Real estate improvements can be as simple as painting the exterior of a house to protect it from constant wear and tear to completely rebuilding a house almost from the foundation up. There are many reasons why people require real estate improvements - to enhance the worth of the property, to increase the number of rooms, to make it eco-friendly and so on. Real estate improvements can be extremely disruptive especially if the family still plans to continue living in the home.
Sometimes, a young couple may buy a small two bedroom house with space for increasing the capacity. Initially, they may have just one child and the house will be sufficient for their needs. If the family starts to grow with more kids or even if elderly parents have to move in, the couple will definitely need to consider expanding the house to include more bedrooms and bathrooms. Before entering into a remodeling process, they must sit down and consider what they hope to achieve by the renovations.
If more rooms need to be added, they will need to get the expert opinion of a civil engineer who will study the structural plans of the house and see if the structure can stand more floors being built. If so, he can give an estimate as to how much it will cost and a permit will need to be obtained. All real estate improvements however small are expensive since cost of building materials and labor is very high. Yet, a couple could like the neighborhood where they are living especially if it has good schools, is safe for kids to grow in and is close to their place of work.
In such a scenario, they may not consider moving but would prefer to remodel their home for their purposes. If they do not have sufficient savings to do so, they need to first consider how they will raise the funds and how much it will cost to pay back. They can borrow from family members, close a savings account or opt for a home refinance. The last option will involved monthly repayments and the couple must work out their budget to see if this cost can be added to their current expenses. If so, they can boldly go ahead and start their renovations.
Identify a good home contractor who is reliable, does good work, is inexpensive and who has a good reputation of completing a job on time. It is very important to get a good contractor, know in that particular town or city and make sure they will employ known workers. This is especially important if the family plans to continue living in the house during the entire renovation process. Family members need to feel safe with the workers walking around their home. Also known workers will be trustworthy and not steal any material.
Always make sure that one family member - say wife or daughter - are not left at home alone during the day when the work is going on. Safety of kids also needs to be considered at the worksite. Ensure all pits are covered, sharp instruments not left lying around, and electrical wiring kept locked up where kids cannot access them. If major real estate improvements are taking place, try and confine it to one part of the home and live in the other part. For example, if the kitchen is being renovated, you can eat microwaveable food for a few days or get take-outs.
If you are planning on real estate improvements to enhance the value of a property, then consider the following key areas:
• Outdoor improvements
• Appliance upgrades
• Bathroom renovation
The reasons why these areas are focused on especially in a home are because buyers will first look at these places to estimate the value.
The outdoors is what the potential buyers will first look at when they come to survey a property. So a newly painted exterior with neatly mended fences and a pretty landscaped garden can all add value without costing too much. New appliances are always expensive, so a potential buyer will view new appliances in the house as a great boon, especially if it is an old house. Bathrooms are the most used and one with new closets, bathtubs and showers will attract a buyer. So, consider the reasons why you are planning on real estate improvements before starting any remodeling.