** Proper Remodeling MAKES you money!
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 Money!
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 project.
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
stability.
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 Improvements!
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 ROI!
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
right)...
Avoid 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 colors.
** Curb Appeal - you have to get them in the door!
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 Home!
So 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.
and FINALLY...
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.
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