Reinventing Your Home . . .
This photo makes me dizzy, but I'm proud to say its photos of projects we sold when working with a local home renovator serving mostly first time home buyers with reconstructed homes a few years ago.
Rebuilding projects seem sexy, but its easy to get buried with no light at the end of a tunnel. My guys over at Housing Group Fund do it well, but if you're in Texas right now you might have no other choice but to reconstruct your home. Here are some things you might want to consider and may not be obvious thoughts while partnering with your contractors:
- DONT TEAR APART YOUR HOME BEFORE REBUILD MONIES are in place to rebuild it. This is absolutely critical. Why? Because you are reducing its value once you tear it apart. Have that commitment for the finances first or its a ROAD FULL OF HEADACHE, POTENTIALLY MORE EXPENSIVE and TAKES LONGER convincing an appraiser and the lender to give you the money you need to rebuild.
- Hire contractors that are approved with your local contractor board and get 3 bids. MAKE SURE THEY HAVE A LICENSE - It's imperative.
- All bids from your 3 different contractors need to be DETAILED. Know every single item that should to be included in the bid. Does your HVAC system need repair? Get that in the bid in the beginning, not later. Painting the exterior? Did you include what's happening with the gutters? Get everything up front so you can better gauge your project timelines and expenses. Put it in writing so those numbers don't change. Why 3 bids? Because different contractors have different visions and recommendations - which one aligns best with yours?
- GET A SOLID CONTRACT. Make sure your bid and contract include your contractor's license/insurance, timelines and what will happen if those timelines are not met and every item you are having done in your rebuild. If you don't know what order reconstruction items should be handled, check out what I found online from a website called HOME BUILDING ANSWERS:
- PAY IN PORTIONS- DO NOT PAY FOR EVERYTHING UP FRONT! You want to make sure the people working your project have incentive to finish your job and in a timely manner? Help them. It's human behavior to be more attentive to a project when there is a carrot out front. Help them be on your team. On the flip side, be a good business partner with your contractor and have your money lined up and ready to go so you are easy to work with as well! Win-win!!