Taking upon a renovation project is an exciting, and if done properly, a very gratifying venture. To make sure you’ve covered everything and not to make any mistakes along the way so you can sell a house fast; if that’s what you want to achieve, don’t overlook these five things:
Before diving into your home renovation project, you should have determined and secured a budget first. It should cover all the needed materials and labor with extra money set aside for any unexpected costs that may arise.
When planning a home renovation budget, think about:
How You’re Going To Finance The Renovation
The ideal way to finance the renovation project is by saving up and using those funds. However, that isn’t always possible, especially in case of renovations which are urgent and extensive. Suppose you’re not able to fund the renovations from your savings. In that case, you may consider taking up on home improvement loans, mortgage refinancing, second mortgage, or government loans if you’re eligible for one. Using credit cards is also an option, especially for minor home improvements and updates.
Prioritize Your Renovation Goals
There are many reasons why you’d want or need to take upon what often can be a stressful and financially strenuous home renovation project. Maybe you want to sell your house and get a better deal. Sometimes it’s a matter of necessity where your safety is at stake with old electrical systems, leaking plumbing, and roof that needs replacing. Other times, you’d want perhaps to update the house’s appearance with some cosmetic changes such as new carpeting and new appliances. Whatever the reason may be, decide what’s the priority and stick to it. Once you start renovating, you’ll come across more things that could also be redone and updated.
Return On Investment
Suppose you’re doing the renovations because you want to increase the value of your property. If that’s the case, you may want to invest in kitchen and bathroom renovation first, as it often provides the best return on investment. Updating the house’s appearance and overall appeal can also help you get better resale value. If unsure about what kind of renovation to do to get a better deal, reach out to a real estate agent for advice.
2. Local Building Codes And Regulations
When planning a renovation project, you may need to consider different local building codes and statutes. Depending on planned works, you may even need to obtain a few various permits. Usually, contractors are in charge of bringing all the necessary permits, adding their bids’ cost.
If you’ve decided to DIY some of the home renovations, you’d want to know what are the most common code violations you can make and how to stay away from them:
Not Obtaining A Permit
Although homeowners are allowed to make home improvements without a contractor’s license, you still may need a permit to ensure all upgrades are safe and correctly done. If you fail to obtain a permit, you may be caught by an inspector later when you try to sell your house. If the work you’ve done is not up to code, you’ll be required to fix the work at an added expense, or a buyer could sue you for damages and repairs coming from a work that is not up to code. Having made improvements to the house by respecting codes and regulations adds value to it and makes it more marketable.
Not Testing For Asbestos And Lead
Asbestos and lead are two dangerous materials which can be found in older buildings. They are not only potentially lethal to your and your family’s health but to the health of the community, trash disposal, and landfill workers, too. That’s why you want to inspect and test to see for any trace of these materials in your house. If there is, you want to call in professionals to safely remove and dispose of them and according to state regulations.
Bad Electrical Work
Poorly done electrical work is a threat to safety, can potentially cause significant damage, inspection issues, and heavy fines. This is a type of work you’d want to leave to professional electricians who are knowledgeable about wiring, installations, and electrical systems. A good electrician will also have a good grasp of safety regulations and building codes.
Building A Non-Compliant Fence
By building a fence that’s not in compliance, you’re risking disputes with your neighbors whose complaints can have a building official come and tear the fence down. Most often, homeowners build too tall fences, which are the source of the most common types of complaints local building and planning departments receive.
However small the renovation project you think is, it’s best to discuss with the local building authority and inquire about possible permits, codes, and regulations.
3. Not Packing Away Valuables And Setting Up Alternative Space
Depending on the scope of renovation works and the space where most of the work will occur, you’ll want to pack away all valuable items, pictures, vases, and similar. It’s also best to protect and cover furniture, chandeliers, and floor.
Suppose the extensive renovation is going to take place in the kitchen. In that case, you may want to set up a temporary kitchen with a small refrigerator, oven, and coffee maker in another room unaffected by undergoing works. The same goes for if you’re having renovations take place in your bedroom or bathroom.
4. Functionality, Efficiency, And Timelessness
When renovating, you never want to sacrifice functionality or efficiency over an aesthetically pleasing look of the house or specific room.
It’s the same when thinking about the current, modern designs everyone seems to be going for. You’re better to go for timeless extensions and renovations that will not be outdated and needed to be replaced with yet another renovation in a few years or less. Instead, add small, fashionable details that are easy and inexpensive to replace.
5. Asking For At Least Three Different General Contractor Bids
With an exact list of renovation goals and priorities, you’re ready to look for at least three different general contractor bids. The plan will help possible contractors give you the most accurate offer before the start of the renovations. A contractor should be able to explain and put on paper the action plan of renovation, so you know he’s capable of overseeing and doing the job from start to finish.
Selling House Fast With The Right Type Of Renovations
With a set plan of goals and priorities with a budget to match, the right type of renovations can secure you a great return on investment. It’s something you definitely shouldn’t rush into unprepared, but also, it’s something you shouldn’t shy away from. You can always hire experts to guide you and help choose the best type of renovations to invest in. Together with the right contractors, they’ll help you make the most of the property you’re ready to trade for the next real estate or other investment.