Jan 24, 2021

Renovations That Make Sense and Pay - Off

Many people are hooked on HDTV as various shows take fixer uppers and turn them into great homes.  There a couple of things that everyone should keep in mind, if that is your plan.  First, these renovation projects always take longer than anticipated and generally cost more than planned.  If buying a fixer upper always do a comprehensive home inspection to make sure electrical, plumbing, foundation and roof are sound and that there is no significant termite damage.  If what is in the walls is not in good shape, pass on the home because it could cost thousands of dollars just to remediate basic requirements and systems.  

Usually, the best return on investments involves renovation of kitchens and baths. The cost to do any of these rooms could vary dramatically based on the materials selected.  Don't go crazy and don't over improve for the neighborhood.  Adding storage space, a walk in pantry and bigger closets are always desirable.  Always be thinking about what a buyer would like if the need ever arises to sell the home.  Nobody will pay more than 20% above the average value of a home in the neighborhood no matter how good it looks.  Today, people like open concept so getting rid of walls to open up space is attractive to buyers; but it comes at a cost because in many instances load bearing walls must be removed, which requires beams, either wood or steel hidden in the ceiling depending on the span that must be addressed.  Sometimes, this will require a building engineer's approval to get it right.  

Sticking to neutral tones with accent colors is safest in terms of adding to the value of the home.   Paint accent colors are fine because they can easily be changed out by a future buyer; but if bold colors are used in tiles or counter tops, a buyer could see it as a negative and walk away.  Most people like wood or ceramic tile flooring, which can be done cost effectively today with the many choices that are available.  

As you consider your budget for a major renovation always add 10% for contingencies.  Once the contractor starts opening up walls, there are bound to be some unforeseen issues.  Finalize the plan after much thought and consideration.  Change orders cost extra money so decide what you want before the renovation begins and stick with the plan.  Major renovations could require an architect and homeowner association, city or county approvals.  Do Not start work without necessary approvals under any circumstances no matter how pressed for time you may be.  If you do so, you could be forced to tear out the work if not approved in advance.  If you need help purchasing a home, just call Paragon Home Resources.  We can help with all inspections to make sure your fixer upper does not become a money pit.