Wednesday, April 3, 2013

Plan for Success When Remodeling Your Millburn-Short Hills Home!

Ready to remodel your Millburn-Short Hills home? If you answered "yes", you're in good company! A recent survey by home remodeling site Houzz shows that 53% of homeowners agree that now is a good time to remodel. 

The most popular remodeling project involves kitchens, and Americans spend an average of $28,000 on this area of the home! But before you get out your checkbook, you will need to have a plan in mind. Here are some planning tips to help you!

Identify the main goals. Are new kitchen cabinets a must? Do high-end appliances make sense? Your wish list might be bigger than your budget, so start by deciding the priorities. List everything else to the side.

Decide your timeline for completion. Are you selling your home in the near future? Are you expecting to entertain guests? Have a realistic timeline for completion. Make sure to factor in some cushion for unexpected delays

Determine your budget. Do you have the financing available or funds set aside to comfortably tackle your project? Estimates, after all, are only estimates!

Interview contractors and obtain several estimates. Beware of bids that are too cheap compared to the running norms. The contractor may be cutting some serious corners to make that bid possible, or he may plan to “surprise” you with extra charges along the way.

Compare the estimates to your budget. Are you still in business? Can you afford the little extras? Do you need to finance more of the project than expected? 

Revisit your list of contractors and make an informed choice. Ask for referrals, and check them out against the Better Business Bureau. Also, personality counts! Don’t hire someone that rubs you the wrong way, no matter how good their prices are. It will only add stress to your experience.

One more tip - before you commit dollars to your project, be sure to have realistic expectations about what you may recover when you sell your home. See my blog post from January 30 that talks about the average return on investment for home improvements

If you are preparing to sell your Millburn-Short Hills home, start with a comparative market analysis to find out your home's price range in today's market before you remodel. I will also provide you with a net sheet to show your estimated proceeds after the home sale. I will counsel you on what improvements are most likely to benefit your home sale and your bottom line!

As your Millburn-Short Hills real estate professional, I will provide the expert guidance you need for a successful home sale! Contact me today, and let my 18 years of experience be your market advantage!

Elaine Pruzon
Coldwell Banker Residential Brokerage
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