Archive for the ‘Remodeling’ Category

After a troubling year for the construction industry, they are doing crucial steps to recover. To recuperate from the damage of the previous year’s housing depression and credit problems, many home builders have offers cost assistance and a lot of upgrades just to attract new home buyers.

Yet homebuyers are also curious with the affordable foreclosed homes readily available in the market, not knowing the risks and the misses they can face for purchasing pre-owned houses.

Here are some factors to be considered if a purchaser is more suitable to buy a foreclosed home or a newly built home:

Foreclosed Homes

• Pre-owned, repossessed homes may offer good deals but homebuyers are never sure of what they purchased until they actually lived in those homes. Remember: somebody had lived in that house.
• Before any deals are sealed, the purchaser must exert a lot of effort into research about the targeted home. Know if there are any title issues, liens and pending judgments. Do all of these in order to prevent wasting hard-earned money on a disappointing purchase.
• A foreclosed home does not have warranty. Usually pre-owned homes need a lot of repairs and remodeling. The bargain may become a burden.
• There is a limited choice of area, amenities and home features.
• Old homes mean out-dated systems and materials which may mean higher electric bills and even health threats.
• Bidding for a pre-owned home may require a bulk and quick payment. This may not be good for not well funded home purchasers.

Home Constructions

• Construction companies now offer many incentives to new home purchasers.
• New homes have full warranty. Many home constructions cover materials and mechanical and electrical workmanship for up to two years. New homes also offer manufacturer warranty for appliances, air conditioning and heating system.
• Home builders give what the purchaser requests, needs and wants from location to floor plan, amenities and luxuries.
• New constructions offer the best and updated HVAC system and materials that are electric-bill friendly.
• New home constructions may refer their clients to their preferred and trusted lender – allowing them to enjoy incentives and low interest rates.

Though foreclosed homes may be more attractive due to its apparent bargain price if you look at things closely new home constructions may turn out to better deals with all of its benefits.

Many would love a change of scenery at our struggling situation. But strain brought about by the economic slump hold a lot of homeowners back. Due to funding problems, many could not afford to move into a different location and purchase a new home. Why not try home remodeling?

A well thought of home remodeling project may bring a lot of good things to an already anxious family. A good home renovation is as good as moving into a new home, minus the stress and extra expenses.

But before starting a home remodeling project, a homeowner must consider the following:

• Have a HOME REMODELING GOAL

It is not wise to spend money for an unworthy purpose. A homeowner must have a good reason why he wants to do some renovations to his home. Some good reasons are: updating an outdated house; more space; adding in features and amenities and making it more marketable for future selling.

Make sure that the home remodeling goal is clear for it will dictate the answers for future renovation decisions.

• Aim for HIGH INVESTMENT RETURN

It is wise to use the limited renovation funds to what is perceived as a great upgrade value at a not-so high cost upgrade. Kitchen and bathroom renovations, interior and exterior paint jobs along with roof replacement, a new entertainment room, refurnished windows and floors are have good investment returns.

• Consider MONEY-SAVING UPGRADES

A few expenses for energy efficient air conditioning and heating systems, upgraded insulation and low flow toilets can turn out to be money savers. These upgrades can spare the homeowner from expensive electric bills. These added features may even sell the home better with its cost-effective quality.

Even with a limited fund, a well-planned home renovation project may turn out to be profitable not only to the current homeowners but to future home purchasers. A home renovation may turn out to be a wise investment.

So for the homeowners who want to have a different view, plan well, have a goal and know what will be good for you, your home and your future home buyer.

Home renovations not only increase the worth of your home but provide an improved standard of living for you and especially your family. You can do the renovations yourself, or hire a contractor to do the job for you. Here are six simple steps to follow when hiring a home renovation contractor:

First, ask your family and friends for skilled contractors that have had more or less the same renovations for their homes. Seek an online service that will provide pre-screened contractors to your project. Do not forget to verify the company and the business owner’s personal name with the Better Business Bureau. Inquire about each contractor’s license, workman’s comp and both property damage and individual liability insurances.

Second, narrow down your list to the best three or four possibilities by asking for a minimum of three recommended names and contact numbers for finished work from each possible contractor that is parallel to your home remodeling project. Ask each referral to let you see their completed home renovation work. Inquire about the suitability of the project and if it was finished on budget.

Third, choose one from the three of four contractors after asking from each a bid upon the same precise task and materials. Do not impulsively choose the lowest price. Keep in mind that you need to feel comfortable around the contractor that you wish to choose, especially since he or she will be in and throughout your home for the entire duration of the renovation. Clarify if each contractor has several projects and if you can anticipate if there will always be someone on site throughout the entire project.

Fourth, upon choosing the contractor put every agreement into writing. This includes an outline of the entire span of the project, including who will finance for everything from the materials to hauling the trash, and who is responsible for the demolition and clean-up. Remember a contractor charges extra for work not stated in your agreement. Know the cost of materials and electrical and plumbing fixtures by checking at the hardware store or online. You should be notified of any adjustments in brands or materials for the project. Do not forget to ask a copy of your contractor’s license and insurance binder stating that you are covered for your home renovation project.

Fifth, keep initial deposits or payments as small as possible as the construction progresses. Take note that subcontractors are capable of filing a lien on your property if they do not get any payment. Be sure that when paying each part of the finished work, you obtain a release of lien endorsed or at the very least a confirmation that your contractor is disbursing the subs on time. Never sign any letter of completion document or pay the last balances not until all the work has been approved through the last code inspections.

Lastly, be mindful that a lot of surprises can happen during an old home’s renovation. Be sure that you set aside a contingency fund for those circumstances wherein there are things that you thought would not happen, but can happen after the actual demolition has started. Take things as they progress and make certain that your entire home renovation project will get finished just the way you wanted it to be.

Most homeowners have a list of home renovations or repair that they would like to address especially with the New Year. Although it is difficult to determine which should be prioritized, the topmost consideration is budget. Since the country is in the throes of one of the worst financial crisis in decades, it is not […]

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Have you been considering updating or remodeling your home? Do you feel overwhelmed by the possibility that you would regret the final result of home remodeling or that the cost would become unaffordable? You do not have to. Make your own research. Make plans. Create a budget. Ask for advice. And check out the following […]