Should I stay or should I go? Inevitably, most homeowners are forced to ask this question at some point in time. The decision to sell their house and move away or to stay in their home and remodel can be very tough indeed. Many factors certainly influence whether you decide to move or whether you stay and remodel your home.

Move or Remodel?

Location, location, location. It’s usually the mantra of real estate agents, but it applies here as well. Where your home is located is usually the most important factor because a home improvement project will never change the location of your house. You may be forced to undertake a move because of external forces you cannot change, such as:



You may not like the quality of your local school system.

You may not have many local options for shopping or lifestyle choices.

The size of your current lot or piece of land may not handle an increase in size or expansion.

A neighborhood association may prevent additions or expansions because it changes the look of the area or subdivision.

Legal or zoning restrictions in your city might prevent any changes.

Your subdivision may only have identical housing plans (“cookie-cutter houses”) and adding a second story or home addition could make it less valuable than the others in the neighborhood.

It may cost too much to renovate.



Because you cannot change these factors, you and your family may find that a move to a new location is absolutely necessary. Take a look at your home location and decide if it meets your needs, if it can be improved, whether or not it is too old, and whether or not you can deal with the stress of a remodeling project.

Too Much of a Good Thing?

Another factor in your “relocate or renovate” decision could be that your house is already the nicest in the area. An extensive renovation or improvement of the best house in the neighborhood might be fine if you’re planning on living there for an extremely long period of time. However, if you have plans of selling in the future, such a renovation might prevent you from getting a decent return on your investment. If your house is already the nicest, spending more on it won’t make the value go up even higher.

Taking the Plunge?

If you’ve decided to stay put, you may have made the best choice. If you ask people to list the costs involved with moving, most will only talk about the price for a moving company to come pick up their furniture. It can actually cost more to move than to take on certain remodeling work. There are costs associated with selling your house, buying a new house (realtor fees, closing costs), cleaning services, transporting your family (hotels, meals, gas), repairs and renovations needed to sell the old house, and many, many more.

If you’re going to renovate, keep these tips in mind to make sure your home improvement projects will go a lot smoother:



Decide whether you’re improving your home for you or for a future sale – If you want to remodel your bathroom or paint your interior walls, the choices you make can affect the value of your home. You might love the color red or a modern sink design in your master bath. However, home buyers are not always fond of exotic designs and it may do more harm than good when you’re ready to sell your home.

Decide whether you’ll move out during construction – You and your family may not be able to deal with the noise, debris, dust, and extra workers in your home. You might need to temporarily relocate to a hotel, apartment, or house. However, it might be a good idea to stay. Some like to be close to the action and be able to oversee the work being done. It’s also important for someone to be there to receive deliveries. If you stay, it’s important to make sure you ask workers clean up at the end of each and every day. Make arrangements to replace the room being worked on (for example, set up your kitchen appliances in a spare bedroom during a kitchen remodel.)

Arrange for sufficient financing to be able to cope during any project – There could be many hidden costs in a home improvement project, so it’s good to budget for surprises. Plan for problems that a contractor might discover during the renovation. Plan for extra time (which increases your budget), beyond your projected completion date. Plan for changes you might decide on, too – it might look good on paper, but you could change your mind during the remodeling job and those changes cost extra. Think about adding at least 15% to 25% to your expected budget… for emergencies. Consider the little things, as well – other hidden costs could include: ordering more takeout food during a kitchen remodel, paying for coin laundry services when your water is shut off for extended periods, or even hotel stays during heavy construction.

Plan to do it all-at-once or project-by-project – Many homeowners decide to remodel a kitchen and, while that job is underway, will then decide to add on a bathroom renovation. This can cause delays and extra expense. While it’s true that there are already construction workers on the job site, it takes careful planning to arrange for permits, materials, designs, and the subcontractors’ schedules to complete a project on time and on budget. It’s best to plan for your kitchen remodel, bathroom remodel, and new patio installation to happen all at once or you should plan for them to take place individually, over a period of time. It will cut down on cost overruns, delays, and headaches.



Make it Happen

As the real estate market continues to slow down, and in some areas drop dramatically, it is an important time to consider staying put and remodeling your home. Housing prices may continue to level out so one sure way to improve property value is a proper renovation. Consult a designer or architect in your area to determine which changes will be best for your home in your neighborhood (Find a local architect or designer-builder here.)

If you’re planning to stay in your current house for a long period of time, make sure that any renovations you do are truly for you. It’s your home and you’ve got to live in it and be comfortable. Whether you convert your basement into a recreation room or you want a spa tub installed in your master bathroom, go with the products and designs that work with your lifestyle. If your tastes are more exotic, you can always remodel or renovate again when you’re ready to sell.

If you plan and finance your renovation appropriately, you should be able to “make over” your home to suit your needs with little or no problems. ConstructionDeal.com is a great resource for finding the right expert to make your renovations dreams a reality. Don’t forget to bookmark our main page and we’ll be ready to help with your next project.

http://www.constructiondeal.com/pub/customer/article/RelocateRenovate.pub



Passive Income

It’s easy to pick a moonwalk company based on price alone – you can always go through the phone book and choose the lowest cost provider in your area. But is that the best thing for your party?

There are a number of factors to consider when choosing a moonwalk rental company for your event that you may not even realize! Here are a few things to ask when you start to comparison shop:

Insurance

The first thing you should find out from a prospective rental company is whether or not they are insured. Moonwalk rental insurance covers liability in case of an accident where the moonwalk company is at fault. It does not typically cover injuries or minor accidents that happen while the moonwalk is under your supervision. So why should you care?

A company that has made the effort to get insurance has made a commitment to a safe operation. It shows longevity (fly-by-night companies don’t bother with the expense of insurance) and a concern both for your safety and the long-term success of their own company.

In some states (but not all) insurance is required by state regulations. An inflatable rental company operating without insurance is operating illegally in those states. In states without regulations, inflatable operators should still be insured.

Delivery

Does your prospective rental company offer delivery? Is there an additional charge?

Moonwalks are heavy, bulky, and awkward to move and setup. They require proper securing, either with stakes or sandbags and there may be state-regulated minimum requirements on the size of the stakes or the weight of the sandbags. If you are picking up the moonwalk yourself, be sure the operator reviews safety and setup instructions with you to ensure that you have a safe and fun experience with your moonwalk.

In most areas, you can find companies with delivery included or for a small additional charge. It’s not just about the money or convenience, but the safety of your children and their guests. Consider having a professional set up your inflatable bounce house or slide for your own peace of mind.

Cleanliness

Bounce house get really dirty – they are outside in all types if weather! You will typically find do-it-yourself places or inexpensive operators don’t take the time to properly clean and sanitize the bounce, although some do. Ask about their cleaning policies.

Sanitize? Yes – this is important. Bounces are active places full of little people bouncing against the floors, walls, and pillars in hot conditions- often face first and loving it! You want to feel secure that the surfaces they are coming in contact with are clean and germ-free.

Companies that properly clean and sanitize their inflatable units ensure that germs don’t spread from one party to the next, not to mention the fact that your party-goers won’t go home with black socks!

Attended vs Unattended

Many companies will have an attendant who will stay for the duration of your party and supervise the moonbounce- often it’s included in the fee quoted. Be sure to ask about an attendant if the rental fee seems high for your area- it could be those extra man-hours that drive the price up but as many event-organizers will tell you it’s well worth it!

If the company doesn’t offer attended rentals or you aren’t interested in paying the extra fees, make sure the delivery company reviews operating and safety procedures with you before they leave; things like what to do if it rains or gets windy, what to do if the power goes out, how many kids are allowed at a time, etc. Moonbounces are fun and safe, but it’s best to be prepared in case the weather changes or anything else unexpected happens.

Deposits

Deposits vary by area – in highly competitive areas, you may not be required to send in a deposit but in most areas of the country rental companies do require a deposit of some sort – a credit card number or a mailed deposit. This ensures the equipment you want is reserved for the date and time you requested.

Find out under what conditions your deposit is refundable. How long do you have to cancel? How are weather cancellations handled? What about refunds or re-scheduling?

While we want to believe our party will go off smoothly, reality is that the weather may not cooperate or the birthday child may be sick, or any of a number of things can happen that might cause you to cancel or reschedule. If a deposit is required, make sure you get it in on time or you may lose your reservation!

Power

Typically, if you rent a moonwalk, you are expected to provide an electrical outlet. Be sure to test outdoor outlets as they are likely to go bad and if you don’t use them often, you may not be aware they don’t work until time for setup! Plug a hair dryer into the outlet and let it run at high a few minutes to test.

For events that aren’t near an electrical source, you’ll need a generator. Many rental companies have them or can get them for you- if not you can pick one up yourself at a local rental store. Make sure you know how to operate it and how long a tank of gas will last if you are doing it yourself.

Setup Area

Inflatables can’t be set up on a slope. It’s just not safe. You’ll need a relatively flat area at least 5′ bigger all around than the size of the inflatable. It’s best to make sure you have enough room ahead of time by measuring or at least walking off the area so that you don’t have to rearrange your plans at the last minute.

Check for bushes or tree branches in the way and make sure there are no power lines or overhanging branches overhead.

Clear the area of rocks, twigs, pinecones, or other obstructions and check for fireant hills, dog leave-behinds, or anything else that might be in the way.

Do you have an irrigation system? Let your moonwalk rental company know that unfront. They may choose to secure the unit with sandbags instead of stakes if you are unsure where the irrigation lines are.

Have Fun

Moonwalks are impressive, exciting, and fun! Your house or business will be the center of attention when the moonbounce is up and running, so enjoy it and get lots of pictures of those little ones having the time of their lives. They’ll always remember it and so will you.



Repossession

quick house sales can seemingly take forever, especially in the current market where many people are waiting for a drop in prices before they decide to purchase. There are however certain strategies that when employed can speed up the sales process and reduce the time your property spends sat on the open market. Here are some of the best tactics, strategies and ways of thinking that will ensure a quick sale.

First and foremost you should try and think like a buyer. This is more difficult than it sounds as you must look around your house in an objective manner taking note of any issues that may put buyers off. If you can do this however you stand more chance of pursing sales quickly.

Once you have made your list it is vitally important to make any repairs that can be deemed necessary. These repairs can be minor jobs like a smashed window pane to major works like retiling broken bathroom tiles or the roof. While buyers may not notice all of the work you have undertaken, it is a surety that they will notice any repairs left unfinished.

A strategy often touted by property experts is to de-clutter as much as possible. This is because the less clutter there is, the easier it is for buyers to notice the house and hence understand what they are buying. In addition de-cluttering can help to create a feeling of spaciousness, making the property look larger than it actually is.

As part of the space tactic is to make all of the rooms as well lit and bright as possible. Lighting can be considered an extremely important element to a property, it is strongly advisable to make the most of the natural light in a room but if this is not possible, recessed high powered lights can help to make rooms lighter and more appealing.

When a buyer walks through the door all of their senses will be used when viewing the house. Subsequently smell is an important factor in the property sales process. While the home baked bread cliche may be an overused tactic, ensuring that the property smells fresh is essential. Removing the odour of pets and smoke is a prerequisite.

As part of your de-cluttering efforts you should remove all of the personal items from the property. These can include family pictures and ornaments which while you may love them, does not let buyers see themselves living in the property.

When you are rearranging your furniture you need to do it in such a way so that it makes the best use of space ensuring all of the rooms look open and welcoming. As part of this it is important to put furniture in places where it will not impede traffic through the house.

The term ‘curb appeal’ is often bandied about by experts but remains a valid point if you want to sell quickly. To create this curb appeal you should mow your front lawn, ensure all windows are painted, the front door is well maintained and in general the house from the street looks appealing.

Painting is great way to revive the look of tired rooms and even the exterior. It may take an investment of time and money but the rewards will be ultimately worthwhile. Remember however that the paint is not your personal preference; neutral colours should be used so buyers are not overpowered when they enter the property.

Hopefully these tips and tactics will help ensure the quick sale of your property. As long as you price it correctly and are willing to negotiate speedy sales should be achievable. Ultimately you need to make the most of your property’s assets; whether this means redecorating or just giving the place a spruce up is indeterminable. What is important is that you present a property to the buyer that is appealing and allows them to imagine themselves living there.

Passive Income

There may be periods in a homeowner’s life when his or her personal circumstances change dramatically and it makes economic sense to sell the house as quickly as possible, thus releasing the capital that has built up in it. The reasons are many and varied and may include:

1. The breakdown of a relationship. Whether the partners in the house are married or not, there may be financial pressures caused by the breakdown of the relationship. One of the partners may have started another relationship, in which case they may require capital release in order to finance another mortgage or rental costs. Some of the Sell and Rent Back companies will buy the house very quickly, and rent it back to the remaining partner at a competitive rate.

2. The homeowner may have to move with his/her job, either within the UK or abroad. If this move is seen to be fairly permanent, then capital will be required to finance a new home in the new location. For those relocating or emigrating, some of the Sell and Rent Back companies will buy the house in as little as 14 (working) days.

3. If the homeowner has been in arrears with mortgage payments they could fear the prospect of having their home repossessed and see that a quick house sale would be a financially better alternative and enable them to avoid repossession.

4. Should one of the partners in a house die, the remaining partner’s income may be insufficient to cover the mortgage, then again, a quick house sale may be seen as a beneficial alternative to having the home repossessed.

5. In a falling house market, to sell your house now may be a shrewd move. If financial experts project that house prices may fall 20%, then the homeowner could take the view that selling the house quickly, without Estate Agent’s or Auctioneer’s fees, for as close to its current value as possible, will reduce the capital loss. The house could then be rented back at a competitive rate until the market is viewed to have ‘bottomed out’.

The average level of personal debt is increasing, and a quick house sale may be seen as one way of paying off all debts in one go. This is especially useful if you suffer a reduction in income which is viewed as a temporary situation. To sell the house, pay off the debts and live in rented accommodation for a while may be a sensible strategy. Indeed, with many of the Sell to Stay companies, you can sell your house quickly and rent it back at a competitive rate.

There are many routes to achieving a quick house sale.

1. Estate Agents – Estate Agents will always tell you that they can sell houses very quickly. This may be true when the market is rising and there is a lot of competition for every house, but when prices flatten, or indeed fall, houses stick and your ‘quick sale’ may be lost.

2. Auction – Auctions are the ultimate vehicle to value a property. Any property is only worth what another will pay for it, and an auction with many interested parties in the room will produce the best market price for a property with a very quick sale.

3. However, anyone who goes to an auction will be expecting a bargain – they view the items that go to auction as being ‘on-offer’ and only there because they have failed to sell elsewhere. You may not get a good price at auction.

4. Sealed Bid – Requesting sealed bids is another good way of valuing a property. However, the process suffers from the same market pressures as the previous two. From the buyer’s point of view, putting in a sealed bid when the market is rising is a worrying process, as he/she doesn’t want to bid too low for fear of losing it. This can result in some extremely over-priced bids. On the other side of the coin, in a falling market the worry is that the buyer may bid too high and end up with a home in negative equity. This results in the seller receiving a number of disappointingly low bids.

5. Sell and Rent Back – Sell and Rent Back companies will buy your house very quickly – many of them promise to buy it within 14 (working) days. They will give you 80% or more of the value of your house – but that’s it! You don’t have to pay the Estate Agent or the Auctioneer, just your legal fees. Furthermore, many of the Sell and Rent Back companies will allow you to stay in your home and rent it back at a competitive rate.

So if you need a quick house sale, you must try to strike a balance between speed and the amount of money you will receive from the different methods of selling your property.



Repossession

asing popularity of those home improvement reality television shows have inspired more and more people to embark on their own home renovation projects. These shows first made their debut a few years ago and they sure are fun and interesting to watch. They are now among the great resources for us to gather information and ideas from for the changes we would want to do in our homes. What makes us even more inspired is how happy and satisfied the homeowners look after the job is done. Plus, the teams working on the projects make it look so simple, easy and fun!

As we all know, home renovation projects are no simple feat. The task can be really challenging and exhausting, especially if you do not know where to start. The good news is, there is no way you are required to do the project (or projects) on your own. If you feel overwhelmed by the thought of making changes in your home, it is best that you get some help from well-experienced and reliable people. There are plenty of companies that offer different kinds of services for home renovation projects. They even help you with the planning, designing and even materials purchasing.

Perhaps it would be a good idea to take your home renovation project one baby step at a time. Start remodeling one room of your house. An investment in a remodeling project in just one room can reap great rewards. First of all, you get to be more comfortable in that room. Second, renovation projects catch the eyes of the real estate community. Statistics show that a single room in your house that had work done can dramatically increase the value of your property should you choose to sell it later on.

Take the bathroom, for instance. The bathroom is usually a part of the house that is unappreciated and overlooked. For most homeowners, the bathroom is just seen as a utilitarian space. The bathroom, however, should be seen as a space in your house where you can pamper, spoil and even take care of yourself. When it comes to bathroom remodeling projects, there is a world of possibilities to make it as welcoming and comfortable as it should be.

When remodeling a bathroom, you must first come up with a bathroom design that you will fall in love with. The essentials such as the toilet, bathroom sinks and faucets, bath tub and/or shower, medicine cabinets and tiles have not change. However, there are dozens of designs for each of these essentials that are available for you to choose from. You should also know that the possibilities do not end there. There are now plenty of bathroom accessories that you can get to further beautify your bathroom. You can add a soap dispenser, a bidet, a bathroom fan, benches or seats, towel warmers, shower seats. The list is just endless! Picture what you want to do and what you want to have in your bathroom. If that task seems to be too much for you, seek the help of a contractor and designer to help you come up with your bathroom design.

The advantages of hiring a contractor is that they also give you advice on the building regulations in your city. In New York, for instance, there are certain building codes that you must adhere to. In addition, these contractors usually offer the service of acquiring building permits from your municipal office. That alone is a great load off your chest as it saves you the time, money and effort of going there yourself. For a home renovation project to be successful, you must keep an open communication with the people you are working with. Some contractors even offer you the services of a personal project manager to supervise the remodeling process. The project manager also serves as a communications channel between you and everyone involved – the designer, suppliers and the workers. Be sure to be clear and to discuss all your ideas and even concerns to your project manager. From the bathroom design, for instance, to the very minute detail of your demands.

So, go on and take the plunge. Do not be scared to be creative. Think like an artist and let your bathroom be your canvass. Get that bathroom design down and get ready to have the bathroom you have always wanted with this home renovation project.



Rent Back

Quick Sale of the house is a proven means to connect yourself to a large amount of cash. Indeed, your house is your best source of cash, also perhaps the largest one at that. This is because of the equity that is stored up in the property. The house equity is the balance out of your total assets minus the liabilities such as mortgage.

The equity tied up in your property can be released when you get cash in exchange for it, and this is possible in quick time through quick sale. It is through this way that your fixed assets find a free flow of liquid cash. This cash is indispensable to fulfil your different needs, including things as basic as daily expenses and domestic shopping. With cash available with you now, you can also prevent events as threatening as repossession of your house.

Even when you have got through a quick sale, vacating and shifting the house need not be the natural consequence. Instead, you can rent back the property for a certain amount of time at a reduced rental, if you want. And you even have the option to buy back your property after renting the house after a fixed number of years.

The firms that help you in quick house sale are most helpful as and when, timely action is the need of the hour. When you are opting to sell your house fast, it is clear that time is of essence here to complete the sale. You need cash in a jiffy to possible serve some pressing priority. Quick sale as a scheme, is custom-made for those who have to see to a financial emergency. The goal is to help any homeowner alleviate his/her financial stress through a quick and convenient conversion of the assets. So, with this service at your disposal, you can sign off with a good deal at the end of the day.



Sell and Rent Back

If you’re decorating your home, it’s important that you find the right home decorating fabric. Whether you’re going modern, Victorian, or classic, the theme of your home decorating will be influenced by the type of fabric you choose. If you already know what particular theme you want, do a little research online to decide which fabric will fit best. You can also choose to look at home decorating magazines or books.

For example, if you use a Victorian theme, remember that this type of theme is both feminine and quite ornate. Therefore, the home decorating fabric you choose will be brocade, velvet, or other “heavy” and rich materials. For accessories, you can choose ribbons and bows, beads and lace for trim.

If you choose to go with a modern theme, you’ll want vibrant and bold colors in your home decorating fabric. Usually, when you go with a modern theme, the rooms are big and spacious and the concept is “open.” This is meant to draw your attention to the room’s details, including the fabrics used. The walls are usually done in light or cool colors.

Another popular home decorating theme is Oriental. With this, use elephants, Chinese dragons, screens and fans. This makes the room visually interesting and unique. The colors used are rich red, coral, jade and ivory. The Oriental theme usually uses silk as its fabric, and the rich colors stand boldly against the dark woods recommended for Oriental furniture.

For a more subdued “country” theme, choose light-colored woods, crisp fabrics such as linen, and light colors, perhaps accented here and there with dashes of dark red or blue throw pillows, for example. You can also choose sturdy knotty pine and rough tweed and denim fabrics for a more rustic look.

When you use home decorating fabric, you are putting icing on the cake, basically. The furniture you add complements the colors you use. In addition, the window treatments you’ll use also fit within the theme, using these same colors.

Home decorating fabrics can be found in many places. Cushions, slipcovers and curtains can be bought premade at department stores or online. Many stores or web sites also specialize in home decor and can help you with this process. If you are skilled in sewing and wish to make your own materials, it’s probably best that you go to a local fabric store so that you can see the fabrics you want to choose firsthand. Store staff will also be able to advise you on patterns, threads, and accessories such as buttons, ribbons and bows. If you are considering a particular color scheme, staff will also be able to help you choose fabrics in the right coordinating and contrasting materials and colors.

Whether you choose ready-made materials or are skilled at making your own, the right fabrics can make your home decorating project a success, so that you both have fun during the process and are pleased with the end result.



Quick House Sale

Theres no doubt that times are tough, especially for those trying to sell their homes. Enticing advertisements like We Buy Ugly Houses can catch the eye of a homeowner eager to avoid foreclosure, leading them to participate in a quick sale and rent-back situation. Like any real estate transaction, there are both advantages and disadvantages to this scenario, and its important that homeowners understand all the ramifications before jumping into something that might not be as good as it seems.

WHAT IS A RENT-BACK SALE?

A rent-back sale general involves a quick sale of your home to an investment company that will then look for another buyer. While the company does this, you may be allowed to stay in your home but you will need to pay rent. The rent is usually at market rate for your area, but as your rental will most likely be short-term, you may pay several hundred dollars extra each month.

When you participate in a rent-back sale, its important to recognize that you may take a loss on the property. If you need to sell quickly, and would like the advantage of being able to stay in the home for a short while after the sale, a rent-back sale could be to your advantage despite the potential loss.

WHO IS IT FOR?

If foreclosure looms, a rent-back sale might seem like a good way to buy some extra time. Todays economy means that many people are being forced to make hard decisions, but if youve lost your job, outspent your income, or are planning a divorce, it might be to your benefit to take a potential loss on your property in order to sell quickly.

Some parents might find an advantage to being able to stay in their home and allowing their children to finish the school year before moving. Moving is a stressful time, and avoiding a mid-year switch for kids can be a real benefit.

If youre considering building a new home, a rent-back sale gives you the cash you need to start building right away, and the flexibility to stay in the home throughout construction, giving you a cushion during those inevitable construction delays.

You might also find a benefit to a rent-back sale if youre ready to start looking for a new home, and want to be sure you have the cash on hand when you find the right place, without waiting for your existing home to sell. If youre downsizing and dont expect to need as much money for your new place, a potential loss might be offset by the freedom to move quickly when you find your new dream home.

WHAT ARE THE DISADVANTAGES?

There are some important issues to be aware of when considering a rent-back sale. First and foremost, understand that you are selling your home to an investment company whose main priority is to find another buyer. When that new buyer comes along your rental period will most likely come to an abrupt end, leaving you little or no time to find a new place to live. Its important to determine what type of notification youre entitled to before a new owner takes possession.

In a rent-back sale, the house is often sold as-is, meaning the buyer agrees to take on any necessary repairs. However, what if something happens while you are in your rental period? Are you responsible for those repairs? Is the investment company responsible, or the new buyer? Be sure to address these issues up-front to avoid legal problems later on.

IS IT RIGHT FOR ME?

Only you can determine if a quick sale and rent-back is right for you. Take time to learn everything thats involved, and dont be afraid to ask questions. Even if youre feeling a bit desperate to sell your home, a regular sale may still be best for you. Its a big decision, so take your time and do it right.



Rent Back

The practice of increasing home value through proper renovation techniques has never been more important than it is today. We constantly hear on the news about poor economy and poor real estate market. Homeowners who plan to increase their home value through renovations should be reminded that the margin for error is slim and a small mistake could easily wipe off their profit or worse result in a total loss.

Slow economy should not scare away homeowners from remodeling their home in order to increase their home value. However, homeowners should only follow smart renovation techniques and be careful not to over-renovate their home. Over-renovation could be a total financial disaster. Prudent homeowners must learn about value engineering in respect to home remodeling if they are serious about profiting from renovation.

The methods and analysis that enable you to determine what specific renovations allow you to benefit most from renovation is referred to as value engineering. In the next paragraphs we are going to briefly point out the steps one needs to follow in order to maximize one’s profit and increase his/her home value.

I) Step one is to contact your local real estate office or a qualified appraiser to obtain the current market value of your home as well as the value of renovated homes that are similar to yours within your area. The purpose of this research is to ensure that there is room to profit. If you find that the value of renovated homes nearby is close to the price of your un-renovated home, then there is no point in renovating your home. Make sure that you only compare your home with homes that are similar to yours and are located a short distance from your home. There is no point comparing your home that is on a 30 x 90 parcel of land to a home built on a 10 acre land or a home that is located in different areas as real estate prices vary from area to area.

II) Contact your local real estate office or a qualified appraiser to find out which renovations in your area add value and which renovations do not. You then need to look further at the renovations that add value and ask your appraiser or your real estate agent to determine how much value each of these renovations bring to your home

Comparable Market Analysis (CMA) is the method used by real estate salespersons and appraisers to determine home value. Appraisers look at large quantity of sold properties near your home and then adjust the price for your home based on the condition of various parts of your home as well as any new additions or extensions that you may have build to your home. As an example the appraiser knows that a second additional bathroom in your area is very desirable and the sold price of homes with a second bathroom show an increase of $4000 in comparison to those that did not have the second bathroom. In the same way the appraiser may note that a finished basement increase value by $6000 or fireplace has no impact on the value and etc.

III) Now that you know the value of each renovation, you need to find out your cost for carrying out each of these renovations. This step is needed to find out if you are able to make a profit from a particular renovation. To determine your cost for each renovation, you should obtain at least three price estimates from qualified contractors.

IV) After completing step three you are in the position to determine which particular renovation maximizes your profit. You can accomplish this by subtracting the added value each renovation brings as detailed in step three from the cost of that renovation determined in step four. This is especially useful when you have a limited budget and need to know which renovation will give you the maximum profit.



Quick House Sale