MOST COSTLY PARTS OF REMODELING JOBS

Remodeling a home is a serious and expensive project. The exact average cost of renovating a home cannot be accurately calculated; it all depends on the extent of your renovation work, the materials you are using, labour cost, and your negotiations skill. Homeowners in the United States spend between $14,000 to $42,000 on home remodeling. With this disparity in cost, there is no one size fits all explanation for how much is spent on home remodeling, and the best that can be done is to estimate. However, there are certain aspects of home remodeling that costs most for obvious reasons; we look at the parts of a remodeling where you should expect to spend more money.

Cabinets:

One of the rooms that are usually remodeled is the kitchen; the importance of this room to the convenience of the homeowners and the resale value of the house is something that cannot be disputed. However, when it comes to cost, it is arguably the most expensive room to remodel, and the cabinets take a large chunk of this cost. About 40% of the total cost spent on the complete remodeling of a kitchen would be spent on cabinets, which is especially true where you are replacing the cabinets completely. Cabinets could cost as low as $3000 and as high as $24000 depending on many factors, such as whether it is how it is made, the material used, the quality of the material, and the size.

Plumbing:

One of the most expensive parts of remodeling is plumbing, which is why it is advisable to leave the plumbing intact. Changing your home plumbing is the money going down a literal drain, and you will see your cost rise astronomically. This is because you won’t just be spending on laying new pipes; there would also be demolition to remove the old one, among other expenses. Unless something is truly wrong with the pipes that require fixing, let it be.

Painting:

Home painting is also another costly expense when remodeling is concerned. It is more expensive when you are painting a relatively smaller space because the cost of preparing the paint remains the same regardless of how much paint you’re going to need. Interior paint is also more costly due to the type of paint that would be used. In order to ensure the safety of you and high family, low or zero VOC paints are the best, and of course, it costs more. For more painting information click here to talk to Oahu painting contractors.

Roofing:

If for any reason, your home remodeling includes replacing the roof, then you are going to spend big. You can try to avoid overspending by getting different quotes and comparing before picking the most favorable one. The cost would depend on the kind of roof you are going for РAsphalt roofing costs between $120 to $400 per 100 square foot. Terra cotta tiles cost $600 to $4000 per 100 square feet. Slate costs between $800 to $4000 per 100 square feet. Metal roofing sheets cost $500 to $1800 per 100 square foot.

Flooring:

Whether you are using concrete or hardwood, flooring will cost you money. Even if you decide to use carpets which are cheaper than the other two, you still have to spend to make it truly comfortable and great for your home

Tips on How to Successfully Rent Out Your Home When You Move

Are you moving out of your current home, and you are unable to sell it. In that case, renting it out is the best option available. It means you can turn your house into an investment and make enough money to maintain the property or even make a profit off it. And by doing this, you can preserve your house until home value increases and sell at a better price. However, everything is not all glossy. Renting a house is a substantial financial risk that could result in a loss if not done correctly. Here, we provide you with tips on how you can get the best out of your rent.

Research and Understand the Market:

Before you make plans about renting your house, you need to understand how the housing markets operate. This means knowing the rent rates within your area, pricing your rent too low or too high is enough to discourage prospective tenants.

Have A Financial Plan:

Once you are familiar with the market, you need a financial plan that covers your mortgage payment if you still have any, maintenance costs, property taxes, repairs, insurance, upgrades, etc. Calculating all these gives you an idea of your financial obligations and can influence your rental rates. If you’re looking to make a profit or at least break even on your rented property, a financial plan is essential to achieve this.

Prepare your property:

Once you have decided to rent out your property, you also need to decide how you want to rent it out, whether bare or fully furnished. Either way, it is essential to clean out the house before renting it out. Hire professionals to give the home a deep clean, remove any personal belongings, fix any broken appliances, and take care of the exterior. All these will improve the chances of getting tenants and enhance your house value. Part of the preparation is also duplicating the necessary keys for your tenants. If there are appliances that need manuals to operate, it is good to have the manuals ready for the prospective tenants.

Insurance:

Renting out your house usually means amending your insurance, even though it is not necessary, it is advisable. Most importantly, your insurance company must be aware of your decision to rent out your property. You can get landlord insurance, which offers more security against the financial losses of your property. 

Marketing your property:

To successfully rent out your property, you must attract the best tenants. You can only do this when you present your house in the best light, so make sure you do that when putting up rent adverts. List your home on websites, newspapers, or use a real estate agent who will collect a percentage of the price. Make sure you list out all the qualities and appliances that make your house stand out.

Screen Tenants:

Choosing the right tenant for your property is very, very crucial. Whoever your tenant will be should be trustworthy and dependable. So, you will need to run background checks on such persons for their character and credit score. You can have them fill application forms and submit references that will vouch for their credibility. You must know everything about the prospective tenants before you finally make a choice.

Know all the laws and responsibilities:

Renting out a property comes with legal and financial obligations. For instance, you’ll be in charge of maintenance and repair, ensure proper use of property, etc. There are also many legal obligations, so you need to be familiar with the relevant laws and make sure you abide by them.

You can decide to get a property manager to help you manage your rental properties if you do not have the time or energy to handle it yourself. But if you are doing it yourself, the tips above will guide you.

Best Renovations You Can Do To Your Home

If you’re reading this, it is because something or things about your home feels off, and you want to change it. Perhaps you just moved into a new home, and you’re looking for ways to leave your imprints on the house and make it yours. On the other hand, you could have been living in the house for years, and you feel like changing things. Either way, finding the right renovation projects to handle out of the many available ones can be challenging, that’s why we have outlined the best renovations that will bring a new look to your house and improve its value.

Kitchen Renovations:

Remodeling your kitchen is one way to make your house look better and more valuable. The only problem is that kitchen renovations are expensive, in fact, the most costly of all home renovations, so you have to committed to spending money. However, you can still save a lot by only renovating what is necessary for the kitchen. If your cabinets are still strong and sturdy but merely look dirty, worn out, or rough on the outside, consider repainting them and updating their fixtures.

Raise the Ceilings:

Gone are the days when being able to touch your home ceilings with a little stretch could be considered great. Today, the higher the ceilings, the best. So, create more open space by increasing the height of your roof, and you can add to the elegance by repainting it in a soft bright color. Give your home a feeling of space.

Flooring:

Renovating your house flooring is another way to give it a new look and even better guarantee a healthier life within the house. If you have been using rugs and carpets all over the house before, now is the time to get them out and refinish the floor. Wood is always a good option and, when properly contrasted with the furniture, can significantly add to your room’s beauty. But if you’ll be using wood, remember you can’t use it in every part of the house. Most especially, in areas where it is likely to come in contact with moisture because this can be very damaging. Another brilliant option is to go for concrete, you can use it in any part of the house, and it can be as pleasant as wood with different finishes available. There are other flooring options, such as vinyl, tiles, etc.

Bathroom:

The prize for the most important room in the house is usually between the kitchen and the bathroom. This shows how significant the renovation of this space can be. Since bathrooms are typically smaller, you won’t spend so much on the repair. Most times, your improvement of the bathroom means updating its features and perhaps repainting the room. Other times, you may have to do more. You could get a luxury vanity, change the flooring, and update the appliances within. One thing is sure; you don’t have to spend too much here; in fact, it is better if you don’t. There is no need to tear out the plumbing unless something is seriously wrong with them.

How to Flip a House

House flipping is all about buying real estate and selling for profit after renovation. Today, many people are into flipping houses, perhaps you’re thinking of getting into the business. If that is the case then this article is for you. To guide you through the steps for flipping a property.

Find the right market:

There are various real estate markets available, and the value of each differs. You need to do find a market that works with your budget and, at the same time, is profitable enough to buy and sell. Real estate investors usually classify these markets by Class A to D, with A being the most valuable and expensive and D being the cheapest. Depending on your budget, you can start with Class D, but these markets come with higher risks. The important thing is, don’t go for the outrageously expensive or ridiculously cheap.

Draw up a business plan and set your budget:

As an investor, you need a business plan that outlines how you intend to turn the property into profit and a budget that explicitly explains all the financial obligations you will take in the business. Your business plan should include the timeline for the project, so you’ll know how fast you’re moving.

Get Financing:

The worst thing that can happen is to find the house of your choice but not have the financing to buy immediately. This is why you should start working on the funding long before you find the home. Your business plan and budget have already given you the idea of how much financing you need, so look for the best financing on time. Focus more on the fees rather than interests.

Find the right contractor:

Unless you’re a builder, you won’t be handling the renovation yourself. So it is essential you find the best renovation contractor, and on time too. Build a network of contractors for different repair aspects, from general to electrical contractors, to plumbers and handymen. You should have as many of these people as you can.

Find the right house:

Now that you have a network of contractors and financing at your disposal, it is time to find the house you’ll buy. To make a profit, you have to buy a house at a price that allows you to renovate it, pay off certain fees, and still profit from the sale. So you have to be thorough in your search. It helps if you work with a Realtor. And don’t rush into a deal.

Buy and renovate:

So you’ve found the house, buying it is a long process in itself. You have to ensure the house is worth the value, and won’t guzzle all your money in renovations. This means proper inspection; you can hire a home inspector for this. Let contractors check out the house and identify details that you may not be able to see. As a beginner, it’s advisable to buy only houses with minor renovations, the more experienced you become, the bigger you can go. Once the contract of sale is signed, get to renovating. The faster you renovate, the quicker you can sell, and the more money you’ll save on additional expenses that comes with owning the home such as taxes, insurance, interests, etc.¬†

Sell:

You should let a very experienced realtor handle this. Fix the price based on expert opinions and your profit projections. Be familiar with real estate pricing and work with a local realtor until you’re thoroughly experienced.

How To Get Into the Real Estate Market

Are you thinking of diversifying your income, you have probably heard that the real estate market and how it offers high returns. So now you’re thinking of getting a piece of the action? There are two ways you can get in on the action, either you become a real estate agent or become an investor. Through either of these ways, you can hold stakes in the market and generate a sizable income. However, being a real estate agent will usually mean a complete change in career path and all the stress attached to it. A less stressful option is real estate investments. We look at the multiple ways you can get into the real estate market through your investments.

Buy Real Estate Investment Trusts:

Otherwise known as REITs, these investments allow you to get into the real estate market without buying any physical asset. REITs are real estate companies with stakes in different commercial real estate assets. When you buy into these trusts, you get returns in the form of dividends, which can also be reinvested into the trust. There are various kinds of REITs available; some are publicly traded on the stock exchange while some are not. It is advisable to go for the publicly traded until you’re familiar with the whole process because the publicly traded REITs can be easily sold, and their value is more quantifiable. You can buy your REITs through a brokerage firm, and finding one is quite simple with the internet.

Invest with a Real Estate Investment Platform:

There are various platforms online that connect investors to real estate developers. You can finance real estate developments through these platforms by equity or debt. In return, you’ll get periodic distributions. This investment is purely speculative, and you can’t quickly sell them as you’ll do with publicly-traded REITs. So you must be sure that you’re ready for the risk before taking the leap. Also, these investments may require some formalities. For instance, some are only open to accredited investors. The securities and exchange commission defines those with a net worth of at least a million or who have made more than $200000 annually for the past two years.

Rental Properties Investment:

Another way to get a piece of the action in the real estate market is to rent out properties. This can be one that you’re living in, in which case you rent out some rooms or if it is a multifamily home, you rent out some apartments. You can also buy a property and rent it out as a whole. This will take more time and effort than the two investment options above, and you’ll have to learn fast on the job to make the most of your investments. Before investing in a rental property, make sure you do all your homework, and you fully understand what it means to be a landlord. You may not make a massive profit on rental properties, but if you continue to invest, you’ll have more valuable properties that can later be sold at an attractive price when the market is right.

House Flipping:

House Flipping: This is one fast-growing real estate business with more and more entrants every year. If you have the time, the right credit score, and you’re ready to put in the work, house flipping is a great way to get into the real estate market. What it means is that you will buy a property, usually undervalued. Renovate the property, and sell it for profit. The whole process can happen within months, and you have great returns. However, flipping houses is not all easy and glamorous, it involves a lot of hard work and expertise, so take time to familiarize yourself with the market.