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  When remodeling your home, you can't have it all-but you can have a plan that is based on what you can
afford.
  Like any other project, you need to set clear expectations regarding what you can spend and what you
want to get in return. For example, the same amount of money used to remodel an entire home might
create a kitchen that has all the amenities found in a "dream house," but it might be better to spend money
on overall renovation to increase the market value and curb appeal of your residence.
  Only you should make those kinds of decisions, says Paul Winans, president of the National Association
of the Remodeling Industry.
  "Some homeowners prefer to call in a remodeling contractor and expect him or her to create the budget
for them-which is not the best way to begin," Winans says, suggesting that the best decisions are made by
homeowners who aren't facing any sales pressure.
  Winans suggests the following tips:

KEEP A RESERVE
  Once you determine how much you can afford to spend on a remodeling job, decrease that amount by 10
percent to 20 percent. This reserve should be put away to cover any change orders or incidental charges
accrued along the way, which will prevent a frantic scramble for additional funds at the end of the project.

SAY NO TO UNNECESSARY CHANGE ORDERS
  While it's rare that any remodeling project proceeds without a single change order, homeowners can
keep them to a minimum by sticking to their original plans. A change order is a written document detailing
any requests to alter, change or remove any items found in the contract or project. There are usually three
causes for a change order:

* The homeowners start one because they have changed their minds about the design or a specific product.
* Unexpected damage was found (termites, for example).
* A code violation is uncovered that affects the project.

  It is easy for a homeowner to say, "A little more on this fixture doesn't matter. It's very little money."
Unfortunately, having that attitude also makes it easy to overextend a prepared budget. Little charges have
a habit of adding up. Change the things that need to be done. Be cautious about changes that are purely
cosmetic.

"WHILE YOU'RE AT IT ..."
  You can annihilate a budget along the way by heaping on additional work that you could do yourself.
While it's tempting to a homeowner to have the remodeling contractor complete handy work, it's good to
remember that any work not specified in the original contract will have an additional cost attached to it.
  Some homeowners obtain financing for a remodel, especially for larger projects. There are various
financing plans readily available to homeowners. Among the most popular are home equity loans, which
base the loan amount on the equity in the home.
  Federal Housing Administration loans specifically for home improvements are available through many
banks and lending institutions. The FHA requires that the contractor be approved by the lender.
  Whatever financing a homeowner obtains, stick with it. Don't be afraid to tell the contractor that there are
budgetary limits and that you intend to keep within them.
  A professional remodeling contractor is familiar with the many financing options available and can
frequently be of assistance in putting a homeowner in touch with various options, but homeowners still need
to do their homework on the available options.
  Consumers can call the NARI hotline at (800) 611-6274 to request the brochure "How to Select a
Remodeling Professional," or visit
www.remodeltoday.com for more information.

Written by Paul R. Huard.  All Rights Reserved.
Published September 2007 by The Homesteader - York County & Lancaster County, South Carolina, Edition.
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