10 Steps to a Smooth Home Renovation

When it comes to renovating your home, it’s not an easy project to handle on your own. More than likely, you’ll hire a professional for all or most of the work. Regardless, home renovations are time-consuming, stressful and costly, but it is possible to make sure you get the most out of your money and allow for a smooth project. Here is a 10-step formula to a smooth home remodeling project:

  1. Dream up what you want and look online for inspiration. Write down a list of 10 things that are most important to you in your remodel.
  2. Determine what type of budget you have for this home renovation. Get itemized estimates from local contractors and find how much you can borrow. You want to make sure you can get enough for the entire project without having to cut back on something.
  3. Aim for a loan that is about 10 to 15 percent more than the estimate that you chose to work with. There are always overruns.
  4. Choose your contractor and have them draw up your project. The more detailed of a drawing, the less likely there will be problems later.
  5. Organize the contract. Make sure everything is very specific from the scope of work and payment schedules to their insurance and guarantee.
  6. Secure necessary city permits.
  7. Speak to your insurance agent to see if you need to purchase extra homeowners insurance to cover your renovation, as this is common.
  8. The actual construction process should start with work in the walls, floors, etc. including electrical and plumbing. Then it’s time to start painting, install flooring, trim and molding, install cabinets, add appliances, and finish off with the final touches.
  9. Make sure that you inspect the work of the contractors and workers at the end of each day once they’ve left. Note any problems and inform your contractor the next day.
  10. Have your home reappraised. If you need to, speak to your insurance agent again to ensure that you have adequate coverage after the renovation.

Before you start your home remodeling project, contact us at North American Advantage Insurance Services to ensure your home is properly insured for a home renovation project.