If you are willing to purchase a reasonably priced home in need of updates or renovation, you should also be willing to seriously consider exactly how much time and money those renovations will require. There are always home in the Bennington VT real estate market that fit into this category. Save yourself emotional and financial distress by following some simple words of advice.
First, no matter how much you budget for renovation, prepare to spend ten percent or more above that. Any time you remodel, you have to expect the unexpected. Allow your budget some wiggle room to cover those surprises that turn up under flooring, behind walls, or in the pipes.
Second, prepare for the upheaval that these projects often entail. If you have just one bathroom, full of workers pulling out pipes, you obviously need alternatives. Kitchen renovations can upset your home’s very heart of operations, so budget in time and money for meals out, or plan to buy food that’s really simple to prepare. When I’ve done this type of work, we make sure we have the refrigerator and a microwave set up in another room to act as a backup kitchen. The bathroom sink is not the easiest place to do dishes, so buy paper plates for the interim. Just make sure before your project starts that you and your contractor have clearly established just how long the work will take.
Last, just as you don’t want to underestimate the cost of renovation, you certainly don’t want to overestimate its payback. While not all projects recoup their value, kitchen and bathroom remodeling generally perform best in that area. Proper planning and budgeting will turn your recent purchase into the home of your dreams!
Remodeling Magazine publishes an annual report of payback on construction costs in 60 U.S. markets for 25 different project types. This is a valuable report to review if you are considering a remodeling project. Find out what type of return you can expect on your remodeling project.
Categories: Buying, Bennington VT
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