Home Renovation. Monday , September 24th , 2018 - 04:33:52 AM
Take the case where the home-owner is happy in their home and they want to stay there to raise a family - they love the community spirit of the neighbourhood, it's close to work, and there are ample facilities nearby. What is more important long-term? Stopping the basement from leaking, or getting a new kitchen? The answer should be obvious of course - renovating (restoring to a former better state) the basement is not only a necessary preventative measure from potentially significant damage to the house, but is also a requirement for peace of mind.
If you spend much time watching home renovation programs, you probably have the misguided impression that these types of projects are quick and easy. These programs are successful because they essentially have unlimited budgets and the assistance of top renovation professionals including designers, contractors, and tradesmen. In reality, homeowners are often renovating on a fixed budget and their access to resources is more limited. Moreover, home décor programs rarely discuss the cost of home renovations, and when they do it can be difficult to determine what is covered in their budget. So what is the cost of home renovation?
Value engineering in respect to home renovation is the process by which you analyze to determine what renovations will bring in the most profit for your home. Determine the market value of your home as well as market value of renovated homes similar to your home in your area. This is done to find out whether there is any room to profit. If the price for your un-renovated home is close to the price of a renovated similar home nearby, renovation could be a waste of time and money. Remember, the key words are "similar homes" and "in your area". There is no point comparing your home that is built on a 20 x 100 parcel of land to a home built on a 5 acre land as you are not able to stretch the size of your land. Also the comparables that you choose must be near your home, preferably on the same street or just few homes down the road from your home. You can obtain market value of these renovated homes from your local real estate office or from a qualified appraiser.
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