Home Renovation. Saturday , October 06th , 2018 - 20:43:19 PM
Major home renovation projects like adding an extra bedroom, changing your floor tiles, bathroom renovation or kitchen renovation are complex projects that can be difficult to accomplish without the help of a professional. Doing them by yourself may end up in exceeding your budget. This is the main reason for why you need to hire an experienced contractor to do the renovation project for you. The contractor who is an expert in this arena can remove all the stress in your renovation project. You just need to explain what you need and he will take care of the rest. Moreover, a trustworthy contractor can help you lower your home renovation costs.
Before you start planning your renovation, you should speak to a financial advisor. Regardless of whether you plan to finance the renovation on your own or you'll need to borrow money, a financial advisor can review all your options and advise you as to the best way to finance your renovation. From this stage, you'll be ready to make a realistic plan and budget for your project. Ideally, your financial advisor will discuss a number of options including your own resources, credit cards, personal loans, lines of credit, home equity loans, and mortgage refinancing.
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.
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