“I think we’ve been an agent for change, everywhere, and I think change frightens people. They’re going nicely in what seems like a settled industry, and someone comes in and says: “I can do this better. It doesn’t matter how nice that other one is.” That’s one of the distinguishing points of our acquisitions.” -Rupert Murdoch
Home improvements can drastically increase the market value of any home. Even if you are not interested in selling your own home there is a great deal to be gained by maintaining it and occasionally updating the style and structure to make sure your house will continue to appreciate in value. Maintenance and renovation can take two forms – cosmetic and structural. Cosmetic changes refer only to changes to the surface of the house. These may include painting, siding, and landscaping. Structural changes would include putting in a new roof, adding windows, or building another room.
It is extremely important that you maintain all your appliances. Especially if you are planning on selling your house with appliances. You want to make sure they run well and are clean. Sometimes the appliances can make or break a real estate deal. In addition, you should have your heating and cooling systems checked and clean regularly. This will help you avoid repair or even replacement costs. If you are planning on selling your home, get an inspection. The technician will give you a report of all the things he feels need to be changed. Once you have the report, make a list of the most pressing repairs and settle on a budget. Not all repairs can afford, so pick and choose the ones which are most important and work on those.
Remodeling can be extremely expensive. However, with the use color, paint, and re-arrangement of furniture can breathe new life into old rooms at a fraction of the cost. It is better to go conservative then over extend yourself financially. Most home owners are under the assumption that any home improvement will add value to their house. However, most appraisers disagree. For example if you live on as street that has bungalows and the average home has 3 bedrooms, even if you add a second level and 2 additional bedrooms, your market value will probably remain the same.
Cosmetic changes are usually less expensive and express personal tastes. Therefore, they add little value to your home. However, cosmetic changes do make your home more appealing to potential buyers. If your front yard needs to be cleaned up make sure you do, before potential buyers see your property. Structural changes do add value to your house however they can be very expensive. Before you remodel anything make sure that it the increased profit from selling the house out weighs the amount of money put into the renovation.
By: Mika Hamilton
Posts Tagged ‘Renovation’
Cosmetic and Structural Home Renovations
March 2nd, 2010Quick Guide To Home Improvement Grants
February 27th, 2010
With real estate being so hard to sell nowadays many people are content just staying in their original house. For this reason home owners are more open to embarking on home improvement projects to make their house more livable. Yet, they usually encounter a major snag in their endeavors, namely, finding a way to come up with the funds. With home improvement projects ranging from a few hundred to a few thousand dollars, many home owners feel that they just cannot afford to fix up their house. Fortunately, with the help of home improvement grants, they no longer need to feel that way.
What is a Remodeling Grant?
This type of financing is a sum of money given by the government for the purposes of fixing up one’s home. They are better than a loan because they do not need to be paid back. Yet, many people think that because a grant is associated with the government, they must go through a drawn-out bureaucratic process in order to get approved. While this may be the case for other types of federal grants, it isn’t so for home improvement grants.
Why is this? It’s because usually home improvement grants are given if:
1) a house is deemed to be inhospitable without renovation,
2) a person needs to renovate because of a disability or
3) a person is aged 62 or older.
A professional inspector is sent out to the house in any of these scenarios to determine if repairs or renovation is needed.
So, the downside to home improvement grants is obvious. A person can’t get one if they want to add luxuries such as a pool to their home. However, there are still many homes in America that require repair work that would cost more than the owners can afford and these grants come in to their own in such circumstances. Common problems that are covered by a home improvement grant include plumbing issues, mold, roofing and insect extermination.
By: Phil Nichol
TV Shows Can Hurt Home Improvement
February 12th, 2010
Home improvement shows are pushing some Canadians to opt for the “reno” of their dreams instead of a project more in tune with their financial reality.
Recent surveys have found that 60 per cent of respondents who have renovated their home recently developed a budget before starting their project. However, 27 per cent of renovators spent more than they planned.
Maintaining a renovation budget can be challenging, especially when home improvement TV shows and magazines stir-up consumer appetites for the latest in home appliances and décor. Home renovators often have the best of intentions when it comes to sticking to their budget, but often the influence of renovation shows can force them into a ‘stretch’ situation, which can cause major financial headaches when the final bill is tallied.
The ability to anticipate extra costs through appropriate financial planning can reduce the stress of home renovations. Experts suggest securing financing prior to the renovation, such as a personal or homeowners? line of credit, which provides the financial cushion most home renovators require. Having a line of credit available doesn’t mean that you have to use it, but it does provide added security if you hit unexpected expenses such as re-wiring your home.
While the survey showed that 68 per cent of respondents use cash from savings or investments to pay for renovations, a lack of planning could mean financial challenges down the road. The survey also showed that 34 per cent of homeowners are borrowing to renovate.
Home Improvement Shows Could Spoil Your Whole Marriage
Attempts to emulate TV ?fantasy homes? could be turning DIY into D.I.V.O.R.C.E, according to a new study from British Gas? Web site house.co.uk. Over half of our DIY is now inspired by TV shows, but 80% of families admit to having had arguments over failed makeovers.
Two in three families cite disagreement over color schemes being the likeliest source of a break-up.
The research was conducted to assess consumer attitudes to DIY. House.co.uk features a national directory of ‘trusted tradesman’, provided by HomePro Ltd, the leading online supplier of screened trade professionals.
Calling in a tradesman could help families avoid not just a dispute, but also a massive bill. Householders spend millions fixing their DIY disasters.
Uncertainty over house prices means that 84% are taking tips from TV shows and redecorating instead of moving to another home.
Top Ten Reasons for DIY disputes:
1. Disagreeing over color schemes
2. The person doing the DIY didn?t want to do it in the first place
3. Thinking it will be as easy as it looked on a TV show
4. Jobs not being completed
5. Finding the time to do DIY
6. Mess /disruption
7. Stress
8. Costs
9. Lack of basic DIY knowledge
10. Male/female differences of opinion
By: Leroy K. Calstard