Home Renovation. Sunday , October 07th , 2018 - 23:22:52 PM
When you buy a home, somewhere along the line you will be faced with the prospect of doing some home renovations. The good news however is, there are many ways accomplishing cost effective home renovations. All you actually need to do is sit down, take a deep breath and begin to make a list of all the renovations you feel your home may need. At first, do not worry about putting a cost to these renovations, but rather make an accurate and detailed list of everything which you feel may be in need of renovation.
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.
Mortgage Refinancing - If you are planning major renovations, like adding an addition or in-law suite, it may pay to refinance your mortgage. With this option you can spread the payments out over a longer period and enjoy mortgage rates that are normally much lower than those of credit cards, lines of credit or personal loans. As with home equity loans, there may be some initial fees to refinance.
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