Home Remodeling Improvement
Costs Have Been Rising Home remodeling costs have been rising, and it does not look like this is going to change anytime soon. There are many reasons for the rising costs, including higher gas costs for transportation, higher material and labor costs to make the products used in renovations, and others. With the economy slowing down, home renovations may seem like a luxury instead of a necessity, but you can renovate your home without having to break the budget or go overboard. There are some tips and secrets that you can use to help you keep renovation costs down while having the changes you want in your home. Whether you need to add another bathroom or bedroom, or you want to renovate your kitchen to bring it into the modern world, these can be done without having to spend an astronomical amount of money.
One method to help lower your remodeling costs can include using materials and fixtures that are less expensive. It is possible to downgrade the materials and fixtures a step, and save money without sacrificing quality, looks and efficiency. After all, do you really need the double bathroom sink with the genuine marble top, or would it be better to go with a sink that is a little less so that you can also add the built in linen closet you need? Sometimes trading like this can help you get the renovations and improvements done that you consider a priority, while still staying within your budget and cost projections.
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If you are a do it yourself fan, you can save money by doing some of the work yourself, and only paying general contractors to do jobs that you are unable to do or do not feel comfortable with. You may be perfectly capable of replacing the toilet and sink, but you may not want to run electrical wiring or do other technical items that may be dangerous to anyone without the proper knowledge and training. Doing some of the work yourself can cut labor costs down significantly. If you know how to lay tile or vinyl flooring, why pay someone a large hourly rate to do this when you can do it yourself and enjoy the significant savings. Decide what you can do in the project, but be realistic. If you have never installed a toilet and are not sure you can do it professionally, you may want to pay a professional. If you have experience installing plumbing fixtures and pipes, why pay a plumber sixty dollars an hour or more when you could keep this amount in your pocket and do the job on your own?
Home improvement stores can be a terrific way to save money on home renovations. If you are having your home renovated, insist on supplying the materials rather than having the contractor order and get them. Many times a contractor will add a markup to the cost of the materials as a handling fee, and this could be savings in your pocket instead. Many home improvement stores offer all the materials you could possibly need for the renovations at a price lower than most lumber yards. By purchasing the materials yourself, you may be able to get items on sale or receive certain discounts, and this can help bring down the cost of your renovations as well.
Just because home remodeling and renovation costs are rising does not mean that you should hold off on that renovation project you've always wanted to get done. The cost of remodeling home improvements is probably not going to go down anytime in the near future, and by holding off you could eventually end up paying even more for the renovations later. If cost is an issue, consider all the aspects of the renovation project, and try to pare it down a little or give up some of the high end fixtures, materials, and appliances in exchange for lower cost options. Maybe you can use linoleum instead of Italian tile, or forget about the Jacuzzi hot tub with extensive plumbing requirements and instead get a portable model that does not need half as much work to install and set up. Renovations do not have to be outrageously priced, and you can get the changes you want without having to pay top dollar. Don't put off the remodeling renovations you want or need, because with a little creativity and some planning you can get the home remodeling renovations you need at a price that you can afford to pay. Just because the cost of renovations is rising, this does not mean that you can not afford them if you follow some money saving tips and think the project through carefully. Remodeling Homes for Profit The current financial situation in the housing market has become a determining factor in new home construction versus home remodeling. While new home construction is appropriately regarded as a "product's" in the market, home remodeling reflects more of the "service's" nature our society has embraced over the past several years. The successful remodeler recognizes the need to establish a relationship with the home owner. Homeowners have specific images and/or desires in their remodeling plans. The ability of the remodeler to transform those ideas into visual realities will help cement the relationship. In the ten years prior to 2006, remodeling expenses soared 40% - 50% as well as lavish descriptions of home improvement. The last two years have witnessed a 10% decline in spending indicating a more conservative desire as well as return on these investments. Another argument suggests that remodeling dollars will exceed new home construction dollars within the next ten years. The slow down in new home construction is a definite plus for the remodeler regardless of the level of professionalism. Materials are more readily available and the wait time in relation to any potential labor is greatly diminished.
Why does one remodel? The requisite in establishing a home remodeling plan is to increase the value of the home. In some cases, the increased equity value may be of high regard. The number one focal point in a remodeling project is the kitchen. The bathroom provides a strong argument for a clear run at a #2 position. In either situation, 75 -85% of improvement costs can be recovered in the asking price and ultimately the sale of the home. Proper judgment must be exhibited in determining whether the homeowner employs a remodeling professional. Is the homeowner a novice or an experienced project manager? Knowing your limitations can save you a lot of money and frustration!
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The decision to remodel is usually reached after certain factors are established and the related questions answered. Is your home paid off or do you like the area enough so as to not want to entertain the prospect of moving? Remodeling projects usually fall into one of two categories; personal satisfaction or increased functionality. The addition of a deck or swimming pool relates more to the personal nature of the homeowner. Turning a garage into a spare bedroom can increase the functional use of the home. In some instances the personal and functional can blend as in the decision to substitute existing appliances with new higher efficiency models.
A more recent aspect of home remodeling for profit has come via a lucrative term called "flipping". Individuals purchase homes in need of structural or cosmetic repairs, make the improvements and either sell the home or rent it. Although much is made of a new mindset, Green Remodeling, many of the basics still exist and are virtually necessary for the remodeler to realize satisfaction. An understanding of the market, specifically your market area, will do more to help you realize your goals. Targeting a home for improvement in a neighborhood that is less than desirable can have far reaching effects on your level of success. Turning a bad home in a bad neighborhood into a good home in the same bad neighborhood can have a detrimental impact on existing home values. What is ROI and how does it affect your remodeling project outcome? Return on Investment requires the remodeler to understand the tax implications of a potential sale. Purchases, remodels and subsequent resells within one year may be taxed as earned income. This same property held for more than one year and resold may be taxed as a capital gains investment. The outcome is one that bears a need for more than just a passive investigation.
In many instances, the home to be "flipped" will return a potential profit based on the willingness of the remodeler to pay attention to details most shared by buyers. A huge, albeit ignored, factor is "keeping up with the times". Shag carpeting and wallpaper are old news. The avocado green decor is nonexistent. Painted ceilings that compliment interior colors are gathering speed with interior decorators. Formica countertops are being replaced by granite as the countertop of choice. The utilization of skylights for both beauty and capturing sunlight is included in the Green thought process. Vinyl flooring that once dominated the home has been replaced by hardwood. The remodeler that seeks to obtain the biggest bang for his/her buck installs a laminate floor that resembles wood and costs a fraction of the amount.
Whether you are "flipping" a home for profit or remodeling your own home for potential profit, one simple question will help determine your path. Remodel usually redirects your home's look. Improvement involves repairs and upkeep to existing features. What is your desired outcome 
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| Basement Remodeling Plans;
Before the Architect
Whether you're planning on remaking an unfinished basement into a comfortable living space, or you're simply looking to give your already finished basement an updated look or new addition, there are a number of reasons why you should hire an inspector before you begin to talk with an Architect or a Contractor in regards to remodeling your basement.
Because basements are first and foremost the foundation on which your house sits, there are many things one must take into account before they even think to begin with any sort of remodeling plans.
Being the only part of the house that is underground, there are obstacles when it comes to building/remodeling in basements that don't apply to the rest of house, such as: drainage, gas and water piping, heating and cooling ducts, etc. Typically it is best to leave the plumbing and gas as they are and try not to move them whatsoever by building around them if it is at all possible. Even so, some of you will probably want to remodel in such a way that building around the pipes just won't work, thus, should your plans require the reworking of any pipes or drainage systems found in the basement, it would make for all the reason more as to why you indeed need to hire an inspector to take a look at your basement before moving on with any sort of renovations.
Water
If there is any standing water, or if there are any stains showing that there was a problem at one time in the past, an inspector would be able to identify this problem and help you determine exactly where the water is getting into the basement and possibly how you could stop it from continuing in the future.
Water damage could lead to mold and structural weakening in basements were it to be ignored, and most definitely it would cause many problems for anyone who was planning on putting in new carpet or hardwood flooring in their remodeled basement.
Joists
If the floor beams are old and rotten, or if they have some sort of insect damage, an inspector would be able to warn you of any possible danger in putting in new ceilings or light fixtures.
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Putting up a drywall ceiling or any sort light fixtures can put a lot of added stress on the already taxed and sometimes-old floor beams people have in their homes. Hiring an inspector to make sure that it is safe to put this added stress on the joists can not only save you money should you go and hire a contractor only to find that they will not be able to work with your wood beams because they are rotten, but also it can save you from the chance of something as terrible as having your dining room floor cave during your child's birthday party.
Walls
Should the basement walls show any signs of weakness (i.e. cracks or bulges from moisture) an inspector would be able to point them out and tell you if you need to do any repairs before beginning any remodeling.
By leaving any weaknesses in the walls unnoticed or tended to, you run the risk of finding insect infestations and flooding in the future.
Floor
If there are any cracks in the floor, or if you have any openings to the outside of the house, an inspector would be able to identify them and tell you whether or not it is safe build on the ground as it is.
Because basements are the lowest points of the house, they tend to have tapered floors so as to provide drainage in case of flooding. This and the possibility of having cracks or openings to the outside make the floor very susceptible to potential hurdles in regards to remodeling.
Infestations
If you have any signs of cockroaches, mice, or any other sort of unwanted pests, an inspector would be able to point them out for you and offer you some sort of advice as to the best way to get rid of them.
Leaving any infestation, especially termites, unnoticed can potentially put your house at risk of being destroyed and possibly condemned.
Other Hazards
Should your basement have anything that could cause harm to you or family such as Carbon Monoxide leaks, Asbestos, or Black Mold, an inspector would be able to warn you of these potentially life threatening problems before you or family ever had to be put in harms way.
Not identifying these potential threats could not only mean sickness and poor health for you and your loved ones, but in the case of Carbon Monoxide, it could mean hospitalization or even death. Lastly, being up to par with these potential issues can help you plan your remodeling project properly, so that things do not have to be done twice. Home Improvement Tax Credits Are
A Great Incentive For Green Projects
With expenses going up in just about every area for a homeowner, it is nice to know that there are some tax credits that can be gained by simply making some home improvements. What could be easier? A bill that passed in October 2008 will give homeowners a boost just by saving energy.
Homeowners will need to decide if their home qualifies and whether it is worthwhile to take advantage of these tax credits planned to be offered in 2009. The tax credits will apply towards energy efficient projects such as the replacement of windows, insulation, adding storm doors or a solar water heating system.
If you are building a new home and want to take advantage of the tax credits for green projects you cannot use it for roofs, insulation, doors, windows or heating, ventilation or air conditioning and non solar water heaters. You can however apply for tax credits for fuel cells, solar water heating or photovoltaics.
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If you have a solar water heating system that was installed between the dates of January 1, 2006 to December 31, 2008 you may qualify for a tax credit if the following conditions are met:
The solar water heater must be within your home The claim can only be for the cost on the solar water heating system property and not for the amount spent on the whole water heating system in your home At least half of the energy generated by the system must be from the sun You must have a certification from the Solar Rating and Certification Corporation or SRCC.
If you have a photovoltaic system that was placed in service between January 1, 2006 and December 31, 2008 you may qualify for a 30% tax credit for a maximum of $2,000 if the system provides electricity for your home and meets the electrical and fire code requirements. This tax credit would be separate from a $500 home improvement credit.
If you have a fuel cell or microturbine system, you should see if it qualifies for a tax credit of 30% of the cost up to a maximum of $500 per 0.5 kW of capacity maximum. To qualify, your system would have to have been installed between January 1, 2006 and December 31, 2008 and have an efficiency of at least 30% with a capacity of 0.5 kW. This tax credit is also separate from the $500 home improvement credit.
There are also state incentives that vary by state and are offered through local organizations, and state agencies. These incentives can include bond programs, production incentives, rebates, loans, grants and other tax incentives. You can find more information on these by accessing Energy Star Rebate Finder or Database of State Incentives for Renewables and Efficiency or DSIRE.
Some of the tax credits that are offered include: $2,500 to $7,500 for first 250,000 plug-in hybrid electric vehicles sold Up to $2000 or a 30% credit for a ENERGY STAR heat pump system that is geo-thermal replacement Up to $2000 or a 30% credit for a solar water heating system Up to $500 or .5KWh or 30% credit if you spend $4000 for a small wind power system Up to $500 or a 10% credit for insulation installation Up to $500 or a 10% credit for ENERGY STAR metal or asphalt roof replacement Up to $500 or a 10% credit for exterior or storm doors $300 for ENERGY STAR central air conditioning or air source heat pumps replacement $300 for ENERGY STAR gas, oil, propane water heater replacement $300 for electric heat pump water heater replacement $300 for Biomass stove that burns biomass fuel Up to $200 or a 10% credit for ENERGY STAR regular windows or skylights or storm windows replacements $150 for ENERGY STAR gas, oil, propane furnace or hot water boiler replacement
To ensure that you take advantage of these tax credits, it is important that you retain the records regarding the expenses paid for each home improvement as well as product information that describes it in detail. There should also be a certification statement from each manufacturer that will identify how the product qualifies for the tax credit. Each record should include the manufacturer and its address, the model and identification number along with the statement that outlines its attributes for qualification. Also enclosed should be a declaration that the certification statement is true. The appropriate forms should be completed for each tax credit and included with their tax return. |
