You Should Know About Property Renovations

Posted by on Feb 24, 2018 in Business |

With so many people facing economic woes and the real estate market in a severe dip, you may not be able to sell existing property because there are qualified buyers. If you can’t sell, but your existing home is not large enough or needs major repairs, property renovations may be a good answer for you.

Another reason for renovation as opposed to moving is that you may really like the neighborhood where you live. It may be close to shopping or have good traffic patterns. There may be parks or playgrounds nearby. It could be close to work and good schools for your children. Here are some things to consider when deciding whether to fix or move.

The style of the home is important. If it is a fairly representative home in the neighborhood, your renovation should not make the finished property a sore thumb amongst the other homes. If your neighborhood is a community of three-bedroom, two-bath ranch style structures on one level, remodeling your home to be a three story brownstone style structure would mean that the house could never be sold at a price that would recover the cost of the renovation. A potential buyer might not be able to qualify for a loan on the property because of appraised value issues.  luxury property bristol

The neighborhood itself should be considered before doing major remodeling. A neighborhood of starter homes for young families might be a poor location to renovate, if you want to do a lot of entertaining for your teenage children. Renovation that adds outdoor living space such as a pool or tennis court can be a poor choice in a more conservative neighborhood. The cost of the renovation could be impossible to recoup upon sale of the home.

Generally, it is a poor renovation plan to close in an attached garage to add a family room or game room. Most home buyers want a garage. Again, this may be different in some communities and neighborhoods. Some subdivisions will not allow renovations to change the basic character of the neighborhood. Homeowner association rules can prohibit certain types of additions, renovations and demolitions.

Design plans are an important part of a renovation. You should make certain that the finished product is comfortable in arrangement, materials and structural integrity. A seamless transition between new areas and existing areas is important both inside and outside the home. The services of architect may be necessary to accomplish what you want to do without compromising the construction.

Be sure that you get the necessary permits for construction and the required inspections in your home. You need to be able to show that your changes are up to code. Homeowner’s insurance claims could be affected without appropriate sign offs. Renovation approval can affect everything from the height of the roof to setbacks from the property lines, power poles or sidewalks, so be sure that your approval and permit process is completed before you begin work.