wish list is now ready, but you need to price out each individual project to see what can be done.
You can estimate most projects with online research. If this is unsuccessful, you can reach out to contractors for a quotation.
The more detailed your estimate is, the more accurate it will be. Your estimate can separate material and labor if you are contemplating doing some projects yourself.
It is also recommended to estimate conservatively so you do not go over budget. Some people like to add 10 to 20 percent to their estimate to capture unforeseen costs.
Set a Timeline
This step is especially important for house flips. When flipping a house, the longer it takes the less profit you make. This is because you are likely making mortgage or property tax payments while retaining ownership of the house.
Even those who are staying in the home often have deadlines to meet. Some homeowners vacate the property while major renovations are being performed. If so, they can likely stay away for a limited period of time.
If contractors are used, they need to be aware of your timeline. The contractor may need to hire additional hands if the timeline is especially tight.
Shop Around for Contractors
Once the budget is established and the projects are selected, it is time to select contractors. This step requires thorough research in order to pick the best contractor.
The good news is that in the digital era there are numerous resources to shop for a reputable contractor. Start off by checking the Better Business Bureau and ensure there are no complaints made against the company.
In addition, check the contractor’s website and look for customer testimonials. You can also search for customer feedback on a company’s social media pages.
Another tip is to shop around and get competitive quotations from multiple companies. This way, you can be certain you received a good price on the work being performed.
Make sure that contractor has current licensing with the state of Florida and is adequately insured. Also, ask the contractor for professional references and make time to contact them.
Before signing a contract, hold an interview with the contractor. Ask any and all questions that you may have and see if a good working relationship can be formed.
Read the Fine Print
The terms and conditions of the contract are crucial for renovation planning. There are a number of important elements in the contract.
For starters, what percentage of the payment is due at contract signature? Many contractors require at least a 50% payment at this time so they can purchase materials for the renovation.
In addition, carefully read the sections that cover termination. There should be detailed instructions in the event that either party needs to walk away from the project. The termination section should cover any cancellation fees, the company’s policy on refunds and a timeline should cancellation move forward.
Another important area to read up on is how changes are made. If a part or color you wanted is unavailable, how do you want the contractor to handle it?
This section of the contract provides instructions on who authorizes changes to the scope of work. Do you want final say on all changes or give this authority to the contractor?
Lastly, the contract should lay out the project schedule. Most importantly, make sure that the project completion date meets your expectations.
Renovation Planning – Wrapping It Up
Renovation planning requires extensive research and hard work to make sure your project goes smoothly. Steps like creating a detailed renovation estimate take time and effort.
Selecting the contractor is an important milestone in renovation planning. This choice dictates whether high-quality, efficient work is performed on your house. If you want to learn more about renovation planning in Cooper City, Florida, please contact us today to set up a consultation.
Why Rapid Construction?
-We have many years of experience in the office space renovations and remodeling business
-We are a Licensed and Fully Insured General Contractor
-We perform the job right the first time- there is no room for mistakes
-We offer a wide range of services and will manage your renovation project from start to finish
-Our rates are competitive- We will give you an estimation of the expected cost of the project- no hidden charges or overcharging
-We are available 24/7- We are just one call away
-We offer exceptional customer service
Hopefully, these office renovation ideas will help you transform your office into the most beautiful and inspiring working space. Don’t hesitate to call us today for the best office space renovation services in town.
Call Rapid Construction for a free consultation, 954-324-2390
12240 SW 53 Street, Suite 502
Cooper City, Fl 33330