Home Renovation. Friday , September 28th , 2018 - 03:52:27 AM
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.
Another way to finance your renovations is a personal line of credit. Many homeowners prefer this option for long-term renovations as you can access funds at any time. Moreover, regular repayments and monthly statements help you track your renovation expenses. While lines of credit usually have lower interest rates than credit cards, they may be higher than those on personal loans.
Carrying out some of the renovation tasks on your own can help you save a lot on the costs. However, you need to be aware of your skills and opt for the tasks accordingly. For example, if you have never engaged in the task of crack filling, you better leave this task to the professionals until you are willing to learn during this crucial time. Moreover, most of the people feel quite comfortable with the not-so-technical tasks such as painting. Therefore, carefully analyze your skills and thereafter opt for the task of your choice. However, in your attempt to save the money by doing the task yourself, never compromise with the quality and standard of work.
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