Home Renovation. Monday , September 17th , 2018 - 02:17:29 AM
Renovating a home is never an easy task. It takes a lot of preparation and hard work to carry out a successful home renovation. Besides that, a lot of money and time is required in order to ensure a home renovation project achieves its purpose. Thanks to the Internet, inexperienced homeowners can find many home restoration tips online. If you have a fast connection, you can even view videos of the latest home designs online. By being familiar with these guidelines you will minimize judgment errors and probability of project failure.
Back this up by pulling out the home inspection that you had done when you first bought the home and going over it again (after you've blown off the dust). Make a list of the possible issues and prioritize them into those that are urgently needed and those you can live with. A very basic risk assessment would look at each item and give it a score of high, medium or low for the two categories of likelihood and consequence. Those that come out high-high, high-medium or medium-high are the most urgent and should be dealt with first.
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.
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