It is a fact that home renovations adds up to the house’s market value. If a house seller wants to earn big in selling his property he has to do changes and improvements in his property. Surely setting up a garden or a parking space for vehicles would increase the market price of the property. But before getting too much excited you have to bear in mind that putting a property under renovation is a no easy task. For first time house and lot owners who plan to put their properties under renovation, it will be a wise act if you first become familiar with the basic home renovation processes. Why? Well it is because a home renovation is a costly project and I’m sure you don’t want to waste your time and money on unnecessary things. Reading books, magazines and articles online that are related to home improvement will really help a lot.
But wait there is more that matters. As what I’ve said, home renovation is a costly project so you may want to consider these questions first before putting a property under the renovation process. Each of these questions will be in detail later.
1. Is the plan for home renovation practical?
2. How much payback value will I get?
3. Is the plan for renovation flexible for future changes?
Is the Plan for Home Renovation Practical?
The idea is this! Is your plan for home renovation just for luxury? Now if your answer is “yes”, you may want to think twice. In today’s hard and deflated economy many people prefer living practical. As to what many experts say practicality is in these days not luxury! Same as through with buying a house, home buyers would not buy a property that has a very high market value. So check your house, if the current condition of the house you’re planning to sell is still good and has a good market value then putting it under renovation might not be a good choice.
How Much Payback Value Will I Get?
Is you’re plan of putting a property under renovation will be worth your money? Well this is in relation with what I said above, that is “practicality is in” but if you still prefer a home renovation you need to focus on where you can get a good payback value when the time comes that you are going to sell the property. Most of the time renovating the kitchen and bathroom will give more payback value when you sell your property. Recent statistics show that a house owner can have a 75-100% payback value when he focuses on the renovation on the kitchen and bathroom.
Is the Plan for Renovation Flexible for Future Changes?
This is what many house owners should really consider. How flexible is the plan for renovation for future changes? Let’s say you renovated the back part of your house for a garage, then after 3 years you will remove it for another change. Is that practical? Surely it isn’t. So just in case you still prefer renovating your house, make sure you create a well crafted plan that can adapt to future changes and improvements.
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