Remodeling Your Home The Right Way Making it
** Proper Remodeling MAKES you
Remodeling your home properly can
actually MAKE you money! New home construction costs are
soaring, so there are certain financial gains that can be
achieved from remodeling and existing home ? and, these gains
are greater than ever before!
Basically, remodeling adds equity and therefore capital gains
that can be deferred until the home is sold. In addition, tax
laws have made remodeling even more attractive to the investor
by limiting the tax write-offs allowed on new investment
property. The trick is not to overspend -- your objective is to
spend one remodeling dollar and build more than one dollar in
additional equity in your home.
** Remodeling Mistakes Can COST You BIG
Know the value of your home in its market. If
you are in a neighborhood where homes like yours are only
selling for $200,000, then spending $50,000 in remodeling is
very unlikely to produce a positive ROI on the remodeling
Have a good honest independent appraisal done of your home and
pick only on the projects that will increase the value of your
home. Reasonably priced kitchen and bathroom remodels work
extremely well. For these big jobs always use qualified
professionals in the renovation. In many U.S. states virtually
anybody can claim to be a remodeling contractor. These may not
the people you want renovating your home! YOU want contractors
with a verifiable history of successful projects and financial
REMEMBER THIS: YOU assume financial liabilities when you hire a
contractor. So, make them prove they are reputable. Did You
Know ... If a remodeling contractor performs work on your home
but does not pay his supplier for the materials, the supplier
can put a lien on your home.
** Go for Cosmetic
These remodeling improvements include
interior and exterior, painting, new trim, new flooring,
cleaning up of unsightly areas, landscaping, and other items
that damage the appearance of the home. Most people's
impressions of a home are made in the first 5 minutes, and are
always related to how the home looks and feels.
Home marketing experts have long known the power of color and
texture to influence the moods and perceptions of the buying
public. That's why so many plain products are sold in fancy
packaging. The proper use of paint on a house can, in the first
5 minutes, influence a potential buyer to buy your home.
** Simple Painting Produces a Great
Painting your home inside and out is the
cheapest and most productive cosmetic improvement you can make
- colors... colors... colors...
This is what a fresh paint job does and why:
Makes the home appear clean and fresh...
Eliminates "old house" odors...
Covers patches and imperfections in walls...
Makes a room appear larger and brighter (if the color is
these painting mistakes:
Only choose exterior colors that complement your
neighborhood and the period flavor of the house...
Avoid interior colors that are too wild or bright. Allow
accent pieces in the house to provide the bright
** Curb Appeal - you have to get them in the
Simple Painting Produces a Great ROI! Along with good exterior
painting of your home, certainly spruce up the landscaping, but
make it an improvement -- not an investment!
No real curb appeal is possible without an attractive yard.
Many older houses are overgrown with large foliage that
obscures the house and produces a dark or dreary atmosphere.
Trim large plants to expose your home. Add some small accent
plants around the yard can make the yard appear "well groomed".
If your lawn suffers from poor upkeep or bare spots, consider
rock or foliage gardens to cover the affected areas.
Whatever you do, don't overspend on landscaping. A few
landscaping dollars can go a long way. Excessive landscaping
will not increase the value of your home a great deal. In fact,
it can reduce home value if the buyer perceives hours spent in
the yard grooming, cutting and pruning.
** Kitchens and Bathroom Must Sell Your
paint and landscaping got them in the door -- now close the
deal with the kitchen and bathrooms. Minor kitchen remodeling
can be quite cost efficient and entail as little as new floor
coverings and painting of the cabinets. But, a major kitchen
overhaul can bring a greater return on investment than minor
face-lifts. The idea is to produce more space, cleanliness,
brightness, newness. Even new cheap appliances help produce
what you are after.
Recent trends are toward lavish and spacious baths. The
two-bath house has become a standard. Adding a second bath to a
home may not return its full value, but it eliminates a major
obstacle in selling a home. Because of the high cost of tearing
out old fixtures and installing new ones, consider doing some
of the work yourself. Tasteful decorating and a wise choice of
fixtures will quickly add to the general value of your home
without costing a small fortune. Estimating a remodeling
project can be a real challenge, since many necessary repairs
may be hidden behind walls and floor coverings.
Living with a remodeling project can be a stressful endeavor --
Projects never go as smoothly as expected and invariably
encounter delays. Plan for this and learn to live with it!
Regardless of whether you do the work yourself or hire a
professional, remodeling an occupied home can be challenging
and dangerous. Be prepared for dirt, sawdust, interruptions of
electrical and water service, noise and general inconvenience.
Don't under estimate the psychological toll this will take on
your and your families? personal life.