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What Is a Remodeling Contract?
The concept of remodeling, renovating, redecorating, and reinventing different real estate properties has been around for many years. People spend time and money to craft a new look for their place and make it more comfortable and beautiful. Besides that, some want to have homes built with eco-friendly materials and systems. And over the years, newly developed technology provides better housing appliances that meet the demands of these homeowners. Moreover, remodeling is necessary when the house, establishment, or property requires a change of scenery.
Remodeling contracts hold the arrangements, specifications, and restrictions that the homeowner and the general or independent contractor agreed on for the project. The document has a complete description of the project, selected schedules. and outline of the tasks and activities that everyone should follow. If there should be changes, both parties have to meet to discuss the situation. Whether it’s residential construction projects or commercial renovation plans, the owner should get a remodeling contract.
Benefits of Remodeling the Property
Reinventing some rooms or spaces in homes can take up time and resources, much more the effort of the homeowner. But the extra work to beautify the property will be favorable for the owner. In a 2019 year-end report, Statista provided an estimated growth range in the home improvement industry. It stated that the sector, with its developing economy, will reach $454.6 billion revenues by 2023. In a way, taking care of the property is an investment. And if necessary, the homeowner or proprietor can remodel some locations to make the area better. So, what are the advantages of revamping your place?
Trending Remodeling Projects
The American TV show This Old House—broadcasted in 1979 and hosted by Bob Vila—pioneered and popularized the idea of televising home developments. In the modern setting, numerous channels are following the track and producing their own version of the show. From renovating garages to recreating and beautifying lawns, these kinds of shows are entertaining to the masses. But importantly, most homeowners choose to remodel their kitchens and bathrooms more than any room in the house. The National Association of Home Builders released the results of their 2017 survey and revealed that 81% of home remodeling was for bathrooms and 78% lent for kitchens. However, there are still homeowners who remodel more than the kitchen and bathroom areas. So, let’s discuss the trending remodeling projects.
According to Home Advisor, the average cost of remodeling the kitchen can range from $4,500 to $50,000 depending on the preference of the homeowner. It added that cabinet or hardware takes up 30% of the expenses. But not all kitchen changes are high-end, simple redecorations are also the trend. For example, choosing different brands for kitchen equipment to save energy can count as home improvement. Again, the cost of the project depends on the materials used by contractors and the kitchen appliances chosen by homeowners. For now, fresh and bright paint coupled with sufficient window spacing is the current trend.
More than the place for relaxing and comfort, bathrooms continue to be one of the favorite places in the house. When homeowners become stressed from work, they can spend their evening soaked under a bubble bath. Unlike kitchen renovations, bathroom remodeling is a little bit costly, with prices ranging from $6,000 to $35,000 or higher. Most of it can be attributed to bathtubs and pricey bathroom cabinets. Sometimes, homeowners also add a TV set in the room to watch movies while enjoying the evening. Nevertheless, it’s an excellent investment.
Instead of remodeling only one or two parts of the house, many homeowners opt to revamp other spaces. From redecorating old and used rooms to refurbishing the home office, residents can do almost anything to improve the style of their homes. Home Advisor calculates that home renovations can cost between $18,425 to $75,492, depending on the materials and design that the homeowner wants. Right now, cost-effective windows and environmental-friendly elements matter to many proprietors. For illustration, bookshelves and simple cabinets can also boost the aesthetics of an apartment room for rent or sale.
Not all homes have basements. But if the house has one, the tendency of the area being crowded or unsightly can be a little high. However, Money Crashers comments that homeowners have frequently used basements as the second living room in the household. Some converted the space into a storage room, game room, or study room. Compared to kitchen and bathroom remodeling, basement renovations can cost up to $11,000 and can even go beyond $30,000. But if space is in better condition, the expenses will be less.
How To Determine When to Remodel the Property
The solace we call home can go to disrepair for different reasons. Sometimes, aging can be the primary cause of the infrastructure’s slow collapse. And in other circumstances, tumultuous weather conditions can damage the exterior and interior surfaces of the house. In 2018, the Joint Center for Housing Studies of Harvard University (JCHS) presented a report about the remodeling market in the United States of America. The results projected that Americans spend an estimated $340 billion for home remodeling alone. It also states that the economy pushes more people to reconsider home improvements. But before you start breaking down the walls of your living room or buying dozens of tile floors, you should determine if your house or property really needs to remodel.
Step 1: Showing Signs of Deterioration
When the property manifests signs of decay. It’s time for real estate remodeling. Some indications that are easy to spot are leaking roofs, peeling paint, and creaking floorboard. On the other hand, infestations of roaches, termites, and rats will be difficult to detect without equipment. With that, homeowners or property landlords need to conduct regular checkups to know the situation of the building.
Step 2: Too Bare or Too Congested
Besides the clear evidence of a decline in the value of the property, real estate owners can still do improvements to the property if the space becomes too crowded or too deserted. If hesitant about giving away books, clothes, or other valuable things, the owner can choose to renovate the place to accommodate the influx. On the contrary, remodeling can also happen if the area is too empty—adding more furniture, appliances, and other decorations.
Step 3: Disruption of Daily Routine or Function
A renovation will be the priority if the homeowners can no longer function properly while staying in the specific room. For instance, cooking in the kitchen is exhausting because of uneven tiles. Instead of waiting for other parts of the house to be dysfunctional, homeowners should start remodeling when the daily routine gets disrupted.
Step 4: Funds are Available
Property owners can begin creating their refurbishing proposals if they have enough budget. In most cases, house renovations are costly. And it gets more expensive if the property shows signs of deterioration in different areas. To reiterate, regular home or real estate inspection helps lessen the chance of infestations and undetected issues within the house or building. So make schedules for the next checkup.
What should be the content of my remodeling contract?
The remodeling contract serves as a guide for you and the hired general contractor. The specifications to include are the following: (1) the rooms or areas covered in the renovation plan; (2) the list of materials to use; (3) the duration of the project, an estimate ranging from weeks to months; (4) salary and compensation of the contractor; (5) necessary permits, licenses, and other documents. You have to make sure these elements are in the contract.
Should my house renovation contract need my signature?
Yes. The contract requires the signatories of both the homeowner (or landlord) and the hired independent or general contractor. As the formal document that proves the transaction between the two parties, contracts should contain the signatures of the people involved in the plan or project.
Do I need to have a consultation before I remodel my home?
Since home improvements and renovations are expensive, you have to consider the opinion of experts before hiring contractors. Check your home and make a checklist of areas that you think requires an overhaul. Then, ask professionals to inspect the property. But if you have sufficient funds, you can redecorate the home right away.
Should I have a strict budget when it comes to remodeling my establishment?
Instead of having a fixed and strict budget, you can opt to have an estimate of the work covered. In preparation for possible additional construction costs, make sure you can allot extra funds for the project. The safety of the property remains a priority. So, if necessary, include contingency plans.
The task of remodeling a house or an establishment is quite challenging. Homeowners have to continually examine the results of the hired contractors and subcontractors to make sure the outcome meets their demands and expectations. They have to check the current budget, and they have to analyze which plan works best to their advantage. Nevertheless, their investment in time, money, and energy is rewarded not only through monetary benefits but with the safety and happiness of everyone living in the property.