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Leasing During a Remodel Posted On :May 01-2014

 

Going through a major remodeling project is often a stressful process. It requires careful coordination of a wide-range of details involving architectural plans, building codes provisions, competitive contractor bids, design features, selection of fixtures and flooring, and a continuous series of decisions as the work moves forward.

 

One major decision is whether to live in the house during construction or to lease somewhere for part or all of the process. Some people choose to stay in their home to save the added costs of leasing for months. As leasing could easily be $40,000-$70,000, it is a substantial amount that they may prefer to use for the actual remodeling. Also, there is an advantage to being close at hand during the remodel as many concerns and questions can arise.

 

However, very careful consideration should be given to the added stress that may result from living in a constant construction zone. Being totally unprepared for the reality of having a primitive kitchen set up in one of the baths, workers arriving at 7 a.m., constant dust even if plastic barriers are taped up, etc., can come as a very unwelcome experience. If children are involved, the potential stress level may be magnified. In such cases advance planning and allocation of more funds for temporary housing may be essential for the family health and harmony.

One alternative is to find a rental home that is relatively near the home being remodeled and with enough space to handle the needs for many months. Initial estimate of time to complete the remodel may be substantially shorter than the actual time it takes due to delays and changes along the way. Therefore, it may be wise to find a lease that can be somewhat flexible in length, offering a premium to the landlord if need be in order get a more flexible term commitment. It may also be worth considering a nearby apartment complex that could have large enough units available for lease.

We have had clients who decided to minimize the leasing costs by living in their home for several months while a major addition was being constructed. They then moved out for a few months while the final construction including a new kitchen was being completed. This served both purposes of saving leasing costs while reducing potential stress of living in a construction zone.

 

Michael Edlen has worked with more than a hundred homeowners who have done extensive remodeling since 1986. He is available for remodeling vs. selling consultation through michael@michaeledlen.com or

 

 

310-230-7373.  He also has an effective nationwide referral network that is helpful in identifying ideal agents to work with in buying or selling homes anywhere in the country.

 

 

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