Home Based Home Renovation

From LoveToKnow Business

Home Based Home Renovations Make Sense

Home based home renovation makes good sense from an owner’s view. Homes are a substantial investment. Baby boomers are renovating their homes with an eye to staying in a comfortable environment that fits their lifestyle. Other buyers see homes as an investment to be turned around in one to three years taking advantage of the hot real estate market. Both groups need professionals to upgrade and renovate their homes, adding beauty and value for their returns on investment.

Home Inspection Service

Home renovation investments in any home can be substantial. That’s why the services of a home inspection service professional can bring home buyers and those who “flip” houses for resale peace of mind. Home inspectors investigate every aspect of a house’s structural integrity including the foundation, electrical, plumbing, air conditioning, heating and insect damage. Home inspectors must have solid knowledge of local building codes and know what aspects of a house are passable and those that are not.

A home inspection business will require certification, city and county permits and a business license to name but a few. Experience working for construction companies is definitely a plus, since you’ll already have many contacts and know local, regional and state requirements for certification and job referrals. Equipment investment starts at $500 for the basic tools with more for non-invasive electronic inspection devices. You’ll also need ladders, coveralls, gloves, masks and a hat while you crawl into crawlspaces and a truck to haul it all. You’ll also need errors-and-omissions insurance protecting your assets in case of mistakes.

You can buy a home inspection business franchise for $45,000-$150,000 which will provide all the hands-on training and materials you need. Check out The Franchise Zone for information on franchises.

An alternative method requiring less capital investment is to obtain information and training from programs offered by America Home Inspection Society and the National Association of Home Inspectors, Inc.. Check with your local community college and university extension programs for classes on building inspection techniques.

Remodeling Contractor

Home remodeling is always needed and an excellent home based business opportunity. During a real estate boom like we’re experiencing now, homeowners invest in home renovation to make their homes or investments more appealing to buyers for higher resale. When real estate slows, homeowners hold on to their homes, wisely investing in expansions or customizing of interior spaces.

A home based home renovation contractor must have construction trade skills and knowledge of how things must be done and when. This is an excellent opportunity for someone who has been working in the construction industry, ideally under the guidance of a general contractor. While some homeowners prefer the do-it-yourself approach to remodeling, the majority seek professional help, because the amount of work involved can be overwhelming, often overtaxing do-it-yourselfers and creating delays which increase costs. The pros can do the job quickly and on or under budget.

A home based home renovation business will require hiring and managing construction crews and satisfying local, state and federal governments concerning permits, licenses, wages, paychecks, workman’s comp and liability insurance, withholding and resale taxes. Before you begin, check with these agencies for their requirements. Investments in tools, equipment and vehicles can be substantial.

An alternative to hiring your own crews is to act as a general contractor and subcontract construction jobs to other companies. This still requires detailed and in-depth knowledge of the field and the ability to supervise.

You'll need to know how to order and be able to pay for materials, which will entail setting up numerous credit accounts with suppliers and wholesalers. Scheduling is one of the most important skills needed, because when you hire different companies, you cannot have them appear on-site at the same time or chaos results. Plumbers, carpenters, electricians, insulators, wallboard installers, tile setters and plasterers must be scheduled to appear on-site at the right times, and then sometimes they must be “encouraged” to show up as they promised but failed to do. This can be very stressful. In addition, you must inspect all work done, schedule permit inspections by city building officials and show the work to your clients. Clients must be satisfied and you must deal with changes they will want to make, often as afterthoughts to plans already made. This is vital because satisfied clients are the key to referrals and repeat business as the homeowners sell and move to aother home, praising or condemning your past performance. A bad reputation will make your stay in this field a short one.

You can get assistance and knowledge to improve your home remodeling business by turning to The National Association of the Remodeling Industry. This assocaition provides information on chapter memberships in your area, and offers four different types of certification programs.

Once you’ve gained the necessary licenses and certifications, marketing is best done by contacting lumberyards, building material manufacturers and distributors, retail suppliers such as Sears, Home Depot and Lowes , and offer to subcontract their customer installations. After you have done good work, tap into established relationships with home inspectors, lenders, insurance professionals, architects and other renovation companies that do non-competing work for referrals. You can also list your company with The Blue Book of Building and Construction. Advertising in yellow pages and print listings in the renovation or repairs section of your local newspapers will be needed immediately. Advertising in other media can wait until you establish your reputation and have the required funds. A Web site is always a good idea.