The cost to renovate an existing home varies, depending on the type of improvements made and the extent of renovations required. For most homeowners, the biggest concern is funding a remodel or renovation project. When it is a simple project, such as new flooring or replacing bathroom fixtures, the cost is typically small enough to pay cash or use small consumer finance vehicles, like credit cards. Most homeowners, however, have bigger projects to tackle. Bigger projects usually mean financing, with the two most common options being a straight renovation loan or refinancing an existing mortgage.
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With a housing market so hostile that you might want to wear a bullet-proof vest before you enter it, selling your home has become more a tactical challenge than a typical private transaction. But because there are fewer buyers around, many homeowners are biting the bullet and staying put until the market picks up. Others however are preparing for battle, either by pressing on with the sale or by trying to rent out their home in the interim. There are two reasons why you might consider renovating your home; the first being because you are intending to stay in it and the second because you plan to sell it off or rent it out.

Generally speaking, any larger renovations you take on should always be for your benefit first and a buyer’s second, but smaller cosmetic improvements can be implemented just to attract a buyer or help you achieve the best possible price. Because there is a worrying trend toward so called “drive-by viewings”, giving your home immediate positive impact is more important than ever before. If your home doesn’t stun at first sight, then it might not be enough to get potential buyers or tenants through the door. You don’t necessarily need to spend a fortune improving homes that you are about to leave, but you do need to put some effort in. (more…)

Over the last couple of weeks I have set up a You Tube Channel for The Renovation Plan to allow you to access all the latest renovation, remodeling, home improvement and building ideas in one place.

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I recently received a phone call from a solicitor friend,  to help a client, who had just completed his multi – million dollar home on a “cost plus agreement” to sort out the final account with his builder. He was happy with the builders work, just not sure what was fair to pay him!!!

The whole agreement was based on a handshake and he wasn’t sure what costs the 15% ( the plus) was meant to apply.

I nearly fell off my chair!!!! and then phoned the client, and slowly we have resolved what was “normal ” practice.

There were so many possibilities as to what the 15% was meant to represent and whether the builder could charge for his time ( one third of the wages bill) and did his rates include the 15% etc. How they had got to this stage after 18 months of building is amazing in itself. (more…)