1. Budget Wisely: Clear, effective budgeting is crucial in any project. Allocate funds for each specific part of the project and make sure to include a contingency for unexpected expenses. Be realistic and leave some wiggle room; you don't want to be halfway through the project and run out of money.
“We like to know what our client’s budget is right from the start, so we aren’t proposing ideas or products that are out of reach or will potentially incur more cost down the road. Communicating your budget needs with your contractor from day one is crucial. “– Kristen Stringer, Stringer Construction and Design
2. Prioritize: Identify your needs vs your wants. It's lovely to want smart appliances everywhere, but maybe a more practical renovation is crucial for the longevity of your home. Certain remodel projects retain value better or even add value to your home.
“The number one question we get from customers is “Is that possible?” The answer is yes, EVERYTHING is possible, but is it cost-effective?” – Kristen Stringer, Stringer Construction and Design
3. Hire Professionals: DIY is fun, especially on TV, but for fundamental elements, don't risk it. Professionals will save you time and potential mishaps in the long run. A good design-build remodeler has been around for a long time, and often, many of the folks doing the work are employees of the company, not sub-contractors.
“Our sub-contractors have worked for us for years; we consider them part of our family. They have a vested interest in the finished product we present to our customers and truly take pride in their work. Remodeling involves multiple parts that must come together in the end and our sub-contractors know each other and work as a team to help create the best possible outcome. If you hire individuals who are there to do only a small part of a project and go on their way, you will likely end up with mistakes that have to be corrected and a finished project that feels pieced together.” – Kristen Stringer, Stringer Construction and Design
4. Quality over Quantity: Don't substitute quality for costs. In the long term, you'll thank yourself for investing in high-quality materials that last longer and look better. That said, keep in mind other fully renovated homes in your neighborhood. When you go to sell, realtor comps will come into play. A full Viking Kitchen might sound great, but you may not get the ROI on it when you go to sell. A good realtor can see a home that was flipped from a mile away.
“We have found that sticking with the middle ground helps provide our customers with a finished product that is both esthetically pleasing and budget conscious. We aren’t necessarily trying to focus on high-end designer finishes, but we also try and avoid the big box stores that often have fewer quality standards. Keep in mind that many of the name-brand products that you see at box stores have a special product that has been created for the store and often is less expensive in their store because it’s built with plastic parts versus quality brass parts. We order from the manufacturer directly so we can maintain a high-quality standard for our products.” – Kristen Stringer, Stringer Construction and Design
5. Plan for the Unexpected: Remodeling often includes some bumps down the road. Be mentally and financially prepared for it. I’ll say this again: remodeling often includes bumps down the road. Be mentally and financially prepared for it. Everything will not go according to plan – just like in life.
“We don’t have x-ray vision, and sometimes we open a wall and find something we weren’t expecting. This can add time and money and is just as frustrating for contractors as it is for customers. Keeping a level head and having patience and understanding through the process will help get through any hiccups along the way. “– Kristen Stringer, Stringer Construction and Design
6. Communicate: Effectively communicate with your contractor. Make sure they fully understand your vision, and you understand the process they'll embark upon to make it happen. If they are also designers, trust what they have to say about which styles are timeless and which are fads. Same with paints, window coverings and lighting.
“I think one of the benefits that our customers get from working with us is that we already know what does or doesn’t work. Yes, we do make mistakes sometimes, but we also learn from those mistakes and can pass that experience on to our customers when they ask us for a design or a product that we know won’t work. Keep in mind that just because you saw something in a photograph on Pinterest doesn’t mean that it works well in execution. Let your designer guide you through things that you can trust will be beautiful and practical. “– Kristen Stringer, Stringer Construction and Design
7. Timing: Consider the time each project will take. If needed, you may have to arrange alternate living arrangements while certain projects are being finished. While it seems doable, you don’t want to remodel large parts (for example, your kitchen) while living in the home – you're just setting yourself up for a headache for you, your family, and the contractor.
“We always try and accommodate our customer’s needs and make them as comfortable as possible, but we can always do a better job when we don’t have to tiptoe around family and pets to get our job done. If you do stay home, using a pet daycare is the best thing you can do for your contractor. It’s daunting trying to do our job and make sure a cat doesn’t slip out the door or listen to a barking dog who doesn’t like strangers in the house. “– Kristen Stringer, Stringer Construction and Design
8. Stay Calm and Patient: Remodeling your home is likely going to mean some level of disorder and chaos, and that's OK. Remind yourself that the end product will be worth it and try to remain patient throughout the process!
“If we have a customer with high anxiety throughout the project, our focus gets redirected on them and accommodating their comfort. We can be more efficient when we focus on our job and provide quality work. The reward is most definitely worth the discomfort along the way!” – Kristen Stringer, Stringer Construction and Design
WHWM is here to help you identify your priorities, develop a plan, and adjust along the way. Putting your trust in WHWM means working with WHWM’s Founder and President, Stephen Bodwell, a CFP® professional committed to helping you achieve your financial goals and big dreams. Take the next step towards getting what you want in life. Schedule your complimentary, no-obligation 30-minute consultation today.
Walnut Hill Wealth Management, LLC (“WHWM”) is a registered investment advisor offering advisory services in the State of Texas and in other jurisdictions where exempt. The information provided is as of the date indicated and is subject to change.
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