| Decide The Why and How Before You Start Remodeling |
 |
 |
|
So you are thinking about doing some remodeling. That is a great idea. It is part of the fun and work of having your own home. It can be very rewarding and profitable. Depending on what and how you do it, it can also be a mistake. Before you start, it is important that you understand why you are remodeling.
Reason #1 Are you doing it simply because having your dream kitchen will make you happy? Reason #2 Are you doing it to improve the value of your property and thus your net worth?Reason #3Both 1 & 2Use the answer to this question as a guide as to how you go about doing your remodeling job.Here is a national statistic according to Realtor Magazine Online. If you spend $42,660 to completely remodel your kitchen, it will add 79.4% or $33,890. to the value of your home. That is a loss of $8,770. in real dollars.That makes the why and how you remodel very important issues. If you want to have the beautiful kitchen simply because it will make you happy, then go ahead and remodel away. It will be worth it because after all, happiness is a very valuable commodity. If intending to improve the value of your property in real terms is any part of the reason that you are remodeling, then you may need to do it differently. You will need to think more like a real estate investor who buys and sells so called fixer uppers for a living. According to Realtor Magazine Online, these are some of the things you need to consider.1- What is my neighborhood like? This is an important question because when homes are appraised, they use the recent sales of homes in your area as a comparison. A $20,000 renovation could add $50,000 value in one neighborhood and $5000. in another. Being the best home on your block is “never a good idea because it makes the house more expensive than the others and therefore harder to sell.” 2- Don’t try to change the style of your home. It often doesn’t workout.3- Usually it is a bad idea to change the purpose of the room. Keep kitchens as kitchens and baths as baths.”4- People generally underestimate by “20 or 30 percent” the time and dollars the remodeling will take.5- I say, doing as much as you can do yourself is a great idea. It can save you a lot of money and be a lot of fun. If you don’t know how to do something, home improvement centers can be very helpful. Realtor Magazine has different advice. They say, “Unless you have first rate skills hire someone who does.” No matter who you agree with, the bottom line is it must look good. 6- “If it’s not broke, don’t fix it. Don’t waste money on renovations that won’t pay off.”7- Proper home maintenance is always of first priority. Don’t delay painting, fixing windows, trimming trees and “cleaning the gutters.” If you don’t want to pay more for remodeling than the added value of the property will be, do some research. Ask a realtor or appraiser for their advice. Find out what your house is worth now and what it will be worth after you remodel. Get estimates on the work from several contractors. Go to your local home improvement center for prices and advice. Talk to a real estate agent. Consider what you can do yourself and what you can’t. A little homework can help you maximize each dollar spent on your remodeling job. Remodeling your home is really a great idea, as long as you know why you are doing it and how you are doing it. This is a guide to national averages of the cost of renovating and the added value to the property according to Realtor Magazine. Item Cost Value at Sale Cost RecoupedAdded Deck 6,304 6,661 104.2%Replaced Siding 7,329 7,247 98.1%Added Bathroom 15,519 15,418 95%Attic Bedroom 32,863 30,500 92.8%Bathroom Remodel 10,088 9,890 89.3%Window Replacement 9,568 8,673 84.8% Family Room Addition 53,983 43,931 80.6%Master Suite Addition 70,760 54,376 76.7%Kitchen Remodel 43,804 33,101 74.9%Copyright 2007, Stan Kazwell, Jr. 
To create link towards this article on your website, copy and paste the text below in your page. Preview :
Decide The Why and How Before You Start Remodeling So you are thinking about doing some remodeling. That is a great idea. It is part of the fun and work of having your own home. It can be... © 2010 - Kazwell.com Powered by QuoteThis © 2008
|
||||
Kazwell Newsletter
Mortgage Calculator
Real Estate News
MortgageDaily.com News
-
LOS Offerings Integrate Servicing Systems
A "seamless process" has been developed for boarding loans directly from Mortgage Builder Software's loan originations system to sub-servicer Cenlar FSB's servicing platform, a July news release indicated.
A Cenlar executive explained that lenders are learning about the potential profits from maintaining servicing rights, and Cenlar's subservicing helps prevent layering on fixed operational costs.
Calyx Software also sees revenue opportunities for its customers in loan servicing based on a recent news release unveiling an alliance with Servicing Solution LLC. -
2010 Bankruptcies Top 1 Million
Consumer bankruptcy filings during August fell 8 percent from July, the American Bankruptcy Institute reported.
The decline followed a bounce in July.
Year-to-date Aug. 31, 2010, filings totaled 1,034,843. -
Public Debate on Revisions to FHA Guidelines
The public was invited on July 15 to comment on three U.S. Department of Housing and Urban Development initiatives designed to help restore the Mutual Mortgage Insurance Fund capital reserve account.
More than 900 comments were received by the comment deadline on Aug. 16, a public filing Friday said.
The "overwhelming majority" of the comments addressed the proposed 3 percent limitation on seller concessions. -
Reverse Originations Gaining Steam
The U.S. Department of Housing and Urban Development reported last week that reverse mortgage originations climbed to 5,901 loans for a maximum claim amount of $1.5 billion in July from 5,304 loans endorsed for $1.3 billion a month earlier.
It was the second month in a row of gains.
In August, according to the Reverse Market Insight newsletter, reverse mortgage production increased 13 percent. -
Wachovia Vs. WaMu Debated by Regulators
In an appearance before the Financial Crisis Inquiry Commission, regulators testified about the why there was disparate treatment in the resolution of Washington Mutual Inc. and Wachovia Corp.
The Federal Deposit Insurance Corp.'s chairman said the FDIC had known for months that WaMu was in trouble.
But with Wachovia it didn't know until very late in the game how dire the situation was.
In addition, Wachovia was deemed systemically important.