Copeland
SubmittedHomeownership is a cornerstone to building wealth. For many people, their home represents the single largest asset they own. Maintaining and making repairs to your home are necessary in order to sustain its value over time.
One way to add even more value to your home is by planning and executing home improvement and renovation projects.
Depending on the scope, you may decide to tackle portions yourself, while more complicated jobs are better left to the pros.
As you begin to plan your project, I would suggest reaching out to your Realtor in the early stages. They can help guide you on what improvements are going to bring the greatest return on your investment.
Your Realtor is an amazing resource for all kinds of information regarding style trends, connections with designers and perhaps even some suggestions for contractors to help you accomplish your goals.
Hiring professionals to get your job done involves several steps. Locate and connect with at least three contractors.
It is important you have an in-person conversation with them initially to go over your plans. You should be looking for someone who not only has the skill set to execute your job with excellence, but one who will effectively communicate with you throughout the project.
Once you’ve had an initial meeting with a contractor, they will help you determine if you need permitting from your local codes department, work on architectural drawings and establish a budget and timeline for completion.
One mistake I see inexperienced homeowners make time and again is not properly phasing payments to the professionals they hire. Communication is the key to establishing a great rapport with your contractors and clearly setting expectations on when payment disbursements will be made throughout.
Clear milestones should be set up front to mark payment points. This helps you manage your money and helps keep the contractors you hire on track and on time. You can’t assume that just because they are a master woodworker, that they are also a master money manager.
The unexpected happens during your project. Budget conservatively with worst-case scenarios. Add 10-15% or more to your estimates to cover contingencies. Plan ahead and order early. Post-pandemic supply chain issues abound. For example, some higher-end appliances are more than 16 months out currently.
Finally, at the end of your project, invite your Realtor back out for them to tour the project and update your asset portfolio. Keeping your home updated and in its best condition will not only improve your enjoyment of your property, but will optimize your profitability when it’s time to sell.
Brad Copeland was the Greater Nashville REALTORS® 2012 Rookie of the Year, selling more homes than any other new agent in the association. Brad brings a strong counseling background to his team at Doorbell Real Estate, as his previous career was as an associate pastor. He’s a graduate of the University of Tennessee and is the current president-elect at Greater Nashville REALTORS®.
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