Nadia Mcmillan. Home Renovation. September 09th , 2018.
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.
A timeline is also important in home renovations. It is important to go over this with your contractor and get in writing a plan of attack. It is important that each step is broke down into a time frame so that you and the contractor can work together to make sure progress stays on track.
Home renovation is a fantastic opportunity for upgrading your home, improving the quality of life, and lowering the cooling and heating costs. However, the high costs of home renovation projects hold people back from undertaking one for their dream home. Although, the basic labor and material costs will remain the same, one can lower the renovation costs significantly by choosing less expensive lumber, fixtures, and other amenities.
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