Renovating homes for profit in the housing market is becoming increasingly popular. Even those looking to simply renovate their own homes — 40% across five major centers have plans to renovate this year — can easily earn back the money spent on the renovation when the house is eventually resold.
However, before you pick up a hammer and goggles in order to tear down a room separation you despise, be sure you’re keeping in mind these essential points:
Your budget is the most important thing to keep in mind before and during your renovation. Have a professional take a look in your home or commercial project to gauge how much a particular room or feature would cost to renovate. Kitchen remodels, for example, can cost anywhere between $20,000 and $50,000.
Only demolish what you can afford to demolish until you get a little more money in your budget. It’s better to have a beautiful kitchen and an outdated but working bathroom than it is to have a beautiful kitchen and no working bathroom.
It’s great that you have a dream renovation in mind, but your budget ultimately determines what you can and can’t do during a renovation. Before you begin, consider the resources you have and what you can sacrifice on.
If you don’t have the budget for granite countertops, don’t convince yourself that you do and leave yourself with a butchered room. Instead, go with cheaper options that are palatable and reasonable and you’ll be just as happy in the end.
Contractors and Permit Expediters
To find the best contractor for your renovation, go local and search by word of mouth. Friends and family members are more likely to be honest and will be more than happy to give you a referral to a contractor they had a great renovation experience with.
However, before you can even begin the renovation process, it’s extremely important to seek permit expediting services. A residential building permit is essential even if you currently own the home or property you plan on renovating.
A residential building permit legally exists in order to keep you and your neighbors protected from any projects that may be detrimental to one’s safety or health. Permit expediters work as consultants, going back and forth between you and City Hall to advise you and your architects on the local building codes and building permits.
In short, a permit expediter gives you legal permit help so you don’t have to worry yourself over what is legal for you to demolish or build. The expediter will be able to tell you and can help you get the residential building permit or permits you need to go through with your project.
Finally, before you officially start your renovation, be sure that you seek advice from someone who has done a renovation before and has experience. This is especially true if you’re renovating a home or commercial property as a means of turning a profit. If you’re inexperienced and go into a project with a lot of passion but not a lot of knowledge you can very easily lose thousands of dollars.
Renovating your home or commercial property can be a thrilling experience. However, before you begin your project, be sure you keep your budget in mind and that you’re being realistic throughout the process.
Additionally, be sure that you do your research regarding your contractor, that you have a professional permit expediter, and that you take the advice of those with greater experience. With these things in mind before you begin your renovation, you can guarantee your renovation will go as swiftly as you could hope for.