Last updated : Tuesday, February 16, 2010

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4 Must-Dos When Renovating

With the housing market as tenuous as it is, many homeowners are deciding to renovate rather than relocate. And while it may not seem like a huge undertaking, renovating a home, no matter the size of the project, can take its toll: "It is so incredibly stressful and it's not for the faint of heart," says Julia Edelmann, an interior designer who has flipped nine houses. She shared with us the most important factors to consider when renovating. 

Budget
Add 15-20 percent of what you think it will cost for all the inevitable roadblocks. Have an emphasis on green design: Geo-thermal heating will cost you more up front, but in the long run it's much safer and it's environmentally friendly. The bulk of your budget should go toward structural details, mechanical, heating and air. The core has to be strong.

Hiring
Stay hands on, but hire a fantastic architect and general contractor. When your architect and contractor have worked together in the past it makes a huge difference. Look at their communication skills---it will be a much more streamlined process and it will take the stress off of the homeowner.

Project Length
It depends on the size of a home. For a 4,000 sq. ft. home, a gut renovation and rebuilding is at least a year-long project. If you're converting a multi-tenant property back to a single family, it could take anywhere from two to three years.

Choosing a House to Renovate
Look at:
a) Location: Where can you buy so the property value will be in line with the amount of money it will cost to renovate?
b) Architecture: Make sure the home has historical value. A 100-year-old house will have much better craftsmanship than a contemporary home.
C) The emotion it evokes: The house should speak to you in some way. 

For more, go back to the At Home section.

 

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