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Archive for the ‘Remodeling Budget’ Category

Furnishing Your Remodeled Home Without Breaking the Bank

Saturday, January 26th, 2013

One often overlooked aspect of remodeling is budgeting for new furnishings, because let’s face it…once you’ve remodeled your home your old furniture may not look as appealing against your newly renovated backdrop.

Buying all new furniture is an expensive proposition.  This inforgraphic by ForRent.com shares simple tips on ways you can furnish your home without breaking the bank.

Source: ForRent.com

Red Flags Revealed During A Home Inspection

Saturday, January 7th, 2012

It is important to have your home inspected thoroughly by a professional prior to starting a major remodel  (or prior to purchasing a home) because you may not be able to see the issues.  Let’s face it…walls can’t talk. Even if you’ve lived in your home for many years, your home could be full of code violations, defects and/or hazards you’re not aware of.

The type of inspector that is best to hire is one that is a licensed or certified inspector (depending on your state’s requirements) that can detect and isolate problems AND is also a licensed general contractor with years of remodeling experience that can let you know whether repairs to the home would be cost prohibitive for your budget.

The inspector should look for problems with every aspect of the home: roofing systems, attic and crawl spaces, electrical systems, plumbing systems, kitchens and bathrooms, water heaters, built-in appliances, heating and cooling, foundations, earthquake bolting, garages and driveways, doors and windows, exterior finishes, balconies and decks, pools and equipment, fireplaces and more.

Three major warning signs/red flags are:

Extension cords galore – Could be an indicator that the electrical system needs updating

Low water pressure – Could be an indicator that the plumbing system needs updating

Foundation cracks – Could be an indicator of hydrostatic pressure, poor compaction, plumbing leaks or tree roots.

The results of the inspection report will help you identify your must-do repair items that should be incorporated into your remodeling plan and budget.

What Happens To My Donation After Environmentally Sound Demolition (aka Deconstruction)?

Tuesday, December 13th, 2011

So you’ve decided to move forward with environmentally sound demolition (aka deconstruction) and want to know…

Q: WHAT HAPPENS TO THE SALVAGED MATERIALS I DONATED?

A: Well, the materials are either:

a. Shipped to a salvaged material retail warehouse like the one run by Habitat For Humanity for sale and distribution to the general public.

b. Reused as raw materials for furniture, cabinetry and flooring and/or

c. Resurfaced by lumber mills for reuse in homes and commercial buildings

There you have it!

 

New Wave of Foreclosures Worth a Look?

Wednesday, November 16th, 2011

According to Realty Trac, foreclosures are expected to continue to cast a shadow on the nation’s housing market well into 2014 thanks to processing delays and a lackluster economic outlook for the short term. As a result, banks are starting to push through a new wave of foreclosures to help clear a backlog of distressed properties.

Is it worthwhile to purchase foreclosed properties for sale and renovate them ?  Yes, because they represent an opportunity to purchase a home below market, perhaps in a neighborhood you may not have been able to afford previously.  However, buyer beware because there are risks involved when purchasing a foreclosed property.

One key risk of purchasing a foreclosed property is that you may not be getting the home at the bargain price you hoped for.  Whenever foreclosure supply outpaces foreclosure sales, the volume of foreclosures rises…causing further decline of housing prices.

Also, the last thing a homeowner in foreclosure is going to do is invest in the upkeep of their home. So, another risk of buying a foreclosed home is getting a money pit.  The important factors to consider before bidding on or making an offer on a foreclosed home are:

1) the ‘market’ value of the home if it were in move-in condition,

2) the value of the home in its current condition,

3) the costs and time associated with renovating the home to make it livable,

4) whether the foreclosed home will be your primary residence or an investment property, and if an investment property, whether this home aligns with your investment strategy (i.e. rental vs. flip).

To assess the costs and time associated with renovating the home that has not been well cared for and suffers from neglect, have the home thoroughly inspected by a professional. This way you’ll know whether the home is worth renovating.

 

 

Completing A Remodel Weeks Ahead of Schedule

Saturday, March 5th, 2011

Building Permits, $5,000

La Cantina Doors, $6,800

Expression on your face when you move back into your completely remodeled home 4 weeks ahead of schedule…PRICELESS!

How could this be possible?  By working with a construction manager from the outset (i.e PRE-design).

With a construction manager on your side, you are able to plan your remodel more quickly and efficiently because a construction manager’s laser-focus helps keep your project on a fast track, ensuring your remodeling project will go much more smoothly.

Take a little extra time during the planning phase to really hone in your vision and get a clear plan.  Doing so BEFORE  you start construction will save you countless days, weeks or even months after construction starts.