Home Renovation. Monday , October 01st , 2018 - 14:40:51 PM
Home renovation tips are essential for planning a home renovation project. While planning, it is vital for a home owner to identify the reasons for wanting to renovate the home. This is to ensure that the project is launched with the correct reasons and with the correct image in mind of the completed renovation. Another useful tip would be to have an expert survey the house before it is renovated. An interior designer or an architect might be able to help the home owner in this area. This person should be able to give the home owner cost estimate for the project and also a clear idea about what needs to be done. Before starting the project, the home owner should determine the budget that he or she would like to spend on the renovation project to ensure that enough funds are available and to prevent him from going overboard with his finances while in the course of the project. Other tips would be to hire a good and experienced contractor to supervise the home renovation project. This contractor will be able to ensure the quality of the purchasing materials and hence the final outcome of the project.
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.
What about when the home-owner is trying to sell their house? It is well-known that a new kitchen has the best return on investment and can boost the value of a house significantly. It may be tempting to renovate this little profit maker first to get more money and to make the house more attractive, but there is a downfall - if there are any outstanding structural or major maintenance issues, the potential buyer, if they have any common sense, will find them when they have a structural survey performed. Depending on what the issue is, there could be one of several outcomes: a request for a reduction in price, a request for the work to be completed and re-inspected at the homeowner's expense, or, as is quite often the case, a permanent retraction of the offer. It's a hard pill to swallow for the seller, because typically a realtor's price evaluation of their house has not taken into account the cost of this additional work, and yet by having the work done, there seems to be no benefit in terms of increasing the house value. In fact, of course, there is - it's just that the evaluation was too high in the first place.
Label :Renovation Plans For Old Houses‚ Home Renovation Order Of Work‚ Inexpensive Home Renovations along with House Refurbishment Ideas‚
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