Kpmg real estate jobs - Real Estate Improvements Will Increase The Value Of A Property

Real Estate Improvements Will Increase The Value Of A Property

September 28th, 2011 | Author: financereferences.com

Real estate improvements can be simply painting the exterior of a house or complete rebuilding from the foundation up. There are many reasons why people require real estate improvements to enhance the property value, to increase the number of rooms, to make it eco-friendly and so on. It can be quite disruptive to make real estate improvements especially when the family continues to live in the home while the work is in progress.

Suppose that, a young couple buy a small two bedroom house with a good space. They have just one child and the house is sufficient for them. But later, if the family starts to grow with more kids or even if elderly parents have to move in, they will have to consider expanding the house to include more bedrooms and bathrooms. In such case, before getting into the work, they must sit down and consider what they hope to achieve by the renovations.

If more rooms need to be added, they will need to get the expert opinion of a civil engineer who will study the structural plans of the house and see if the structure can stand more floors being built. If so, he can give an estimate as to how much it will cost and a permit will need to be obtained. All real estate improvements however small are expensive since cost of building materials and labor is very high. Yet, a couple could like the neighborhood where they are living especially if it has good schools, is safe for kids to grow in and is close to their place of work.

In such a situation, they naturally wouldn’t want to move out; rather they would prefer to renovate their home for their purposes. If they don’t have sufficient funds to do so, they need to think of how the funds can be raised and how much to pay back. They can borrow from family members, close a savings account or opt for a home refinance. If the couple opts for a home refinance, they will have to make monthly repayments for that they must work out their budget to see if this cost can be added to their current expenses. If so, they can go ahead without any doubts and start their renovations.

Identify a good home contractor who is reliable, regular, experienced, inexpensive and punctual. It is very important to get a good contractor for all obvious reasons. Make sure that the contractor will employ known workers. This is also important especially if the family plans to continue living in the house during the renovation process. Family members must feel safe with the workers walking around their home. Also known workers will be trustworthy and not steal any material.

Always make sure that one family member say wife or daughter are not left at home alone during the day when the work is going on. Safety of kids also needs to be considered at the worksite. Ensure all pits are covered, sharp instruments not left lying around, and electrical wiring kept locked up where kids cannot access them. If major real estate improvements are taking place, try and confine it to one part of the home and live in the other part. For example, if the kitchen is being renovated, you can eat microwaveable food for a few days or get take-outs.

If you are planning on real estate improvements to enhance the value of a property, then consider the following key areas:

Outdoor improvements
Appliance upgrades
Bathroom renovation

The reasons why these areas are focused on especially in a home are because buyers will first look at these places to estimate the value.

The potential buyers have a first look at the outdoors when they come to survey. So a newly painted exterior with neatly mended fences and a pretty landscaped garden can all add value without costing too much. A potential buyer will also view new appliances in the house as a great boon, especially if it is an old house because the new appliances are always expensive. Bathrooms with new closets, bathtubs and showers will attract a buyer. So, think seriously and twice the reasons why you are planning on real estate improvements before starting any remodeling.

Article by Joseph Wilkerson of LosAngelesRoofingExpert. For more information on roofing contractor Los Angeles, visit his site today.

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