Because of the economic recession and its affect on real estate prices, many homeowners are considering remodeling their homes instead of moving. These homeowners can save a lot of money, however, there are a few things to consider before making any final decisions:
-Estimate how long you will be living in the home. If it’s only for a few more years, maybe small renovations such as painting, refinishing floors, and replacing fixtures and lighting would be most appropriate. If you will be living in the house for more than five years, you’d have a great return on your investment by renovating a bathroom or kitchen.
-Try evaluating costs and ways to pay for the renovations. Renovators may acquire a home equity loan, personal loan, or line of credit if they are undergoing an expensive project or dipping into adequate savings for small projects is best.
-Contractor and subcontractors must have insurance coverage and has workers comp insurance. in the case that a worker is injured on the job. A home insurance coverage increase is appropriate if an extra room is being added, and before it is added in case anything is damaged before coverage is granted. Read through a disaster safety website to learn about the Institute for Business and Home Safety building codes and regulations. Place all receipts in a safe place.
-Save money by refurbishing plumbing, electrical wiring, and roofing can decrease insurance premium. Installing better insulation and new windows may decrease electric bills. Energy efficient appliances such as central AC, water heaters, and heating can be partially reimbursed by Federal and State tax credits and can also lower your costs.