It can be a little overwhelming as you contemplate embarking on a remodel. There are numerous crucial factors to consider before deciding to expand or enhance your home.

Your worries might pertain to expenses, while others could center on the quality and the return on your investment. As the National Association of the Remodeling Industry notes, it is best to begin with a clear understanding of your requirements, budget and timeline.

In some cases, you might decide to wait to build up more savings — or you may opt to take out a small loan. Either way, this initial planning phase of any project is crucial. Once you’re ready, consult with a knowledgeable local home services expert for assistance in transforming your vision into reality.

SET A GOAL

When embarking on a home improvement project — whether you’re adding an extra bedroom, building a barn or installing a new hardwood floor — it’s critically important to create a detailed plan. Then, you have to adhere to it. Adding additional smaller jobs on top of your original project can easily lead to budget overruns.

By expanding the scope of work, you are increasing the costs of materials and labor, especially if you hire a professional. Collaborate with your contractors to establish realistic expectations before getting started. This will allow you to allocate a specific budget and minimize extra expenses. Additionally, it ensures that you and the contractors are aligned on how long the project will take.

THINKING BIGGER?

Altering the structure of your home will necessitate a lot more design and engineering work ahead of time. Homeowners should expect to see higher expenses and a much longer timeline, according to the NARI. Before embarking on this kind of major renovation, consider the following:

• Can I afford a large project like this one? Will I need additional funds?

• How old is my property? There might be hidden issues that complicate your plans.

• If you’re trying to build more equity, will these changes add to the home’s sales value?

• Are your contractors 
capable of handling a multiple-
phase project like this one?

Once you have a clear understanding of the cost, timeline and needed contractors, you can then proceed with greater confidence.