What To Know About Home Improvement & Remodeling

With the Obama administration’s first time home buying tax credit, there have been a wave of homes getting sold in order to take advantage of the $8,000 tax credit.  However, with such a limited supply on the market in some areas, lots of first time buyers, and the condition of many foreclosed homes, there will some homes getting sold that are not quite move-in ready.  What to do if you just bought a home, or thinking about buying a home and want to fix it up?  The following are some helpful ideas on what to do with a home, it’s space, and how to maximize it for living.

There was a time when it was not only easy to sell a house, it was common to make a profit on the transaction as well, allowing the seller to move on to a bigger or better home. Though some homeowners did make home improvements and renovations, a very popular way to “remodel” was for the residents to simply move and “install” themselves into a more desirable abode. Now the credit market has dried up, real estate values are falling, and home sales are down, leaving many people stuck in houses with which they may not be satisfied.

• One option is to keep the house, move into a new one, and rent out the old one. This option takes careful consideration, as it transforms the homeowner into a landlord and places them in the position of maintaining multiple properties. It has legal and financial ramifications, obviously, but for the brave or for those who absolutely must move, it certainly is an option. The practice of leasing out property is not for the faint of heart, however.

If that doesn’t sound inviting, another option is for the occupants to keep the house and make the necessary home improvements to be happy with it, and they may very well be in it for a while. There are ways to add more space, add a few touches of luxury, or modernize without breaking the bank. When the market improves, the upgrades could even help raise the sale price, but will the homeowner still want to sell? There’s only one way to find out!

• Utilize wasted space. There may be no need to actually add to a home. Perhaps there is space in the house which is underused, such as the basement. One good feature of a home, whether one is selling it or keeping it, is a finished basement. A project like this can easily run $15,000 to $25,000, but it’s one of the cheapest ways to expand living space within a home. There are a wide variety of ways to use the space: as a family room, children’s playroom, guest bedroom, home office, the possibilities are endless. The more basic the space the better, however, as not everyone is interested in having a home theater or built-in wine cellar.

Read More About: Home Improvements

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