Home Renovation. Wednesday , September 19th , 2018 - 01:20:18 AM
Determine how much value each renovation adds to your home. This information can be obtained from your local real estate office or a qualified appraiser. Real estate salespersons and appraisers for most part use a process called CMA (comparable market analysis) to determine your home value. In short the appraiser looks at similar properties sold recently near your home. Using hisher extensive database, the appraiser is able to adjust the price based on the condition of various areas of your home as well as any new additions. For example the database indicates that an additional second bathroom in your area increases home value by $8000, updated kitchen increase value by $6000, Second garage does not impact the value and etc. This is how your local real estate salesperson is able to price out your home.
That said, there are always house buyers who will not do the proper ground work, so the required maintenance renovations are missed when the home is purchased. The seller, if they knew about the issue (as they often do), has gambled and "gotten away with one", and the buyer has foolishly taken on someone else's problems for the sake of the cost of a structural survey. A note to potential buyers: always, always, get a full structural survey done unless you are an expert yourself in such matters because the short-term additional cost will be far less painful than finding significant issues and having to deal with the associated heart-ache (and anger) after the purchase is complete.
Still, you probably want some advance advice about how to budget for your renovation. It is important to consider two main factors that will affect the price tag on your project - soft costs and hard costs. Soft costs include design and budget development, permit fees, and professional fees (i.e. the cost for architecture and interior design). Hard costs are related to the construction phase of your project and will include the cost of labour and materials. In the typical renovation, soft costs account for about 30% of your budget, while hard costs make up the remaining 70%.
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