Wednesday, March 25, 2009

How To Remodel/Build Your Dream Home in A Recession

Use the Recession to Your Advantage
There is always a silver lining inside a storm cloud. Now is the time for that silver lining to work for you if you have been putting off doing that home remodel project or building from scratch.

Why Now?
During the prosperous times when companies are so busy and clients are lined up at the door, pricing and fees continue their upward rise. The old law of ‘supply and demand’ prevails.

The atmosphere for bidding projects is extremely desirable for the homeowner whereas in busy times, many projects don’t go out for bid but are calculated based on a ‘cost-plus’ type rate structure.

Now, that the work has thinned out or come to a screeching halt, talent, expertise and competitive pricing is available and now the professionals are calling for your attention.

Buyer Beware!
Also, the low workload of architects offers the buyer the opportunity to get the best talent for a lower fee, whereas in previous markets, some registered architects were out of the reach of the average person. Cautionary tale: Be alert to whether you access a licensed architect rather than someone less experienced, less educated or referring to themselves as registered although unlicensed.

The contractors doing all levels of work are experiencing the same lack of projects. That works for you, the homeowner, to invite builders to compete for your work.

Where Do We Begin . . .?

Consider These Points in Your Selection Process:
  1. Select a professional after who reflects your design lifestyle. Use magazines, drive-by neighborhoods, to create a short list of people you might want to contact.
  2. Consider a realistic working budget or ask for assistance to create one. This is often an additional service.
  3. Schedule a preliminary consultation to determine if you have a rapport with the person. This is important because this person will be interpreting your preferences, represent your best interests, lifestyle and tastes. You will be establishing a working relationship with them which can span a year plus.
  4. Create a list of written questions including what services are included, additional fees such as interior design, bidding assistance, construction administration. Is their fee based on a per square foot basis vs. percentage of construction dollars, sliding vs. fixed.
  5. Ask for examples of previous projects to check compatibility with your design goals.
  6. Ask for personal references from recently completed projects of similar scope.
  7. Check with the Registrar of Contractors for complaints lodged.
  8. Ask for a written proposal that outlines exactly what is included in the basic fee and what is additional should you ask for them.
Please email dlinkaa@aol.com with a question and visit our website at www.designlinkarchitecture.com for more examples and project ideas. Good luck on your project.
—DW