Daniella Good. Home Renovation. September 28th , 2018.
Whether you are pursuing small, inexpensive renovation projects or you have considerable savings behind you, you may want to consider funding your project from your personal resources. However, you should still speak to a financial advisor to ensure you have appropriate funding, especially if you are inexperienced with home renovation projects.
We often think of a home renovation as something which brightens up our living space, gives us more room, or makes us more comfortable. Consider an addition, or a fresh coat of paint, or a new bathroom. These renovations fall squarely into definition number two. They are restoring life to our home, and have the 'wow' factor which we love to share with our friends and family. These renovations also tend to add value to the price of a house, and people will talk about the return on investment that goes with them i.e. what the cost of the renovation is compared to the increase in price if the house were to be sold.
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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