Everything has its price, and that means there is probably a buyer out there who is willing to take on the challenge if you are selling a home that needs plenty of renovation work and remodeling to bring it up to scratch.
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renovations
Renovating a property can be an exciting time. But it can also be an expensive one, especially if you don’t keep a firm eye on the ongoing costs of completing the job.
Here are five common pitfalls that trip people up when it comes to budgeting for a home renovation.
#1: Inadequate planning from the start
This is one of the biggest hazards in property renovation – particularly if you haven’t done it before. Make sure you have accounted for every nut, bolt and screw and every process that needs to be gone through to get the finished result.
When my husband and I moved into our home we didn’t have to do very much to it, except clean. The people we bought it from had “flipped” the house: they bought it a low price and then did a lot of renovating, and then sold it to us for a profit. Our basement is unfinished, however, and we only have one bathroom, so I decided to research what types of renovations would be worthwhile for us to do. We don’t plan to stay in our current home for a long period of time so there is no point for us to make any major improvements unless they will increase the home’s value.
While skimming through Jonathan D. Pond’s book Grow Your Money, I came across some renovation projects that he suggests should recoup about 80% of the costs, but he also mentions that regional and other variations will affect the percentage: