Posted by Northeast Signature Properties, LLC on 4/30/2018

Many hopeful homebuyers seek to save money by buying a fixer-upper and doing most of the renovations themselves. This is a proven method for those who have a knack for home improvement and arenít afraid to get their hands dirty.

However, estimating the cost of a remodel can be difficult. There are many costs you may not be aware of, and others that are easy to go over budget on.

In this article, weíre going to talk about the cost of an average remodel, and some lesser-known costs that you might be forgetting to factor into your budget.

Average remodeling costs

As you might guess, the cost of a remodel can vary greatly. Things like the size of the home, the number of rooms youíre remodeling, and the type of repairs youíll be making all factor into the equation.

Some repairs can be quite costly. Septic system replacements can cost several thousands of dollars depending on the type of system you need. And, if youíre buying an old home, youíll need to look out for expensive fixes like asbestos removal and foundation damage.

According to one report, most Americans spent between $17,000 and $61,000 on their remodel, with the average renovation cost being around $37,000.

If youíre hiring a contractor for the bulk of your remodel, expect them to charge between 10% and 15% of the total cost.

Lesser known costs of a home renovation

Remodeling a home isnít as simple as looking up a contractor and telling them to give you the bill once itís finished, and thatís probably a good thing because odds are you would be shocked by the cost.

First, youíll pay a contractor to do a walkthrough and estimate costs. Next, youíll need to get any permits that are required for your renovations.

If you plan on doing the renovations yourself, there are a few costs youíll need to consider. First, understand that you likely wonít be able to take advantage of all of the discounts that contractors can, meaning your building materials may be more expensive than expected. Similarly, the cost of tools for the project adds up quickly. And, when you make mistakes--we all do, weíre only human--youíll be paying for it out of pocket.

Knowing your long term goals

An important consideration for a remodel is to look toward the future. Do you want to sell your home within the next few years? If so, you might consider going with less expensive materials--such as generic kitchen cabinets rather than custom-built--to save money while still increasing the value of the home.

However, if you plan on being in this home for decades or more, it may be worth the extra money now to make sure you are happy with your home for years to come.

Remodeling a home can be a memorable and rewarding endeavor. You get the chance to take a house that you see potential in and make it truly your own. Now that you know the costs, youíll be better prepared for planning your home renovation.




Tags: remodel   renovations   budget  
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Posted by Northeast Signature Properties, LLC on 2/5/2018

Have you found your almost dream house, but thereís just one small catch holding you back? If lack of storage space is preventing you from placing your bid donít write that house off just yet. If youíre willing to put in some work to your new house Iíve got some creative solutions that can help you look at your space in a new way. Here are a five ďfauxĒ built-in idea to add to your home to leverage precious space out of those ďawkwardĒ corners and empty walls.

1. Build a bookcase along the wall of a staircase. If you have an empty wall created by a staircase you can create a one of kind bookcase to store books, movies, and knick-knacks. This is a perfect solution for those walls that are too small to place furniture in front of but too large to go unused.

2. Utilize any alcoves. If your home comes with any alcoves, consider yourself lucky! These can make for a great spot to tuck in a built-in desk and provides plenty of room for overhead shelving to store books as well as office and school supplies. If an office nook isnít your cup of tea you could also easily turn this space into a crafting corner for scrapbooking or sewing. 

3. Turn a dead end hallway into a useful and inviting space. A dead end hallway that leads to a window may add lots of light to a home but it can also be an awkward place for furniture. Depending on the size of the space you could add a linen storage that doubles as a small window seat. 

4. Create a welcoming mudroom that acts as a catch-all for your family's shoes and outerwear. Add a wall-length bench with room to store shoes underneath and hooks for jackets and bags overhead. You can add a shelf over the hooks for even more storage (think sports equipment and outdoor toys). Get creative with molding and shiplap for a one of a kind addition to your home that looks original to the house. 

5. If a room lacks a closet, add your own. This solution is only limited by your imagination. You can either pick up a kit or go completely DIY.  Many stores, such as Ikea, offer floor to ceiling closet kits, these are usually sleek and modern with sliding doors. Alternatively, you can come up with your own custom design that stretches a wall, fills a corner or juts out and creates an alcove for you to fit a bed or desk into. This is another project that with the addition of millwork will look seamless and original to the home. 

When a couple finds their dream home it doesnít always guarantee itís a 100 percent perfect fit for their lifestyle. More often than not they usually find themselves with a list of changes they would like to make that will turn their new house into a well-loved home. If your new home doesnít have a lot of storage options donít forget that you can easily add your own with a little creativity and elbow grease!




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