Top Tips & Tricks for Renovating a House

Top Tips & Tricks for Renovating a House

Many auctioned homes are sold to individuals or small businesses who want to renovate a home, wishing to bring change and renewal to an otherwise struggling area of their city. These home are also sold well below their actual assessed value, and need a lot of work before they can become a suitable place for a family to live. As a real estate investor, you will spend a lot of time and money on each property, but you will be rewarded with a significant profit because you were able to buy the homes for such a low price on Bid4Assets.

If you are just beginning in the business of renovating homes, there is plenty you need to know. Small mistakes can cost you a lot of money, and wise decisions will increase the stability of your business. This will allow you to continue work you are passionate about, while contributing to the well-being of the neighborhoods in your city

Don’t get started until you have the cash

Remodeling houses requires a good amount of cash, and this is above and beyond what was spent to purchase the homes. In order to make improvements to each home, you must be able to afford supplies and labor out of pocket. If you don’t have the cash to pay for these expenses upfront, consider partnering with someone who is able to help you fund each project.

Create a well-researched budget

In order to make a profit on the homes you are buying and renovating, be sure you are investing less than the potential resale price. Carefully research the area where you have bought your homes, looking into the average selling price of similar properties. Use the information you have gathered to create a strict budget and make all of your remodeling decisions based on the limits your budget creates.

Build strong connections with professionals you can trust

Even if you plan to do a lot of the work on your own, you must have skilled professionals available to help you with projects that are beyond your skill set or to simply lend a hand when you have too much going on. Begin connecting with contractors, other real estate agents, and vendors who you can trust to give you the best price, and the best work.

Move quickly

The more quickly you move forward with a house remodeling project, the more profit you will make in the long term. This is especially true if you use financing to purchase your homes, since you will be making payments as long a you own the home. When you move quickly, you avoid investing excess money into the home and you make more money in the long run.

Brag about your hard work

When you are ready to sell a house, don’t keep quiet about the time, money, and work you have invested. Advertise every major improvement you have made, making sure potential buyers know about the new HVAC system, the new roof, or the aesthetic upgrade made to the house.

When it comes down to it, remodeling a home is an involved process and it requires a lot of education and research to get started. At Modernize, we encourage homeowners and real estate investors alike to consider the energy efficiency of each home improvement they are making as well. If you are willing to invest in efficient systems, you can use the improvements as a selling point and increase the profits you will make on each home.

This article was written by a third-party company who is not affiliated with Bid4Assets, Inc.  Bid4Assets has not evaluated or endorsed the content in this article. To get more great home tips from Modernize click the link below.

https://modernize.com/

Knowing When to DIY and When to Hire a Pro For Home Improvement Projects

Knowing When to DIY and When to Hire a Pro For Home Improvement Projects

By Katherine Oakes

There are many home improvement projects that any devoted and crafty homeowner can tackle on their own without the help of a professional. Small updates can certainly go a long way, but at Modernize, we also know that the lure of tackling a bigger and better DIY project can distract us from the inherent risks or dangers that come along with it. So before you go making those changes and get your serious DIY game face on, consider these few things first to ensure you are the right person for the job. In order to help you get started safely, we’ve outlined a few key things to consider so that you know whether or not to DIY.

When to DIY

You have the time: We know how hard of a weekend warrior you are, but there is only so much that can get done within those 48 hours. Go through all of the necessary steps beforehand so that you don’t find yourself stressed and strapped for time in the middle of your project. For instance, replacing all the cabinets in your kitchen probably won’t get done by Sunday night if you’ve only ever screwed in a lightbulb. So be realistic and set yourself up for success by laying out a timeline for your DIY project first.

You have the resources: For the times when a professional really comes in handy is when they are already sufficiently equipped with the appropriate tools and maybe even a team—no matter how small—to help them get the job done. Face it, wouldn’t it be a whole heckuva lot better not to have to run to the store when you realize you’re missing a set of drill bits that might never be used again? The answer is yes—it would.

You have the knowledge and skills: No matter how expertly you’ve installed curtain rods or even put up that stunning beadboard in the bathroom, it’s important to know whether or not you have the right kind of knowledge and skills to do a more complicated home improvement job. Weigh out the pros and cons of the project before getting started and be honest with yourself about whether or not this a challenge you can handle or if you should reach for the phone instead.

When to Call a Pro

If it risks your safety or could be a health hazard: A tell tale sign that you are in waaay over your head is if your DIY risks your safety and well-being. Anything that involves major electrical lines or plumbing work, or potentially coming into contact with chemicals, substances, and materials like insulation or mold and asbestos should be avoided unless you know how to handle it. If you know how to do some basic electrical work but don’t have any clue about pipes and other plumbing issues, then steer clear and call for help. Knowing your limits could save your life or at least a few bucks in damage.

If your town has codes in place to protect you: If you are making changes to your home, like knocking down a wall or beam to open a room up, then you might find out you need a permit to do the work first. This is the most obvious sign that you need to hire a professional and that the work you’re doing is way too dangerous to do solo. It is often the case that certain elements are there for structural purposes or even hosts to a hotbed of electrical wires and major plumbing wires and the need for a permit is in place to protect you and your home. In this situation, call a contractor or handyman for help.

If the worst-case scenario is too severe: As well-intentioned as you are, there are certain scenarios in which the worst possible outcome involves unrepairable damage to either you or your home, or both, that are simply not worth doing. A kitchen or bathroom remodel, installing siding, roofing, or even windows are projects worth calling a professional to do so that you don’t have to spend more time and money fixing the newer and even worse issue down the road. 

What are some of your remodeling or home improvement stories? What kind of projects are you working on now? Let us know down below!

This article was written by a third-party company who is not affiliated with Bid4Assets, Inc.  Bid4Assets has not evaluated or endorsed the content in this article. To get more great home tips from Modernize click the link below.

https://modernize.com/

The New Year

We want to thank all of the government agencies, banks, asset managers, and real estate investors who helped to make 2015 another great year to buy distressed real estate on Bid4Assets. We have some exciting new clients coming in 2016, so please stay tuned. Best wishes for a happy, healthy, and very prosperous new year!