Prime Edmonton Real Estate - Do you want to renovate a property? Whether you intend to live in the House after it's been remodeled or sell it straight away, chances are that a portion of your attention is focused on making improvements that will increase its resale value. It is important for homeowners to spend money on remodelling projects, maintenance, and home repairs in order to keep their homes looking good. Some maintenance projects make the home look nicer, like kitchen and bathroom upgrades. They also make the home more functional. There are many reasons why people love home renovations. Some of the top reasons include that it makes the home feel new again, it can be a fun and exciting project to work on, and it can increase the value of the home. Home renovations can also help to fix up any problems with the home, such as structural issues or leaks. Finally, home renovations can help to make the home more comfortable and inviting. Risks with Renovating Your Home Just as there are lots of reasons to start home renovations, there are also several risks that can come along with those renovations. Before starting any work on a home, it is important to understand and protect yourself and your property from possible damages. Some of the most common issues related to home renovations include: Structure – Home renovation projects often involve digging or breaking through parts of the existing structure. If this is not done carefully, it could cause severe structural damage to the house itself. Water – Water leaks can be very damaging for homes, especially older ones that may already have water leaks present. Water will continue to cause problems until it is discovered and fixed properly. Property – A new addition or renovation project could cause damage if located too close to an already established tree. This could cause the tree to potentially become damaged or unstable. On your own property, you are responsible for any damages that occur during a home renovation project. If this damage is caused by a contractor or any other party, they may be liable for it under the law. It is important to protect yourself along with your property at all times when considering home renovations. The best way to protect yourself and your property against possible damages during a home renovation project is through insurance coverage. If you add contractors and service providers such as plumbers, electricians, painters and more onto your homeowners policy, it will cover their actions if they accidentally damage anything while working on the house. Your homeowners insurance can also protect your property itself. The good news is having proper insurance coverage does not have to cost a fortune. The monthly premiums are often inexpensive, especially if you bundle both homeowners and auto insurance coverage together under the same provider. Planning For Your Home Renovation If you're thinking of doing home improvements in the near future, get insurance quotes from an independent agent before beginning work. This will assist guarantee that any loss is compensated, safeguarding both your property and yourself from harm during these remodeling projects. Renovations are becoming increasingly popular among homeowners. Renovating your house may be a wonderful method to increase its value and quality, but not every conversion will succeed as planned. Before beginning any initiatives, homeowners should first understand the implications of these sorts of remodels on their house's value. Boosting Resale Value by Remodeling a House Occasionally, homebuyers decide to add a feature to their house in order to offer pleasure or whimsy, with the goal of having these features valued at the time of sale. However, many of these projects may appear appealing to the owner. However, they may be seen as an eyesore, unsightly, or even too expensive to maintain, detracting value. Avoid the following renovations if you want to increase the value of your property when remodeling it. Overbuilding or over-renovating your home may have the adverse consequence of making it harder to sell in a competitive market, and it can also lower its value. Installing too much carpet, as well as renovating a room for a specific purpose, might also reduce the value of your house. Keep your renovations basic and stick to general-purpose rooms that appeal to the largest number of people. Finally, high labor landscaping may put off purchasers. For the greatest impact, keep your garden minimal and well-groomed. Reconsider These Upgrades Before Remodeling a House Before you call any contractors, it is important to make sure that the project you want done does not cost too much. This is especially important if you are planning on selling your home soon. Here are some of the most common home renovation ideas that don't increase your house's value, so you don't end up spending money in vain. People usually think of home renovations as changing the bathroom. They add a bathtub, a nicer shower, and new tiles. People think this will make their house more valuable. But not all rooms have this kind of impact. Some rooms that people often improve before selling their house have little or no effect on the value of the house. An upgrade to the kitchen is one of the most popular home remodeling ideas. Whether it involves replacing outdated appliances or installing fresh cabinets and countertops, there are several techniques to bring this crucial area up to speed; but don't assume that any improvements will increase the value of your house. According to recent research, the kitchen is arguably the least influential room when it comes to real estate purchases. While buyers would rather live in a property with an updated kitchen than one without, they aren't willing to pay extra for this feature. Another area that homeowners frequently renovate before putting their house on the market is their laundry room. A new washing machine and dryer may appear to be a good investment, but since most potential buyers may have their own washer and dryer, this upgrade may not have provide a return on your money. Adding a swimming pool or Hot Tub Having a swimming pool in your backyard can be really expensive. Swimming pools are nice for hot summer days, but they can be a lot of work. Not everyone will appreciate having to take care of a pool. In fact, a lot of home buyers will look at a home with a pool and think it is too costly. They will have to pay to maintain and heat it. Plus it could be a disaster for a family with small children. Before you decide to add a pool to your home, do some research. You might be surprised to find that pools have a lot of value to your home. Swimming pools cost a lot of money to buy and maintain. The price for a swimming pool ranges from $10,000 to $100,000. Before you build or remodel a swimming pool, carefully research the neighborhood comparables and your local market. (Or, for that matter, do any renovation) Keep in mind that the next buyer may not want a pool. Hot tubs are often seen as a great investment for homeowners because they provide a place to relax and escape the stresses of everyday life. However, research has shown that adding a hot tub to your home does not provide a good return on investment. One reason for this is the cost of installing and maintaining a hot tub. Not only do you have to pay for the initial installation, but you also have to pay for the electricity to run it and the chemicals needed to keep it clean. Another reason why hot tubs are not a good investment is that they often take up a lot of space. This can be a problem if you don’t have enough room in your backyard or if you live in a townhouse/rowhouse. Too much carpet Carpets are more comfortable than hardwood floors, especially in cold climates. However, before you order carpet for your remodeled house, consider the value. Carpet can become stained and look dirty quickly, it traps allergens, and it just doesn't have the longevity of hardwood floors. If you already have hardwood, tile, or any other hard surface flooring in your house, think carefully before you cover it with carpet. Today's buyers like to see solid flooring. In fact, many buyers will check to see if any valuable flooring is hidden under the carpeting. Then, they'll reduce the offer because they will consider they will have to remove the carpet and refinish the floor. If you have carpet in any rooms, then you should make sure it is clean and there are no stains. High-end upgrades in modest neighborhoods. If your kitchen has too many luxurious features compared to the other homes in your neighborhood, you won't be doing yourself any favors by remodeling it. It will make your home less attractive in comparison. Overbuilding or upgrading may not attract the right purchasers. This is because home sales are based on recent neighborhood transactions, which will always outweigh any high-end upgrades you've made to your property. Expecting a greater than usual price in your area would be unrealistic. Before you upgrade your home, talk to your local REALTOR®. Ask them about what sales are like in your neighborhood. This will help you decide if this is a good investment or not. Rooms designed for specific purposes Nobody would believe a bowling alley could be found in your house Unless you live in a mansion, no one will anticipate to see a bowling alley, yoga room, fitness center, or sewing room in your home. If you are a typical homeowner living in a typical detached single-family home, you'll want your rooms to be versatile so that more buyers can see themselves living in your home. Home stagers can help you see your home in a new way. They can help you make changes to your home that will make it more appealing to potential buyers. You may not think of your spare bedroom as a bedroom, but a home stager can probably suggest turning it into a room that is more appealing to a wider audience. Landscaping that Requires a lot of Maintenance You could put a lot of effort into renovating an inside aspect of your property, but there are several outside improvements that you should think about as well. Making your home look good from the outside is important. Everyone loves a beautiful garden. But not everyone wants a garden that takes a lot of time, money, or water to maintain. Try to make your yard look like it doesn't need a lot of maintenance every week. And avoid putting in things that will make it look like you need an expert landscaper to take care of it. That might make people think the house is too high maintenance for them. A well-kept yard with a neat, well-manicured appearance is ideal. It's advisable to have a garden that appears to be self-maintaining and has excellent curb appeal. Expensive plants and shrubs that take effort to keep may not be valued by a new buyer. They may even be perceived as a danger and drive potential customers away. People like home renovations because they can improve the look and feel of their home. Home renovations can also increase the value of your home. However, there are some home renovations that don't increase the value of your home.