House Remodeling

When it comes to making improvements or changes to your house you need to be aware that those changes may affect the value and salability of the property.

House Price Historical Perspective

Since Nationwide started monitoring house prices in 1973 prices have gone up an average of approximately 9% per year. According to the U.S. Census Bureau, home prices have gone up by an annualized increase of 6.37% for the 40 year period from 1963 to 2002. That’s an overall positive change of 1,083%.

Housing values will certainly vary from year to year and occasionally drop for a short period of time, however real estate is still one of the most stable and dependable investments available. There are other minor factors, such as interest rates, etc. that effect prices but on the whole it is a matter of supply and demand. And while demand continues to rise as populations expand supply is static. Like Will Rogers used to say; “Buy land. They ain’t making any more of the stuff.”

Although values are affected by many factors outside of your control (i.e. interest rates as mentioned previously, economic environment, new nearby developments, etc.) there are also many things, within your control, that you can do to enhance the value of your property and make it easier to sale down the road. Normally the most visible improvements end up being the most valuable, such as adding a carport as opposed to plumbing the house for central vacuum, but a lot also depends on the area you live in and what features are more popular.

For instance, in warmer areas of the United States a swimming pool is considered nearly a necessity and will increase the value of a property. In colder areas a swimming pool is more of a luxury item and in many cases is considered to be a liability and a maintenance headache and will, in fact, detract from the value of a property. Read the rest of this entry »

If your lifestyle has changed and your current home cannot accommodate you–maybe you’ve gotten married or you’ve had children–then remodeling could well provide you with the means to create a more comfortable home.

Budget, budget, budget

Before you begin anything you really need to plan a strict budget and set aside a specific amount of funds for the job. One of the most essential aspects of successful remodeling is to have a clear idea of what is to be done to what and when, and how much it will all cost. Major disappointments (and expensive ones, too) occur when there is no clear plan, first. A budget will help you make important decisions about amount of work necessary and the quality and type of materials to be used. Seeking expert advice is always advisable.

Thinking ahead

Before you begin discussing the changes that need to be made, think ahead. Determine what your needs are right now, and what your needs will be in the future. Do you need extra space right now because you are planning on having a baby? Will the extra space accommodate a second child say in two or five years? Never plan for right now. Needs change so quickly and you could save money in the long run if you remodel your home with the future in mind. On the other hand, don’t over remodel. Doing too much can prove wasteful and expensive.

When in doubt, ask an expert

You may think that you can’t afford an expert to help you with your remodeling plans. It doesn’t hurt to shop around and ask. If you do decide to go with an expert make sure it is an architect and contractor you feel comfortable with. Remodeling your home can cause a lot of anxiety so it is best that you feel free enough to communicate exactly what you want without feeling pressured. Read the rest of this entry »

For anyone looking to take on a large project like remodeling a kitchen or bathroom, or adding a porch or in-law suite, for example – here are six things for the top of your home improvement to-do list, according to Ed Campbell, VP for Nashua, NH-based remodeling firm G.M. Roth (gmroth.com):

Be realistic about the project timeline. Though we all have good intentions and we like to hear the best-case scenarios, life isn’t always that simple, and unfortunately neither is a remodeling project. It is important to ask every contractor, from whom you get a quote, for an honest estimate of how long the project will take – with no sugarcoating, no rose-colored glasses.

Better check the weather. Depending on where you live, rainy days may still be frequent in spring and summer months, and depending on the length of time your remodeling project will take, you may need to protect all or part of your home from the elements, as well as, from contractors tracking the elements into your home. Make sure you take this possibility into account before and during the remodeling process.

Don’t forget about winter too soon. The weather may be warming up but if your remodeling project requires new doors, windows, or changes to exterior walls, be sure to discuss insulation and energy efficiency options with your contractor. You don’t want to be left in the cold come winter time.

Make sure to get it all in writing. Your agreement with your contractor should specify who’s responsible for cleanup during and after the remodeling project is done Responsibility for protection of your property from construction damage should also be clearly spelled out, too.

Give your insurance agent a call. Home remodeling often increases the value of your home, so you’ll want your insurance coverage to come up to speed with the improvements. Your agent can also tell you if you’ll be covered in case of problems like weather damage during the remodeling, injuries to workers, and other unexpected events. Read the rest of this entry »