Get the Most Bang for Your Renovation Buck

Get the Most Bang for Your Renovation Buck

Many homeowners take on renovation projects to increase the value of their home as they will be looking to sell at some point in the future.  If you want to get the most bang for your renovation buck, then you need to do the right projects that will have the best return on their investment.  If you have a limited budget then you really need to spend your money wisely.  Not all renovations are created equal, here are the renovations that will provide the best ROI.

Landscaping

You have one chance to make a first impression and your landscaping is going to be the first thing that people see.  Well maintained yards and gardens can drive up the price of your home significantly and if you have a green thumb, you can take on the project yourself.  Landscaping is a cost effective method to improve your home’s value.

Put on a New Roof

A new roof can give you as much as a 105% return.  While not the most fun renovation project it will provide a great return!

New Flooring

Carpet is out and hardwood floors are definitely in, changing your flooring brings in a huge return, in fact as much as 100%.  If you own an older home you might even find that underneath that ugly 80’s carpet are some beautiful hardwood floors that only need some refinishing.

Get a New Door

Along with your landscaping your front door is one of the first things that a potential homeowner will see.  A good steel door makes people feel safe and picking the right color can brighten up the front of your home at the same time.

Patios

A patio can increase the amount of living space and increase the value of your home at the same time.  Choosing the right material will add more value to your investment and give some great recreational space.

Kitchens and Bathrooms

Kitchens and bathrooms are what will sell your home.  A kitchen remodel can be minor or it can be huge, costing you tens of thousands of dollars.  A kitchen remodel can improve your home’s resale value by up to 80%.  Bathrooms are another method of recouping a great ROI, you can start with new fixtures and vanity or totally gut the room and makes some huge changes.  Be wary when renovating the bathroom, big changes don’t always have great returns.

Home renovation projects can be great fun especially if they improve your home’s value and you get a better price when it comes time to sell.  Choose which renovations you spend money on wisely.

You Need to Hire a Licensed Contractor

No matter how you get referred to your contractor, you still need to make sure that they are properly licensed.  There is a purpose to these laws and that purpose is to protect you and your home from unscrupulous contractors.  The whole licensing process ensures that any contractor you work with is competent and it helps to weed out the dishonest contractors.  If any contractor that offers you a quote they should have a license to go along with it, and they are qualified to complete your home renovation.  Here are some other reasons that you need to hire a licensed contractor.

It’s Required by Law

Each and every state has its own licensing board that oversees professional contractors.  Each state is different and the rules in California may be very different from the requirements in New York.  Check with your local authorities before hiring any contractor to make sure they really are licensed.

Resolving Disputes

One of the perks of using a licensed contractor is that should anything happen you can take advantage of the dispute resolution program run by the state to resolve the situation.  The state funds any compensation that may be owed to you, but this only works if you work with a licensed contractor.

Working with a General Contractor

If you are building a house or have a big home renovation project planned you will likely deal with a general contractor for the project.  They will supervise the entire project, get the right permits, buy the needed materials and hire any subcontractors that are needed.  The licensing process for your general contractor will vary from state to state, but the license doesn’t authorize your general contractor to do every part of the project.  Check with the requirements in your state.  Here is an example, the general contractor will not likely be licensed to do any plumbing, that would be subcontracted to a licensed plumber.  This brings us to the next point.

Licensed Trades

In addition to being licensed to do home construction there are specific trades that have additional licenses that are necessary, some of those are plumbing and electrical.  If you are doing a total kitchen renovation you will need both an electrician and a plumber to work on the project too.  This license lets you know that your plumber or electrician are competent to do the work, you do not want an unlicensed electrician wiring your home!

You may not be a contractor yourself but you should understand all the aspects of your project, it is far easier to fix mistakes in the beginning.  It is also a good idea to work hand in hand with your contractor to make sure that the timelines are being met.