Whether you have just purchased a home or decided to stay where you are, renovating or modernizing your home takes a lot of preparation.

One must plan months, possibly hiring an architect, if you are going to expand the square footage of your home, create and get plans approved, hire qualified and insured contractors and so much more.

Also, before your closing you should begin to set in motion a plan for your renovation, to minimize the stress and worries as you will be ahead of the game in getting the work started on a timely basis.

Deciding whether or not you will consider living in one part of your home while the other section is renovated will be a huge decision.

Saving money by not renting elsewhere could be money to put into your modernization plan.  Make sure if you are going to stay (my daughter did this) that the area is extremely well sealed off to keep all the dust and fine particles out of your section.

You might want to consider storing all your furniture and whatever you will not need until after the work is completed.

It would help if you planned on a budget for what you are considering doing. If you want to cover yourself for the extras and unknowns, add a 10-15% cushion, to minimize surprises. This would be a very prudent decision to cover yourself while your project is proceeding.

Now you must begin interviewing potential architects or contractors to do the work.  I suggest that you get a referral from someone who has had a successful experience and also check reviews online.

Those reviews can provide insight into the “satisfaction factor” of those who have engaged them.  Make sure whomever you hire that the company has more than adequate insurance that covers the work completed but also provides you a certificate of insurance with you as an additional person of interest.

Depending on the value of your home, you should consider asking your insurance broker, what amount your contractor should carry to cover you and your home while doing the work.  This will cover you on their insurance (and not your policy) in the event of any damage that they may cause.

Another item to consider is if they have worker’s compensation insurance; so if they get hurt while working on your job.

Also, if a lawsuit comes about due to their injuries, you are covered under the contractor’s insurance policy (certificate of insurance for the homeowner).  Lawsuits are a common occurrence today, so better be safe than sorry.

Another consideration to contemplate is who will be purchasing your appliances and materials.  A contractor can do this for you at an additional cost.  However, there are companies, that for a member fee, you can scour their manufacturer’s books to order whatever you may need for your project.

I joined a company many years ago to perform a large renovation on one of the homes. I calculated that we saved approximately 37% (bought below wholesale) including the membership fee. Today, with the cost of materials one must ascertain whether the membership is worth it in savings.

This can be accomplished by asking someone knowledgeable at one of those buying services and breaking down the costs of all the appliances, and fixtures for the kitchen and bathrooms, living and dining rooms.

You should know what those costs are in the big box or major appliance stores.  You need to factor in the time both you and your significant other will take in searching through the books to locate what you need.

The larger the job is, the greater the savings. Taking copious notes will be important in your search.

Make sure whatever is agreed to with your contractor,  is clearly and concisely stated item by item in your contract.  This is most important so that you and he have and precise understanding of the work to be completed.

You want to think about and solve problems as much in advance as possible.  You surely do not want arguments to occur between you and your contractor. Another area to save money is whether you will be responsible for being the GC (general contractor) in hiring the plumber, electrician, or anyone else or will be letting your contractor do the hiring.  Contractors normally receive some money from those who are hired to do the work.

If you have the knowledge, expertise, and experience to perform the hiring, then this will add to your savings and hands-on approach.

Taking your time researching, reading, and learning, will allow you the opportunity to save money.  The big box stores also provide free presentations on plumbing, electrical installations, and other projects to provide you with an excellent education in preparing you for the job.

If you are not able to handle these types of projects, then it would be best to hire a licensed and insured professional.  This will minimize and eliminate headaches and all the stress of doing a major renovation.

Philip A. Raices is the owner/Broker of Turn Key Real Estate at 3 Grace Ave Suite 180 in Great Neck. For a free 15-minute consultation, value analysis of your home, or to answer any of your questions or concerns he can be reached by cell: (516) 647-4289 or by email: Phil@TurnKeyRealEstate.Com or via https://WWW.Li-RealEstate.Com