Viewing posts for the category Building Equity
If you have ever been through a renovation you are probably familiar with some of the frustrations that come with the territory. If you have not been through a renovation I'm sure you have heard stories from friends or family concerning their remodels. Renovations can be stressful on individuals and relationships. Planning and communication can help eliminate some of the stress. Mike Holmes article "You’ll get renovation stress, but here’s how to mitigate it" points out that researching and educating yourself on everything there is to know about the renovation will help mitigate some of the stress.
Whether you just bought your first home or have lived there 20 years there will always be projects you are looking to complete on your home. Dreaming of a beautiful patio, new kitchen, finished basement or new landscaping all require prep to take from dream to done. If you are planning major remodels or minor renovations you need to figure out what materials will be used and how much they will cost. Building a solid plan is often overlooked, which is why over 60% of renovations go over budget. In fact, only around 3% of renovations are completed at or below budget. Here are a few tips on building a plan to complete that remodel at or below budget.
Every year millions of people buy or sell homes in the US. It’s a rite of passage to purchase a home. Whether you are moving from an apartment, your parent’s basement or an existing home there is one important thing the tax man wants to know when you sell your home, what is the tax basis value of your home? Why should you care about this if you are buying a home? That’s easy, when it comes time to sell your home you can minimize the tax basis and pocket more of your own money.
Over the weekend, we continued our master bedroom renovation. We tore out more of the existing master bathroom to make room for the new water closet and a large walk in shower. Using the tools on Home Renovation Hub we could play with the bathroom layout to move things around and that is eaxctly what we did.
When I started out building Home Renovation Hub I built it with the homeowner in mind. I had read that 60% of renovations go over budget due to poor planning. Being kind of frugal I didn't want to go over budget but I also didn't want to skimp on materials or quality. If you have read other blogs on Home Renovation Hub you might remember that we bought a 1976 ranch style home on the south side of Denver in October of 2013. The house itself was not exactly what we had in mind, but the land was amazing. Our home sits on a 1 ½ acre horse property with beautiful views of the mountains and brilliant sunsets off the back of the house. When we purchased the home, it was very outdated, boxy and compartmentalized. This home felt dark and closed in with walls dividing rooms everywhere you looked. There was an individual room for every living function enclosed by walls and a formal living room, which we knew we would never use. Large master bedroom suites with big bathrooms in our neighborhood did not exist. My wife actually couldn’t even visualize that someday this could be a home she would grow to love. I however saw the potential and beauty that this house could become and we bought the house.
2017 will be a year of transition. With the change of administration in the White House, improving economy and interest rates that seem to be moving up we feel a little mixed for the 2017 real estate market.
A DIY home improvement project can greatly improve the look and functionality of a home. Many people invest time and money each year into a home remodel project. But as the costs of a do-it-yourself project stack up, many people consider other factors about these endeavors.