As we wind down 2017 we have noticed that, due to our interest rate environment as well as the hot housing market in the Dane County area, more and more of our clients are looking at completing significant home projects. Whether it be a kitchen remodel or landscaping work, contractors are scheduling their projects. The time to start planning is now.
Working out a significant project takes time and the proper steps must be taken to ensure that you are getting a reasonable price for quality work. Getting multiple quotes is essential to making sure that you are receiving good value. As more projects are added to a contractor’s schedule you will run the risk that the prices will go up due to supply and demand factors. You should expect that quality contractors may already be well scheduled for 2018.
The good news: due to sites such as Nextdoor, Thumbtack, or Angie’s List, finding a trusted professional with reviews is easier than ever. You can easily gather information on your contractor and assure that they have positive reviews about the work done. Address with them directly any prior concerns that people have raised so it won’t be a surprise to either party.
As quotes are received the budget will come more into focus. As always, it is wise to make your financial advisor aware of your intentions. They can help you plan out whether to take on debt through a home equity line of credit, a refinance of a first mortgage, or a cash out of some assets. When decisions are made to free up assets from investments, it is essential to let your advisor know since the timeframe for this money may have changed significantly. You don’t want your investments to go through a downturn right before you use them. You will also want to consider how liquidation will impact your taxes should you have significant gains.
Please let us know if you have any questions for us on how to plan out a significant home project. Being mindful of this process can help save you money and reduce stress. We’re here to help.