In the past 40 years of guiding homeowners through major home financial decisions, the types of decisions where spending over $100k is common, I have noticed that the most successful projects leave clues. With the stakes being more than ever before I’ve narrowed down my top 6 tips for what they knew and what you should know before you are ready to hire an expert and start your remodel planning.
Tip #1 Knowing something needs to change and what you need to fix are different things. Knowing the problems, not the project, is the first most important decision you need to make. I get calls all the time and when I ask what needs fixing, they answer with the project type (kitchen, bathroom, floorplan), but when I ask what they need to fix and why it’s important to fix now
, they struggle. If you don’t know the problems inside and out, and a detailed list of frustrations, then your project will drift in the direction of the expert that you hire. A common example is having an image of the project you love and using that as your decision point. You’ll end up with a beautiful project that doesn’t fix a single problem and wonder why. Problems to be solved=outcomes you can track.
Tip #2 Don’t get caught up in remodeling fever. Before you start your project planning make sure that you have done the research to make sure that this house and its problems are worth fixing. It’s always good to do a Remodel vs. Sell evaluation before you start the planning. I’ve been in the beginning stages of design and planning when a client realizes that the house no longer works for them like before. There’s nothing like facing down a six-figure remodel to get you to think about where you really want to live your life.
Tip #3 Don’t start the planning for a major remodel project unless you have evaluated the Remodel vs. Sell/Buy decision. Investing six figures into a remodel only to turn around and realize that what you just fixed didn’t solve the real frustrations in your home and now you’re faced with a moving decision or being unhappy. Moving in the first 5 years of a major remodel will almost always leave a significant financial mark.
Tip #4 is to make sure you take the time to confirm that the cost to fix the problems you’ve listed aligns with your current and future lifestyle. If fixing these problems will cost you too much financially and prevent you from continuing the hobbies, entertainment or travel that you love, then you may need to go back and figure out if there are other solutions. Maybe your solution should be a smaller scope, phased work, or considering if this house is still the right place for you (see Tip#2).
Tip #5 the experts that you hire to design and plan your remodel can’t fix problems they don’t know about. That’s why you are your own advocate for the right project scope and the right budget. Some Contractors have minimum project sizes, don’t fit into their business model, the right Contractor for the right Project scope not the other way around.
Tip #6 review your life and financial plan before you embark on the design and planning of a major remodel project. The financial planner is going to advise you to scale back the project, the realtor is going to advise you to sell, the Contractor is going to advise you to make your dreams come true. You must be clear on what you want. If you’re not sure how to do it then hire an unbiased advisor to help guide you through the decisions.
Spend a little bit of time and money for clarity rather than a lot of time and money and have regrets.
Need help? Reach out at cynthia@murphysdesignllc.com