Planning a Successful Remodel
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Review the attached presentation or checkout our the recorded video of the presentation on YouTube: https://www.youtube.com/watch?v=pOhMFA04jyE
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Planning a Successful Remodel
- 1. Planning for a Successful Remodel RRS Design + Build, LLC
- 2. Show of Hands How many have completed a remodel? Using a contractor? Good experience? Lived in house while renovation was going on?
- 3. RRS Design + Build Award Winning Design Build Firm Licensed General Contractor (CA) Hands-on Contractor Insured
- 4. Set your SMART goal Understand potential obstacles Craft your vision Contractor vs. DIY Expect to kiss some frogs Survive & Thrive Show off your success
- 5. Set your SMART goal Understand potential obstacles Craft your vision Contractor vs. DIY Expect to kiss some frogs Survive & Thrive Show off your success
- 6. Setting a “SMART” Goal Why are you doing this project? What will happen if you don’t do it? Do you need to move if you can’t do an addition? What are you trying to achieve? Function/Beauty Add Equity “Slow Flip” Investment Flip Goals Should Be: Specific Measurable Achievable Relevant Time-Bound
- 7. Set your SMART goal Understand potential obstacles Craft your vision Contractor vs. DIY Expect to kiss some frogs Survive & Thrive Show off your success
- 9. Restrictions McMansion Historical Districts Zoning Restrictions Deed Restrictions/HOAs Tree Ordinance Cost Time
- 10. The “B” Word The Fear: Sharing your budget with your contractor means that they will give you a number at or over that amount. The Reality: The labor, scope and finishes are going to drive a certain price regardless of who bids/completes the project. Due to inexperience, homeowners often under estimate how much their vision will really cost.
- 11. Maximum amount you feel comfortable spending x .9 = Max Planned Investment (This leaves a 10% buffer for the unexpected.) Max amount you feel comfortable spending x .8 = Low end of your investment range Communicate this range to your contractor. Back into your budget
- 12. Example You want to do an addition. The maximum you have to spend is: $200,000 $200K x .9 = $180K (max planned investment) This includes a $20K buffer for the unexpected. $200K x .8 = $160K (low end of planned investment range) Your investment range that you communicate to your contractor is: $160K-$180K
- 13. Financing the Project Some Options Include: Savings Home Improvement/Construction Loan Home Equity Line of Credit Home Equity Loan 401K loan Credit Cards Borrow from family Hard money loan Consult with your financial advisor, mortgage broker and/or accountant to determine the best strategy for you. Depends in part on your exit strategy/final goal for the project.
- 14. Set your SMART goal Understand potential obstacles Craft your vision Contractor vs. DIY Expect to kiss some frogs Survive & Thrive Show off your success
- 15. Craft Your Vision Do this AFTER you have some idea of what you are getting into. Visualization Exercise What does it look like? How will you use it? What words describe the space? Is it a private retreat or place to entertain? Inspiration items/feature walls to build a room around? Colors? Sounds? Textures? Style?
- 17. Commit it to Paper Brainstormed items from visualization exercise Needs/Wants List Investment range Plan a budget early for finishes and fixtures Materials Lists - Keep/Reuse, Donate, Reclaim, Buy
- 18. Champagne Taste, Beer Budget Go back to your vision exercise Look at your needs vs. wants list Evaluate your skills Consider how much time you have to commit to the project Where are you willing to compromise (time, cost, or quality)?
- 19. Set your SMART goal Understand potential obstacles Craft your vision Contractor vs. DIY Expect to kiss some frogs Survive & Thrive Show off your success
- 20. Comparison Factor Homeowner Contractor Experience/Knowledge Limited experience Expert in building Tools Limited and/or lesser quality tools Professional Grade Tools Discounts No contractor discount Contractor discounts Contacts - Labor Few contacts Large “Rolodex” of contacts. Lots of experience with all trades Contacts – Suppliers Some vendors will not work directly with homeowners Relationships with specialty suppliers; Access to better products, service, & prices Scheduling order of trades Little to no experience Experienced Negotiating costs One and done Volume discounts Identifying workmanship issues Limited building knowledge Expert building knowledge Correcting workmanship issues One and done Established relationships and leverage of future work
- 21. What is your time worth? Example: Painting How much would you spend in supplies? How many hours would it take? What is the hourly rate you are paying yourself to paint? What else could you do in those hours of your life? Do you really enjoy it? Is the finished product as good as a professionals? Will you have to eventually pay a professional to fix what you tried to do on your own? Is it really worth it?
- 22. Do you know the right order? Insulation Siding Trim Foundation Windows Painting Plumbing Rough-In Inspections Plumbing Fixtures Doors Tile Electrical Fixtures HVAC Demo Hardware Flooring Landscaping Design Plans Roof Drywall Framing Cabinets Bids Electrical Rough-In Permits
- 23. That Home and Garden Channel The truth, the whole truth and nothing but the truth: Its about entertainment Time, cost, quality Not showing ALL costs Can’t do it in 1 hour or less Great for inspiration & motivation! It doesn’t REALLY show you how to do a project.
- 24. Set your SMART goal Understand potential obstacles Craft your vision Contractor vs. DIY Expect to kiss some frogs Survive & Thrive Show off your success
- 25. Speed Dating Talk to Many, Date a Few, Marry One Locating Contractors for Consideration: Word of Mouth NARI, HBA, other associations or certification programs Home Shows Home Tours Online Searches Advertisements
- 26. Process Steps Goal Financing plan Vision Design Contract Design Plan Bidder Selection Bid Construction Contract Permits Construction Punch List Enjoy It/Show It Off
- 27. Set your SMART goal Understand potential obstacles Craft your vision Contractor vs. DIY Expect to kiss some frogs Survive & Thrive Show off your success
- 28. Emotions / Communication Its not if problems will come up, its when. Therefore its how the problems are handled that makes all the difference. Collaborative attitude and continued focus on the positive is key for everyone involved.
- 29. Emotional RollercoasterOverItExcited Project Start Project Finish Mood Time
- 30. Set your SMART goal Understand potential obstacles Craft your vision Contractor vs. DIY Expect to kiss some frogs Survive & Thrive Show off your success
- 31. Show off your Success! Enjoy your new space and take pride in what you have created! Throw a party for friends to see your renovation! Share pictures of your renovation on Facebook, Houzz, Pinterest, HGTV website, etc. If you used a contractor you may even: Be on a home tour! See your project featured in ads and marketing! Find out that your project was award winning!
- 32. Thank You! Subscribe for additional offers, resources and event notifications.
Notas do Editor
- TX does not license general contractors I’m not the “better half” – because he’s pretty great – I’m the “other” half. Talk about me and my experience – both sides of the table (homeowner and renovator) – renovating homes/investment properties for 10 years
- Specific – I want to gut the kitchen, change the layout to an open floor plan, add in stone countertops new cabinets and stainless steel appliances vs. I want do a renovation. Measurable – easy - do it or don’t do it, but consider measuring the experience or the end product – can you be happy with 4 of 5 stars? Achievable – if your budget and design don’t jive its not going to be achievable – simiarly if what you want to do isn’t allowed due to restrictions. Relevant – needs to be important to you/relevant to your life in some significant way, or you won’t do it (or hate the experience) Time bound – need to give your goal a target start date or you may never move out of the dream phase (paralysis by analysis) Knowing that you can’t/shouldn’t do a project before you start is even more important than any other decision you might make so you don’t waste too much time or money on something that might not be right for you. Begin with the end in mind – stay, flip, slow flip – adding value: kit/bath/sq ft, serial renovator Price per square foot (build vs. sell) – adding square footage in central austin
- Remodeling is like opening a Christmas present – you could get the newest tech gadget or you could get a ugly sweater knit by your aunt sally – there are some inherent unknowns until the project gets underway and the walls and such get opened.
- McMansion – pertains to some of the older neighborhoods near downtown – ordinance to gentrification from getting out of control.
- The B word – investment range – sharing with contractor – leaving a buffer Unless you have essentially unlimited funds, this is often the biggest limiting factor on how much you can do and what types of finishes can be used. Ex: buy a house, buy a car – get pre approved or have some idea of what you can comfortably afford Understand hidden costs and fees – increased taxes, insurance, permit fees, closing costs, etc.
- In the end you may still end up spending the full 200K, either because something unexpected came up or because you decided to make changes or upgrades mid project, but you will likely stay within the amount you planned on spending if you take an approach similar to this and mind your budget as you make decisions during the life of the project.
- Do this AFTER you have an idea of what you are getting into. You’ll only be disappointed if you dream about a yacht when you can only afford a dingy. Visualization exercise – what does it look like?, how will you use it? What words describe the space? Is it a private retreat or place to entertain? Colors? Sounds? Textures? Feature wall/inspiration item for a room, theme/style/color for a home Inspiration/Picture says 1000 words - Houzz, Home Tours, Books, HGTV, Create a vision board Keep this handy – this will guide you through the project, update it as you go, use it to keep your spirits up when things get challenging.
- Inspiration/Picture says 1000 words - Houzz, Home Tours, Books/Magazines, HGTV, Create a vision board
- Could I come in with little to no experience, jump right into your job and do it as well as you?
- We all know cost is what most people focus on when thinking about using a contractor vs. doing it themselves. If you are very handy & have time, patience, tools and resources it may make sense to take on some projects yourself. Here are some reasons you might not have considered about the real “cost” of DIY/what you are paying for when you hire a contractor.
- “Time and Cost” I Painted everything including the dog Picture of me/logan
- “Quality” Could I come in with little to no experience, jump right into your job and do it as well as you?
- Randy ruined HGTV for me Where can you get the education and practical skills necessary to do your project right?
- Interviews/Meet and Greet vs. Bidding – don’t get 7 bids on your project Personality mesh is key Signs on the side of a truck – licensing in TX Negotiating with contractor – 3rd party example/ask restaurant/retailer/hairdresser to change price? No free lunch – this is a business – overhead, costs associated with it, labor costs can’t change dramatically downward Get things in writing – agreements/discussion log – prevents miscommunications
- Get agreements in writting Design + Build firm – benefits Have items like your survey available early on
- how many days have you been alive? How many of those days went perfectly from the moment you woke up until the moment you went to sleep? You’ve had a lot of practice at living and yet its hard to have perfect days. The more you focus on the negative, the more negative things you start to see around you. Conversley the more you focus on the positive, the more positive things you see around you. Same thing with remodeling.
- Vision board – visualization exercise - Keep this handy – this will guide you through the project, update it as you go, use it to keep your spirits up when things get challenging.
- Some contractors may even host/cater a party for you to show off your project to friends and family.
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