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Home Renovation: 3 Important Facts that You Need to Know

9/22/2017

8 Comments

 
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A great new way to make money these days is by “flipping houses” which basically means house remodeling. Most real estate brokers advise their clients to renovate their homes before selling to increase its value leading to more profit. On the other hand, not all house remodeling projects succeed in adding value to property—especially without the right strategy. Read on to learn more about the ways to increase the value of your home.

What Is the Difference Between a Homeowner and an Investor?
To begin, let’s talk about the difference between an investor and a homeowner. Investors typically have a good strategy of making money by “flipping houses.” This strategy involves buying old houses at cheaper prices and saving money on repairs by working on it themselves. Investors also take a step back to observe the neighborhood and compare their home renovations according to area’s standards. If the other houses don’t have over-the-top landscaping, then their property probably won’t need one.

Homeowners typically don’t have a well-developed strategy when it comes to remodeling their homes. Because of this, they end up spending more money in renovations than the money that they get when they sell their property. As an advice, you have to keep three things in mind when it comes to renovation projects— basics, adding value, and personal touch.

Basics
Okay, so let’s start with the basics. These are what buyers are expecting when they take a look at your house. Solid walls, a roof, windows, floors—these are of course a necessity in building a home. In more expensive properties, this can include bedrooms, air conditioning, garages and pools. What you have to remember is that adding these basic items to your home will not add more value to it. You are just getting it up to the standards of the rest of the houses in the area.

Adding Value
After making sure that your house has all the basic parts, let’s focus on increasing its value. There are house remodeling projects that significantly add value to your home. These projects include bathroom and kitchen remodeling, balconies, decks and more living spaces. Upgrading your home’s windows is known to be one of the best remodeling projects that gives you the best returns.

Personal Touch
Your personal preferences are what you’d like to have in your home but not common in most houses. These include wine cellars, hot tubs, ponds and game rooms. It’s not a bad thing to add these amenities to your home but do not expect to get paid more money for them when you sell.
A home is a sanctuary that should always be in pristine condition. Damages to your home can lead to a lower resale value. Keep in mind that the more damage in your home, the lower the price is. Make sure that you have a good insurance policy to cover damage to your home, whether you are living there long term, or investing.

At Valencia Insurance, we aim to make our client's life easier with policies that are tailored to their needs. You can get more information about our products and services by calling our agency at (772) 344-8899. Get your free quote today by clicking here.

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8 Comments
Bathroom Renovations Edmonton link
12/23/2021 01:52:50 am

With repurposing an existing space, you’ll be responsible for the cost of changing the structure to suit your needs. You’ll also be responsible for upgrading the existing building per modern ADA, health, and safety codes.

Reply
Victoria Addington link
2/27/2022 07:45:11 pm

It got me when you shared that there are remodeling tasks that can greatly improve the value of your house or building. That's probably why my friend wants a building refurbishment for his property. I think it's best to turn to a contractor that is an expert in the field.

Reply
Hailey Miller link
3/1/2022 04:43:56 am

It got me when you said that home renovations can add value to our property. This is informative because I want to improve my kitchen to get ready for the BBQ party with my family next month. With this, I am hoping to find kitchen renovators tomorrow afternoon who can help me design a spacious and modern kitchen.

Reply
Interior Architects Services link
3/4/2022 12:06:02 am

This is the best article post about home renovation.
What is the first Whole Home Remodel – Where to Start
Determine what you can remodel yourself – and what requires a contractor.
Determine your budget.
Decide on the design and style of your home.
Acquire the appropriate permits.
Research builder's risk insurance.
Create a timeline and stick to it.
Get started.

Reply
Bernard Escalera link
4/28/2022 12:34:50 pm

Interesting facts about home renovations. Although there are many good reasons to renovate your home.

Reply
Evan Cloninger link
5/10/2022 09:33:46 am

These projects include bathroom and kitchen remodeling, balconies, decks and more living spaces. I truly appreciate your great post!

Reply
Tex Hooper link
7/7/2022 04:33:55 pm

I appreciate what you said about how you will need to replace plaster from time to time. I need to get a contractor to replace my pool drains. I'll have to hire someone with good online reviews.

Reply
Jessie Holloway link
1/10/2023 02:35:47 pm

I love how you point out that remodeling can add value to your home before selling it. My aunt wants to move to be closer to her job and she wants to try to get a good amount out of this house she's in. we've been looking into hiring a contractor to help her remodel and update parts of the house.

Reply



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