How to Build A Home Renovation Team You Can Trust

When it comes to a home renovation, the last thing you need is an inferior contractor. Whether you are a real estate investor on a project, or a homeowner that is looking to update your house to  the place of your dreams, having a home renovation team you can trust is key to a successful execution. What it comes down to is that you’re paying for this renovation. No one likes to pay for something that is not up to their expectations, especially a home renovation.

So where in the world do you start? Finding a contractor is not the problem; there are plenty around. But not all contractors do the same work. Not to say that there are bad contractors out there, it’s just that they are all different and do different work. Hiring a team of contractors is similar to hiring a team at work. There are tons of candidates out there, so it’s a matter of finding the right team to work with. Here are the steps you need to take to build a home renovation team you can trust.

Begin with A Plan

Trying to look for a contractor without a plan is kind of like looking for someone to hire without knowing exactly what the job is. You need to create a plan to the best of your ability. Gather pictures, floorplans, and any other images that might describe the work you are looking for.

Larger home renovations should involve a professional such as an architect or an interior designer who creates this plan. This way, you can hand it off to the contractors, and they can take a more in-depth look at it. For smaller projects, it’s not required to have a plan beforehand, but it will definitely help. Contractors do have the experience to help provide you with some inspiration, but they will be interested in knowing what you like and what you don’t.

Create A List of Candidates

It is very likely some of your friends and family have had home renovations done. Start by asking them who they used for their remodel and what their experience was like. You can also ask any friends that are in the real estate industry, as they usually know a lot of good contractors. If you still don’t have a list of contractors to call, you can always turn to the internet and do an online search.

Before calling any one off that list though, it’s important to do your own research. Have you ever gone to a restaurant that your friends recommended just to find out it was terrible? Everyone has different opinions, and you don’t want to rely on a single person’s recommendation. The online reviews will give you a pretty good idea of what the contracting team is like and what you can expect.

Call Your Candidates

After narrowing down your list, it’s time to give your candidates a call. You should describe your project, what your goals are and ask about their business and the type of experience they have. You’ll want to ensure they are licensed and insured, but you will also want to ask for some references and request work samples if possible. Most contractors can send over images of final projects.

Set Up in Person Interviews

Once you talk with your candidates and look into their work and experience, you will have a good idea of who you want to work with, but you should never hire without meeting the team. During this meeting, the team can see the property and determine whether or not it’s a good fit. You will also want to determine if the team is easy to work with face-to-face as you will be collaborating with them a good bit.

Ask About Privacy

No one likes someone that barges into their home unannounced. You will want to make it clear that privacy is important to you and that you would appreciate a schedule of when they will be working. Should they go outside of the regular schedule, make it clear that you would appreciate if they always give you a call. The team will also be in private parts of your home and you should be comfortable knowing they are respectful of your space.

How Do They Treat Their Subcontractors?

Your contractor should be a good leader. If a problem arises, they should be proactive and find a solution. A contractor that points fingers is never fun to work with.

Hire Your Team

At this point, you’re ready to hire your team! You should agree on prices, work well together and most importantly be able to trust each other.

Do Your Part On the Team

Even though you’ve hired a contracting team to do the work for you, you don’t want to completely go off the grid. Your contractors should always be able to reach you even if you are away from your home or if you’re at work. This is in the event of an emergency or issue during the project. It’s very unlikely you will be needed, but better safe then sorry.

Additionally, it’s important to remember not to micromanage your team. This can slow them down and affect how they work. You hired this team to work for you, and you should trust they will deliver the best results.

At Legacy Renovations, we establish relationships and partner with clients who want to enhance their everyday lifestyle. Legacy Renovations wants to help you create a home that fulfills your needs no matter what they may be.Your home is a place where you spend precious time creating memories to last a lifetime, and we understand how irreplaceable these moments are. If you’re looking to hire a home renovation team that you can trust, we invite you to contact Legacy Renovations

Save Money: Federal Tax Deductions for Home Renovations

What if someone told you that you could save money by renovating your home? Whatever you are thinking is generally what most people think. A home renovation costs a lot; how could it ever save you anything? Renovating a home is not generally something that can be deducted from your taxes, but there are a couple ways that you can use this to minimize your taxes, and who doesn’t love a good tax break? If you have been wanting to renovate your home without breaking the bank, these home improvements might work for you.

Read on to learn about the many ways you can use home renovations for federal tax reductions. These include both tax reductions and tax credits for renovations that are made to your home at the time of purchase or once the renovation is complete.

Using Your Mortgage for Renovations

If you are buying a house with a mortgage, you can actually use that to make the home improvements once it is purchased. To be clear, this is only at the time of purchase, so if you have had a mortgage for a couple years, this probably won’t work in your favor.

Sometimes, the mortgage has additional money to make renovations. At this point your attainment cost for the home includes this amount. From there, you are allowed to deduct the interest on that amount from your income as part of your mortgage deduction.

For new home buyers that automatically lose interest in a prospect when realizing it needs some renovating… you might want to change your mind. You can have the home of your dreams without it breaking your bank!

Renovations for Medical Purposes

If you or your spouse need to make changes in your home to make it more comfortable as you age or due to a condition, this can be deducted from your income as medical expenses as long as they are medically necessary.  Some improvements that can be made include:

·       Building entrance and exit ramps that are wheelchair accessible

·       Widening hallways and doorways

·       Lowering cabinets in bathrooms and kitchens to enhance accessibility

·       Adding lifts from floor to floor

·       Installing support bars in bathrooms

·       Modifying or installing fire alarms, smoke detectors and other warning systems

·       Modifying hardware on doors

·       Moving or modifying electrical outlets

If you plan to stay in your home as you age, we suggest talking to your doctor to discuss any improvements that may make you more comfortable in your own space.  You can read more about medical home improvements here.

Home Office Improvements

There have been many changes to home office tax deductions over the years. We are here to clear the air and tell you that home office deductions have not completely gone off the radar.

It used to be that any person who had a designated space in their home for business purposes qualified for a tax reduction, but as of 2018, this is no longer the case.

Your home office must be your main office. This means that you work out of your home office far more often than you do anywhere else. If you work from home four days out of the week and only go into the business office once, this tax deduction is for you.

If you regularly meet with clients out of your home office, whether it’s included directly in your home or is a separate part of your property, you may also qualify for this deduction.

If you do qualify, tax deductible home improvements include:

·       Repairs that need to be made directly to your office –fully deductible

·       Improvements directly made to your office –  fully deductible

·       Repairs made to other parts of the home –  partially deductible

·       Some improvements that need to be made to other parts of the home –partially deductible

Tax Credits for Energy Conservation

A lot of people are hesitant to install energy generating systems in their house because of the cost but doing so could actually possibly save you money. One of the greatest ways to lower your taxes is by taking advantage of energy tax credits through installing those energy generating systems you have always wanted.

Solar power systems in homes create clean, pure energy from the sun. Installing these systems can help to combat greenhouse gas emissions and reduce collective dependence on fossil fuel. Additionally, they keep your home at a comfortable temperature all year long.

According to Turbo Tax, you can get a federal tax credit of 30% of the cost of qualifying geothermal heat pumps, solar water heaters, solar panels, small wind turbines, or fuel cells placed in service for an existing or new construction home.

If you are interested in energy generation, keep in mind that it may seem like a lot of money up front, but there is a good chance you will be refunded, and you will also continually save money on energy bills. If you ask me, that’s too good of an opportunity to pass up. You must also know that in order to get the tax credit, you need to take it the same year the item was placed in service for your home.

Before you consider moving into a new home, talk with an expert. Many people are under the impression that home renovations cost too much money and require too much time and effort. They believe it would be easier to buy a brand new place. However, this is not always the case, and you can have a newly renovated, energy efficient home for a lot less money than you think.

At Legacy Renovations, we are dedicated to providing our clients with the best possible experience when renovating their home. Our seven step Design and Build process ensures you have a truly unforgettable remodeling experience.

Interested in doing a renovation on your home? Contact us at Legacy Renovations to learn more about home renovations that can save you money with a federal tax deduction.