Before you proceed with a home renovation, make sure you have thought about it and planned it out well. While nobody can dictate what improvements you can do to your property, you should make sure that the money you spend will be worth it.
Moreover, property improvements do not just need money, they also entail time and hard work. If you want to do the minor repairs yourself, you may need some elbow grease. In addition, serious repair work may take long periods of time. Changing the floor tiles may take days, so you may need to be more patient about heaps of dust all over the house.
Ultimately, home improvement is an important element in homeownership.
Aside from the obvious fact that home rehab is essential in keeping the house in a decent, livable state, some homeowners take this as a change to increase the value of their property. This “added value” will be of great help when they think of putting the home for sale.
However, homeowners should think carefully before they do a home renovation. Not all improvements or add-ons will increase the residence’s market value. When the selling time comes, it may be hard to recover from these costs.
Think of a home renovation as an investment. And just like any other investment, you want to get a positive ROI. Thus, it’s essential to avoid these mistakes.
Adding Landscape to Your Lawn
We are not saying that you should just forget about it until your green lawn turns brown. A beautiful landscape can add personality to any home. Furthermore, a well-manicured lawn attracts potential home buyers because this is the first thing they see on a property. What you should avoid is overdoing it.
Yes, a pretty garden can be an instant head turner, but many buyers may not want to pay for it.
Not all homeowners have the knack for taking care of plants, much more landscapes. If they can’t do it themselves, they may have to get a professional so that it is kept in excellent shape. This will up the utility costs. it can be something to shoo them away instead of driving them in.
If you have an already pretty lawn, maintain it that way. If you think there is no other way to get around but to do a few landscaping improvements here and there, just make sure it doesn’t drill a hole in your wallet.Connect with a Lender, Click Here.
Not Hiring Professionals to Do the Work
Unless you are a legit handyman, you should consider the help of professional builders and repairmen. They do not only make sure that the job gets done, they also see to it that building codes are met.
You may do the minor touch ups, like painting the walls a different color or loosening up a stuck window. But when renovation and repair require knocking down walls or rewiring the electrical system, you better have an expert do it.
The most important reason for hiring a professional builder is to ensure safety. More than aesthetics, safety should be prioritized.
Building a Swimming Pool
Almost all of us dream of a house that has a swimming pool. You think that adding pool will significantly increase the value of your property. However, it is the contrary.
The building, filling in and maintaining a pool can be a financial burden. Buyers may see it more as a liability than an asset. It is very costly to maintain a pool. Additional maintenance costs are the last thing buyers would want to have in a new house.
Instead, think of other home improvements that can be multi-functional or energy-efficient. For instance, you can opt for a garage that can also work as a workshop instead. If you have a large area for a pool, a garage can surely fit in it.Find a Lender Near You.
Looking for a loan to help you with the home renovation costs?
If you still have no idea how to fund your rehab plans, consider taking a 203k rehab loan. This is a government-backed financing offered by the Federal Housing Administration.
This renovation loan allows the borrower to purchase a property or refinance an existing one and include the cost of needed improvements and repairs. Instead of applying for two separate loans, the 203k rehab loan allows homeowners to take just a single mortgage.
For you to qualify for the 203k rehab loan, a borrower should meet certain criteria set by the HUD. Because the FHA does not originate this loan, you will have to look for an FHA-approved lender who offers this loan. The HUD will provide you a list of qualified lenders. It is best to shop for lenders because you will also have to meet their own set of requirements. Lenders may have different requirements, look for one that works best for you.
Also, it is important that you are able to make a detailed breakdown of the repairs and changes that will be done and the cost for each.
Make sure you understand what this loan is all about. Learn more about it by doing your own research and asking lenders about it yourself. Home improvements should not leave you penniless, lest, plan it out well. Make sure you get your money’s worth.