How to Survive a Major Remodeling Project

in

SOURCE: Houzz

Get expert tips for improving your home while preserving your sanity

A significant home improvement project rates high on the list of life’s most stressful tasks. Horror stories abound, causing racing pulses at the mere thought of contractors taking over your home. But it has to be done! That new kitchen, bathroom or bedroom suite won’t come into being until you enter the fray. Forewarned is forearmed, so read this essential advice to accompany you on your journey.

1. Plan and Prepare

It’s study time. The more time and effort you invest in the run-up to your project, the better.

Sketch out clearly the scope of the work envisioned. Online resources such as Houzz will help you build up a clear picture of exactly the look you want. You can browse photos and save the ones you like to ideabooks to share with family members and your pros. Visit showrooms and suppliers to see samples of products and finishes and tour houses for sale in your area for inspiration on what you may realistically expect to achieve.

Establish at an early stage which professionals you need on your project. Architects, interior designers and engineers each bring expertise which may be essential to a successful outcome for your project.

Finding the right contractor, builder or design-build firm is the holy grail. While you should aim to get three competitive quotes, the best advice is to choose the best one you can. You will save time and money in the process.

2. Create a Written Agreement

A signed, written outline of the work to be done, the agreed-upon period for completion and the agreed-upon price is essential. The more detail you can include here the better, including products to be used and the standard of finish expected.

If working with a professional team, you should be signing a formal, legal contract with the contractor.

3. Expect (Lots of) Dust and Dirt

It’s shocking how quickly a habitable home reverts to a building site once work of any scale begins. It seems as if every particle of dust that ever settled in the furthest recess is shaken out in the process.

Major work may require that you move out for the duration. If you’re staying put, keep the spread of dust to a minimum by sealing off those rooms where work is being done from those unaffected.

Talk to the builders about dust management and ask them to put up dust protection sheets for you. These will protect any built-in or fixed furniture in the vicinity of the work that can’t be removed.

Make a careful plan in advance of how you’ll live around the project. Do you need to turn the spare room and bathroom into a station for microwave dinners and washing-up? If space is tight and your options are stressing you out, talk to your builder about any temporary measures they might be able to help with — moving the stove or installing a temporary sink, for instance.

4. Monitor Progress

Visit or inspect the site being remodeled frequently to keep on top of what’s being done and to make sure you’re happy with the quality of work. The best time to do this is before or after the day’s work. A noisy, busy building site is not conducive to focused attention.

Arrange a regular, formal meeting or catch-up on site with key participants to review progress, discuss challenges that have emerged and map out decisions that need to be made. These are usually undertaken on a weekly basis and should be documented, with the details circulated to all parties.

5. Agree on Lines of Communication

To avoid misunderstandings between you and your contractors, it’s essential that there is a clear line of communication between you and them. If you’re embarking on work along with a spouse or partner, agree in advance which of you will be responsible for dealing with the contractors.

If you’re employing an architect or other professional, all instructions and requests to the builder should be channeled exclusively through your professional. Keep and circulate a written record of all your dealings, in paper or digital form.

6. Avoid Changes

This is where your homework and advance research will pay off. Even minor changes can lead to cost over-runs and time delays, which can quickly spiral out of control and be difficult to monitor. The more decisions you make in advance, the quicker materials can be ordered and work can progress.

You will still be bombarded with a plethora of detailed decisions to be made along the way, all of which, of course, will be flagged as urgent. Dealing with these will, hopefully, be made easier in the context of the clear vision that you have formed for your home.

7. Stay Calm and Focused

Building work tends to be all-consuming, with a unique, frantic pace of its own. Those urgent decisions seem endless.

This means it’s a good time to sign up for a yoga course or schedule in some definite, relaxing downtime over the course of the work. This will help you maintain perspective and the energy levels needed to bring the project to fruition.

8. Celebrate the Wins

You will get there! The project may run over time and over budget, and you may have your own battle stories to add to the anthology, but your enjoyment of a beautiful home crafted to suit your every need will make it all worthwhile.

SOURCE: Houzz

March 6, 2024 Weekly Market Watch with Chris Doucet

in
March 6, 2024 Weekly Market Watch with Chris Doucet marketingcenter--

CURATED • FEBRUARY 2024 HOMES ACROSS THE STATES WITH CHRIS DOUCET

in
CURATED • FEBRUARY 2024 HOMES ACROSS THE STATES WITH CHRIS DOUCET marketingcenter--

February 28, 2024 Weekly Market Watch with Chris Doucet

in
February 28, 2024 Weekly Market Watch with Chris Doucet marketingcenter--

The Truth About Down Payments

in

If you’re planning to buy your first home, saving up for all the costs involved can feel daunting, especially when it comes to the down payment. That might be because you’ve heard you need to save 20% of the home’s price to put down. Well, that isn’t necessarily the case.

Unless specified by your loan type or lender, it’s typically not required to put 20% down. That means you could be closer to your homebuying dream than you realize.

As The Mortgage Reports says:

“Although putting down 20% to avoid mortgage insurance is wise if affordable, it’s a myth that this is always necessary. In fact, most people opt for a much lower down payment.”

According to the National Association of Realtors (NAR), the median down payment hasn’t been over 20% since 2005. In fact, for all homebuyers today it’s only 15%. And it’s even lower for first-time homebuyers at just 8% (see graph below):

SEE GRAPH HERE

The big takeaway? You may not need to save as much as you originally thought.

Learn About Resources That Can Help You Toward Your Goal

According to Down Payment Resource, there are also over 2,000 homebuyer assistance programs in the U.S., and many of them are intended to help with down payments.

Plus, there are loan options that can help too. For example, FHA loans offer down payments as low as 3.5%, while VA and USDA loans have no down payment requirements for qualified applicants.

With so many resources available to help with your down payment, the best way to find what you qualify for is by consulting with your loan officer or broker. They know about local grants and loan programs that may help you out.

Don’t let the misconception that you have to have 20% saved up hold you back. If you’re ready to become a homeowner, lean on the professionals to find resources that can help you make your dreams a reality. If you put your plans on hold until you’ve saved up 20%, it may actually cost you in the long run. According to U.S. Bank:

“. . . there are plenty of reasons why it might not be possible. For some, waiting to save up 20% for a down payment may “cost” too much time. While you’re saving for your down payment and paying rent, the price of your future home may go up.”

Home prices are expected to keep appreciating over the next 5 years – meaning your future home will likely go up in price the longer you wait. If you’re able to use these resources to buy now, that future price growth will help you build equity, rather than cost you more.

Bottom Line

Keep in mind that you don't always need a 20% down payment to buy a home. If you're looking to make a move this year, reach out to a trusted real estate professional to start the conversation about your homebuying goals.

SOURCE: Keeping Current Matters