Archive for Renovation

Oct
17

Bathroom Renovations!

Posted by: dave | Comments Comments Off

Bathrooms

When getting into a bathroom renovation, it is always better to start from scratch! Newer homes are easy if the builders did everything right. Older homes is another story.

In this chapter we will be referring to older homes that are in serious need of help. The reason is if you can do a bathroom renovation in and older home, you can do any home with a lot less work.

First thing you should do is always access the situation. This is a process that can apply to every renovation project that you decide to take on.

Keep in you mind to remember the first rule it is better to start from Scratch. I always tell people they should gut the Bathroom completely.

You probably already knew I would say that so get the hammer, pry bar if you even know what they are, if not stay away from the local hardware store and go straight to the nearest Home Depot or Lowes store.

You bought this book to renovations in your home so you need good tools that you will need for this job and the next.

Take your hammer and start smashing a straight line down the middle of the back walls first, be careful there is wiring and copper pipes behind those walls. Do not even bring a hammer close to a pipe or wire. Use a little pry bar for those area’s.

Then if you should replace the tube so disconnect the drain and the vent cap. If it is a really old tub that is made of cast iron. Buy a Sludge Hammer and smash away and make sure you were your safety goggles.

Don’t leave anything that you can trip over, you will thank me latter for that.

Now that you have a bare naked bathroom. You can check to see if the wiring is old and the plumbing is leaking. If the plumbing looks old change it! If the wiring is old change it! It is always better to start from scratch! Make sure all drains are vented trough the roof because the smell is toxic and you will not be able to live in that house.

99% of the time when a drain has a really bad smell it is because it is not vented or the pipes are old. Older homes didn’t put vents in back more than 25 years ago. Use PVC drain pipe instead of iron our cooper. It lasts forever. Don’t forget the glue!

Wen soldering cooper water lines make sure you use new pipe, not the you got from a friend. Lead free paste and solder, no 50-50 here you are asking for trouble, and it is against code. You solder all pipes to the shower taps and shower head before you can put anything back together.

I always put in shut-off valves on every tap and line. Lets say you have a leak somewhere. The store is closed and you have to shut the water off to the hole house to fix it. Think first, if there is a shut off on every tap they you can isolate the problem area and still have plenty of water. Sounds better does it not.

Wiring is easy if you can remember a few things. Shut power off to any lines you are working on. Run all wires first before you put up the gypsum board. Make sure all wires have merited ends and all have a proper ground, ground the box too. Why not drywall in the bathroom or the green drywall that they say is water proof. Gypsum board is the blue stuff, just in case somebody tells you different. It is water and mildew resistant.

For the shower tile area use Denishield Boards. They are more expensive but they are water resistant and mildew resistant. Better than cement board that falls apart after 10 years. Cement produces moisture.

Make sure that every joint is taped and adhesive.

Now you can start putting the tub first after running the boards all the way to the floor. The tub should always be anchored to the wall.  Hook up drains and use plumbers putty, even if it has a gasket! Now it will never leak. Always check tapes and joints for any leaks before you close up the walls. Sometimes it may drip just a little, redo the job. At least you have a shut off valve this time.

No leaks you are on your way to freedom now! Drains don’t leak taps don’t leak what are you going to fix? TV remote!

If your going to install a standing shower use the kerdi system. It will be the best 600 after tax you ever spent. I personally use this system all the time. Shower boards should be on top of it, not behind like the tub.

Install a water proof membrane for the floor. If the subfloor needs replacing do this before you do anything you heard before. The membrane should be adhesive to the subfloor and allow 24 hours to dry.

Now the hole bathroom is safe and waterproof.

Choose a tile you wish and tile from the tub to the ceiling. Let dry for 24 hrs. Same thing for shower tiles. If you are using heavy tiles use a product that is made for it. When using marble tiles always use white adhesive. Grey adhesive will change the color of the marble!

If you can tile the floor the same day, if you wish but it is always better to do one area first. If you do the floor at the same time do not walk on the floor for 48-72 hrs.

After installing tiles, grout every joint and push the grout all the way to the wall backing board. This will last forever, if you seal the tiles and grout the next day. You can find different types of sealer and cleaners at the home depot store. For marble the adhesive and the sealer should say right on the bottle for marble. If it doesn’t go somewhere else.

After grouting wait about 20-30 minutes and use a lot of clean water, changing it every time it gets really dirty. You should see a light film on the tiles. Before sealing take a dry towel and dust it off, then seal. For marble seal before and after you grout.

Hey that bathroom is starting to look like something special. 24 hrs after that you can install the vanity and toilet, pot lights, vanity lights, mirror. Make sure all pot lights in the bathroom are waterproof pot lights. Yes you can pot them in the shower too. For a tub install a whirlpool tub for two if you can more room the better. Silicone the grout lines at the lowest joints and everywhere you think water might get in and cause damage.

Congratulations! You now have a spa bathroom remember to install glass shower doors at the end.



Sell and Rent Back
Categories : Renovation
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Oct
07

Self Storage Facilities: Practical Solutions While Renovating

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Are you renovating your home and are anxious about the looming problem of storing your household goods? Space for a growing family or time a new look may lead you to go in for house renovation or remodeling. This requires shifting and packing up your house and then the headache of storing it all safely.

Self storage facilities are the answer to your problem as they provide you with a convenient storage facility with a variety of storage units of different sizes. The advantage of these storage facilities is that you only pay for the time that you utilize its services. The easy 24 hour access and round the clock security takes a weight off your shoulders when you are in the process of renovating your house.

Organizing, packing and piling the boxes may make room in the house but you need to protect your furniture, appliances and valuable collections once the work gets going. Security and handling of house hold goods and furniture becomes a major issue of concern as your precious collections, valuable antique furniture and household goods cannot be left at the mercy of renovators and construction workers.

With many different self storage facilities available in your area, you can check them out and pick the one which suits your requirement for safe storage.

How can you evaluate self storage facilities?

Some points to consider when choosing a safe and secure storage unit to hold your household goods and treasures are:

? Climate controlled storage units

This is essential to protect your furniture and valuable collections from mildew and fungi, during the storage period. So evaluate the ventilation and climate control features. Will you have control over your storage environment?

? Insurance

Does the self storage facility provide you with insurance or do you have to buy a separate insurance cover? It is best to check before signing the lease deed. They might have stringent security but may not protect your goods against fire, floods and natural disasters.

? Security in the storage facility and storage units

If you want to store precious heirlooms and valuable collections, its best to go with a ultra modern self storage facility with state of art security systems. But if you only need to store house hold goods while renovations are underway, you can go for a less expensive self storage unit offering normal security options.

? Moving facilities

Before packing and stacking, it is better to check with the self storage company about their moving facilities. Most of the self storage companies provide for cartage and moving trucks, so you may even be able to negotiate a discount.

It is better to be prepared while packing and organizing your belongings inside the self storage unit.

Handy tips for organizing your valuables and boxes in a self storage facility:

? Judge your storage requirement and discard your junk:

You need to sort out the essential items that need storage and throw out the junk so that you rent the space for storing what you really want to keep. You will save money by renting out less space and then time when you resettle the house.

? Packing and storage inside the storage unit:

Put the heavy unbreakable items be on the floor and pile up the fragile items on the top. Disassemble and store large furniture and appliances to save on space. It is better to store goods in completely covered locked boxes to keep them away from dust and mildew.

As renovation might take some time, it is better to have everything safe, stored and out of the way. After the renovations are done, just arrange to get back your boxes put your home back together again.



Sell and Rent Back
Categories : Renovation
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Oct
07

Approaching Home Renovations and Repair

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With a daunting economy and the housing market in a slump, most Americans are being forced to live within a budget. You might be in a financial dilemma, deciding whether to sell your home, possibly being forced to cut your losses or making the best of what you already own. If you decide to stick it out where you live, then your money can be wisely spent on doing your own home repair. The following tips should help you along the way.

First, approach this project as if you were in the market to buy a home. Set aside a weekend to get to know your home. Take a pen and paper and walk through every room of the house. Next, walk around the outside of your home. Write down everything that needs to be repaired and improved.

Ask a few questions. Do you have enough bathrooms? Do you need more closet space? Are there enough cabinets in the kitchen and bathrooms? Are the walls and ceilings crack-free? Are the floors and stairs in good shape? Do you have any wasted space in your home? Do you need to replace old shutters? Are all of the stair rails solid? Decide what factors would make a difference to you and your family.

Now sit down and divide the issues into two columns-one for necessary repairs and upgrades, and the second column is for unnecessary upgrades that will make living more comfortable without costing you a bundle. Do some research and find out what increases a home’s value.

Little things that you used to consider annoying but have gotten used to will be a complete annoyance to a new home owner; fix them. A leaky faucet, cracked or broken windows, a hole in the wall, loose or broken bricks, doors that don’t open and close properly, locks that are broken, cabinets that are in poor condition, all need to be repaired or replaced.

Now work on a housing repair or replacement budget. If you do not have the cash on hand you may consider an FHA Title 1 loan for livability repairs, a bank Home Improvement Loan for essential repairs and non-essential upgrades, or a Secured Loan for those of you with investment funds. Research and take the loan that best suits your needs.

You will now need to decide whether you will be doing the work yourself. If you are adding on an entire room or expanding a room, you will probably need to hire an architect. You don’t want to knock down a wall that might be necessary. If you do not have a lot of free time or are unsure of your abilities you will need to hire reputable contractors to do the repairs or upgrades.

Remember that improving your living conditions or preparing a house for sale takes time. You want the repairs and upgrades done correctly so they will stand the test of time. Whether you are doing the repairs or upgrade yourself or hiring contractors, make sure that all of your needs are being met.



Quick House Sale
Categories : Renovation
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Oct
07

Kitchen Renovation Ideas – Blend the Old With the New

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An old friend of mine moved into a beautiful, late 19th century, Victorian style home a little more than 12 months ago. At a recent party she held at the home many of the guests commented about the quaint old fashioned style of the kitchen and how cozy and friendly it seemed. At this point my friend declared that she and her four children all absolutely hated the kitchen area and would love to renovate and modernize it but were utterly daunted by the task and so had not attempted it.

Her main fear was the perceived high cost of renovating an old home as she had heard many home improvement horror stories – People spending tens of thousands of dollars on what started out to be quite modest renovations, only to find a number of non-budgeted repairs and maintenance were also required, therefore significantly blowing out the estimated costs. My friend did not relish the idea of finding herself in a similar predicament so the idea of undertaking restoration and renovation work had been shelved. One of the guests at the party was a builder and another a professional interior decorator and they both explained that while restoration work (restoring the building to ‘as new’ condition similar to when the building was originally constructed) was quite extensive and time consuming, however, a renovation (modernization) project was relatively cheap.

Kitchen Renovation Ideas – Without The Fear Factor

Most homeowners, my friend included, have the perception that old houses are especially difficult to renovate purely due to their age, but this is not entirely correct. In reality whether the house is old or quite new, a kitchen renovation nearly always turns out be very cost effective and the habitants will see a marked improvement in the area. Kitchen renovation ideas for old homes can be planned so that new items and appliances can be integrated along with the kitchen’s older features, for example your new stainless steel refrigerator would not appear to be out of place being in the same kitchen as an old wood-burning stove.

The true key to affordable and effective kitchen renovation ideas is in the planning stage and this applies to any kind of home, whether new or old.

First on the list of all sound kitchen renovation ideas is to adequately cost your planned renovations. This is the most critical aspect as you should not attempt any substantial renovation project unless you have enough funding available or you can enlist the help of your bank or mortgage provider. Notwithstanding the fact that you require substantial funding, take heart in knowing that you can reduce costs in some areas without sacrificing the over-all quality of the renovation. It is important that you allocate adequate funds for the key aspects of the renovation, namely the design component, labor costs and appliances and fixtures.

If you propose to undertake extensive remodeling or structural changes then be aware that this type of work is extremely expensive. When structural changes are part of your remodeling project then it is essential that you employ a builder who can work within your budget. Always ensure before you start the work that any structural changes, such as the addition or removal of a room divider or the installation of a seat-window or skylight, have been adequately costed into the overall project.

When you are reviewing your kitchen renovation ideas always build in an allowance for unexpected contingencies such as repairs being necessary to plumbing, heating and electrical equipment. There is nothing worse than having an aesthetically pleasing kitchen which is great to look at but in reality is a fire-hazard or energy-monster because of the old and ineffective equipment. In old houses it is highly likely you will need to spend money upgrading this type of equipment.

Once you have addressed the structural and services (heating, lighting, plumbing etc) aspects of the kitchen renovation you can then turn your attention to other aspects like choosing counter tops, cabinets and floor coverings. This is a great area in which to control costs as it is possible to use many alternate materials, that are just as durable and impressive as for example marble or granite, however they cost a fraction of the price of the real material. It is also recommended that you consider buying stock cabinets instead of custom-fitted ones as this too will save you a great deal of money.

If you are like my friend and own an older style home and are not sure whether you can afford to implement your kitchen renovation ideas why not consult with a friendly builder and get an idea of what restoration work is required as well as the cost of appliances and fixtures…. you may be pleasantly surprised.



Rent Back
Categories : Renovation
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With former PM Tony Blair having agreed to EU targets of reducing Carbon Dioxide emissions by 20% from 1990 levels by 2020, how much chance does the UK have of achieving a shift towards Alternative Energy sources?

Here in the UK, we seem to be insistent on making it as difficult as possible to become a greener, less polluting state, regardless of the opportunities that we are presented with. Residents complain about wind farms near their homes, a not in my back yard approach. Sustainable technologies cost too much to implement without government grants.

The regulations that the government has set on construction and planning seems to be preventing much progress from being made towards the objectives set out in PPS18. Perhaps it is about time that the national government stopped dancing around the subject with documents and policies which are then translated and diluted by regional development agencies, and did something proactive about the problem. The government needs to stop distancing itself from getting its hands mucky.

Regardless of what you believe about global warming, we have a huge problem providing power and heat energies that are affordable to the average household without compromising our environment. The average home creates over 5 tons of carbon dioxide per year, and with another 3 million homes planned by 2020, we could potentially see an increase in the amount of carbon dioxide produced by 15 million tons at current levels of emissions.

The government has set the standards for energy efficiency, with better insulation in homes, encouragement to build close to urban areas, and all the rest of it. But when are they going to realise that it is the provision of the power for these homes that needs to be sustainable, rather than merely the homes cutting the amount of energy they use? The households of the UK account for one third of the total in carbon emissions.

With so much development happening in the UK, both house-building and commercial, the scope for Alternative Energy is huge. Were those 3 million homes fitted with sustainable energy alternatives, such as solar panels, ground-sourced water and district heating systems, how much less would emissions be?

Of course, the average family would struggle to include such items in any house renovations even with government grants which are currently available, but house-builders and the government should take the bull by the horns and do something. It is not a case of homes becoming self sufficient, rather that they consume less unsustainable energy than before. New households could also look forward to lower energy bills, whilst still being able to light and heat their homes efficiently and cleanly.



Real Estate Professionals
Categories : Renovation
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Oct
07

4 Ways To Finance That Renovation

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So you have finally purchased that 19th century farm house that you have always pictured yourself living in the problem is how do you finance the restoration? It is easy to get mortgages for the value of the home even a little extra if you have a good credit rating but today a renovation can cost more than the original purchase price of the property.

The first option s to look at your available assets. You can get a home equity loan if there is any equity in your house. Use your credit cards for short term renovation or borrow money from your parents these ideas are only usable in a short term renovation once the renovations completed you should be able to refinance your home and pay of the relatives, high interest credit cards and roll your home equity loan into your mortgage.

You may be able to get a “line of credit” a line of credit is usually easy to get up to $30,000.00 with out much effort and with a minimal amount of paperwork these lines of credit are good for short term renovation that are under the $100,000.00 dollar mark. The interest rates tend to be on the high side but you can draw out the money as you need it and only pay interest on the cash that has been withdrawn and again once the renovation is completed you can refinance and pay of the line of credit and combine all your loans in the mortgage.

Depending on the scope of your renovation you may be eligible for store loans and credit card offers. Many home stores now have their own credit cards they offer deal such as interest free credit for one year you may be able negotiate a longer term. The important thing here is to pay off the loan/credit card prior to the free period expiring otherwise the interest will revert back to the initial purchase. Some stores will also offer you a interest free construction loan for your project the terms of these construction loans vary from store to store read the fine print carefully like the credit card deals these usually have a time limit. Again one the renovation is completed you can refinance and pay off the loan avoiding high interest dept.

Construction loans are generally reserved for larger projects this kind of loan is a short term loan the money can be taken as needed and interest is paid on the money that has been taken out. Almost everyone now offers construction loans this completion has brought the costs of these loans down. The nice thing about construction loans is that you can withdraw the money as you need it once the renovation is done you can refinance and have one closing and one mortgage. One thing you should keep in mind when shopping for a construction loan is the fees and finance charges as always keep an eye on the fine print for hidden charges.



Quick Property Sale
Categories : Renovation
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Oct
07

Go for a Quick House Sale With Some Help From the Agents

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People go for quick house sale, when they are heavily ridden with debts. Selling your house gets you money real fast, and more so, a good amount, than the other option such as loans. Quick house sale is a special scheme devised for debt-ridden people who own a house. This scheme fulfils your special requirement, that is, when you need a lot of cash, at an urgent notice.

With this scheme, you do not have to pay interest, as is the case with loans, secured or otherwise. What you get is all the cash you can, out of your property. So your property value gets its full due. And you can see your urgent requirements fulfilled, which is possible only with cash in your hands for easy transaction. No matter what your daily or emergency requirements are, medical, legal or financial, quick house sale can ensure that you are furnished with a good amount of money.

When you plan on selling your house quickly, there are certain things you can do that can aid the process: for a quick house sale, go for a quick house renovation. A little amount spent on renovation does you a world of good, as it immediately hikes up the property value of your house. Renovate your house and thus motivate your potential buyers to make a beeline for your house. You spend a hundred pounds on a little renovation to your main show-case rooms such as the kitchen and the bathroom, and yes, your property value picks up by a thousand. A little face lift gets the price of your home looking skyward.

Focusing on the interiors and decoration of your most-visited rooms gives you and your property agent something to highlight as the unique selling proposition of your house. This is a very good way of value-addition to your house, as well as of increasing exposure through the services of a property agent. And you can see soon that a quick house sale is on its way.



Passive Income
Categories : Renovation
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Oct
07

How Much is your House Worth?

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Everyone loves a fresh new kitchen, whether you renovated or started from scratch, it just makes the house a home.

After all, everyone hangs out in the kitchen, or they go through it to get from A to B, things get dropped there, and parties almost always end up in the kitchen. If you have an eat in kitchen, then family meals happen there, and really the heart of any home is the kitchen.

Therefore, you want it to be just right, you want it to look great and yet be functional, and it is always the first thing people want to look at when you are selling your home. A bright, fresh new kitchen will make any home buyer feel good. This will be reflected in the offers you will receive. Therefore, a kitchen is a great investment, you will get a return on the money spent, and most financial lenders will agree on kitchen renovations, as being the number one renovation that can make you money when you sell. Followed closely by the bathrooms.

If you have a home, then you know how big an investment it is. To renovate a home, is a big decision, and you don’t want to go overboard and price yourself out of the market. You need to look at all the other homes on your street or in your area, and decide how much your house and your neighborhood are worth or valued at, before you start shredding your house. Even if you don’t plan on selling just yet, you need to protect your investment, and you just never know how life will go, you should always keep the values in mind when doing any renovation.

You need to get your house valued. Take this market value information, and look at how much you presently owe on the house. If you increase your mortgage to cover renovations, will you still get the market value of your house upon a sale?..

Find out how much your house is worth, the market value before and after any renovations, and this will help you decide how much to spend on that fantastic kitchen plan you have! how much is your house worth?.. find out



Real Estate Professionals
Categories : Renovation
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Oct
07

Gilbert Homes – Cheap Houses, How to Find Them

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We all have our dream homes. However, most of us do not have enough to purchase our dream house. If only we could find a great house like those at Gilbert Homes with a lower price, it would be great.

We often associate beautiful houses with big bucks. That is why we often settle for smaller simple houses. There is nothing wrong with living in a simple home. All that matters is that it is safe and comfortable.

Although we could settle for the smaller house, we want to experience living in a beautiful abode.

It is indeed difficult to find an affordable house. It also seems that now is not a good time to invest on anything. However, what would you do if you can purchase a beautiful house at a price lower than its market value?

It is not impossible to find a beautiful house at an affordable price nowadays. One of the best ways to purchase a house at a cheaper price is to buy foreclosures. Foreclosed homes are those houses that the lenders took hold of, because the homeowner was not able to settle their debt.

They are most of the time valued less than their true market value.

The value of a foreclosed property is lower because lenders often times want to recover the amount unsettled by the homeowners. Foreclosed house are usually valued at 5 to 10 percent lower than its market value. However, it can go to as much as 20 to 50 percent, depending on the lender and the property.

The best way to find foreclosed houses is to ask lending companies. There are also government agencies that have a list of foreclosed houses. You can specify the location and check if the house appeals to you. You can also attend auctions for foreclosed houses. This will also help your strike a good deal.

Another advantage of purchasing a foreclosed house is that the miscellaneous expenses that go with it are also cheaper. Therefore, you will be able to get a good bargain for a very low price.

You can also profit from investing on these houses. Like the Gilbert Homes, you can set it up for sale. Most foreclosed houses need a little renovations and repairs. By spending some for its repainting and other repairs, you can resell it at a much higher price and generate more profit. In fact, this is what most investors do today. They look for cheaper houses, renovate them, and sell it at a much higher price.

However, buying a foreclosed house is not a walk in the park. You might encounter a few challenges if you do not do your research ahead of time. For a smooth transfer of ownership, make sure that you know what goes with the house when you purchase it. This includes unpaid taxes and other liens. In addition, you have to make sure that the previous owners are no longer staying in the property. This can be very difficult to handle as previous owners may refuse to leave.

You can benefit from purchasing foreclosed house, just make sure you know more about the property before making the purchase.



Sell and Rent Back
Categories : Renovation
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Oct
07

How to Save Money on Your Home Renovation

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Home Renovations continue to be a popular area of investment for homeowners despite the current economic turmoil. It makes sense at a time when buying new doesn’t and building on what you have, does. Now that you’ve decided to renovate, there are still some things to consider before you go ahead. Yes, you believe that you’re adding value to your property, however, with some wise planning before the hammer hits the nail you can actually be saving money too.

Create a Detailed Plan

It is of the utmost importance to properly create a plan, budget, and time frame for your home renovation job. Such preparation is crucial to the enterprising DIYer and it’s also useful to those counting on professionals. Get a very clear picture of all estimated costs that will account for everything from materials to labour. Not only that, but it’s also important to figure in backup funds for situations which may arise as the project progresses. A safe estimate is 15% on top of the initial projected budget. If you have a realistic figure to work with that corresponds with very detailed drawings and plans, you are preparing a contingency for those unforeseen issues. Just being aware of this possibility can keep you from future migraines and possible bankruptcy.

Cut Down on Material Costs – Not Quality

Materials of course account for a large portion of the expenses in any renovation project. And although you may want to get the best price you can, you may not wish to sacrifice quality just to save a few bucks. This is your home after all, (where you might be living for 20 years to pay off a mortgage).

Companies that sell recycled material from demolition sites such as Happy Harry’s give you both a budget conscious and green option. “Found” wood is another trendy yet wonderful option – imagine creating a unique hardwood floor from an old wood cabin or antique ship. If however, you are more inclined towards higher-end materials but want to pay a fraction of the cost, consider Habitat ReStores. These affiliate stores found across Canada and the United States offer surplus and used building materials for much less than retail. ReStores get their supplies from donated goods provided by: building supply stores, local contractors, demolition crews, and others wanting to support the cause. Not only are you saving money, or being green, you are also helping to raise funds that let Habitat for Humanity build 10 or more additional homes a year.

Implement Green into Your Renovation

It’s shocking to consider that your home may be a toxic place. Do you know what went into the finishes of your hardwood flooring or kitchen cabinetry where you cook, or even the paint on the walls in every room in the house? Making green choices for your home renovation is not only important for your health and the health of our planet, it can actually save you money. Although the initial costs may be higher, using ethical and non-toxic materials that are longer lasting, as well as installing energy efficient components will save you money over time. From more complicated aspects like redesigning your home, to being conscientious about product selection, consider these options suggested by Rob Wright, owner of Citadel Renovations.

* ICF foundations

* Composite floor, roof, and wall framing

* Low e film, argon gas, and triple pane glass in windows

* Compact fluorescent and LED lights

* Lots of natural light

* Reduced and/or no formaldehyde cabinetry

* Low or no VOC paints and finishes

* Composite material exterior finishes

* Recycled material roofing: metal, rubber, cement

* Wood or linoleum floors

* Heat pumps: ground, water, and air

The money you’ve saved on heating, lighting, and water once you’ve made your home more energy efficient will over time actually pay for those improvements.

Decide If It’s a Worthy Investment

It may seem like a no-brainer to first figure out if the investment you plan to make in upgrading your home is one of value, but it may come as a surprise that some are less financially beneficial than others. CMCH, the Canada Mortgage and Housing Corporation, Canada’s federal housing agency, is a great resource for homeowners who are considering a renovation project. Their website offers a host of useful information, such as this break-down of renovation payback ranges:

Top four greatest payback potentials

* Bathroom renovation (75 – 100%)

* Kitchen renovation (75 – 100%)

* Interior painting (50 – 100%)

* Exterior painting (50 – 100%)

Versus:

Ten average payback potentials

* Roof shingle replacement (50 – 80%)

* Furnace/heating system (50 – 80%)

* Basement renovation (50 – 75%)

* Recreation room addition (50 – 75%)

* Installing a fireplace (50 – 75%)

* Flooring (50 – 75%)

* Constructing a garage (50 – 75%)

* Window/door replacement (50 – 75%)

* Building a deck (50 – 75%)

* Central air conditioning (25 – 75%)

Repairs or beautification are the most prevalent ideas that come to mind, however, safety improvements are another way to go that will your wallet happy. Check with your insurance company if they offer lower premiums when you add or upgrade a home security system, fire prevention measure, or improve the existing wiring.

We’ve all heard the renovation horror stories that look like something out of that 80’s movie The Money Pit. It’s not something we like to think about; the possibility of your hard earned $10,000 renovation budget ending up being but a drop in the bucket. Like any other investment, you wouldn’t blindly drop ducats on any random man in a suit with a smile – you do your homework first. Not only will you bring added value to your home with your new renovation, you will also save money with your carefully laid out plans.



Repossession
Categories : Renovation
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