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4 Ways to Avoid Going Over Budget on A Home Renovation

by Josh Finigan | Nov 29, 2022 | Home Ownership Education, Selling My House

Whether you are renovating to make your space more comfortable, to increase your home’s value, or just trying the style you always wanted from Pinterest, one of the biggest obstacles you can face when updating your home is staying within your budget.

Budgeting for any remodeling project can be challenging. In fact, in the 2021-2022 study by Houzz, 34 percent of homeowners exceeded their budget, and they did so for a variety of reasons. The top two reasons they cited include finding that the products or services were more costly than expected and that the project was more complex.

Want to avoid these mistakes made by homeowners? We have listed these four expert tips to help keep your project as close to budget as possible.

It can be tempting to do the legwork yourself, so you can save money, especially if you know you have got enough time on your hands. However, the DIY route may not be cheaper than you thought it would be. Your lack of know-how can be costly, and you could spend more on a botched job.

Especially for plumbing, electrical, or structural work, it will be safer and cheaper to pay a licensed and experienced professional to do the job right. Also, trust that professionals know the best brands to work with and can achieve the look you are aiming for while still getting the most bang for your buck.

But while it is better to leave the job to the pros, there are some things you can do to prepare your space before a crew comes, especially if you are paying them per hour. Depending on the remodel, you can tidy up the area and clean surfaces, pack up and move furniture and other decors out of the construction zone to make their job go more smoothly.

Experts recommend hiring a general contractor for medium- to large-scale remodeling projects. A general contractor knows who will do the best work for the best price, and they will know when to schedule them to avoid wasting dollars on inefficient use of time. Plus, sticking to a single contractor ensures the quality of work and materials will be consistent.

To get the best deal, obtain bids from at least three different traders. While it is not unusual for their quotes to differ in certain areas, this is an excellent opportunity to learn about their good and bad points and different approaches to the same work. Moreso, you can be wary if a bid is too good to be true, which could be a red flag that the contractor is either lying to you or is inexperienced.

If you decide not to choose a general contractor and hire individual workers yourself, get at least three quotes for each service performed so you can better compare their prices and scope of work.

No matter how big or small the remodeling project is, careful and detailed planning is the best way to avoid expensive problems down the road. Remember that the cost of renovations does not only include the materials and contractor/labor fees. Further, consider the little things, such as the costs for any necessary permits, sales tax, delivery charges, shipping charges, and even cleaning materials. Getting a detailed breakdown of the costs upfront means you can see how the different elements of your project add up to the total price.

If you are working with a good contractor, expect that you will get a detailed quote. They will also take the time to sit down with you and discuss the entire project, creating a step-by-step plan. This is also the best time to make all the decisions, especially regarding the materials and finishes you want.

And once the plan is complete, stick to it so you will not make last-minute changes when you are stressed, which is a surefire way to get your budget out of control.

Even if you are an optimistic homeowner, part of the planning stage is to have a plan for the unexpected. According to the Houzz study, one of the biggest reasons homeowners went over budget was because the project turned out to be more complex than expected. When your contractor opens a wall, they could find some necessary electrical work. If you have an older home, there is a critical risk of getting things that need updating, including plumbing, electrical, and wall material issues or even discovering mold and asbestos, that could jeopardize your family’s health and safety.

Hence, regardless of the budget you arrive at, it is safer to have an additional 10-25 percent buffer to cover any surprise expenses and delays. You will get peace of mind knowing that you have the funds just in case you need money to fix whatever is discovered wrong at short notice. Besides, experts say this cash cushion, more often than not, comes in handy.

Is That Fixer Upper A Dream Home or A Money Pit? 5 Major Warning Signs to Help You Find Out

by Josh Finigan | Nov 21, 2022 | Home Ownership Education, Home Sellers and Buyers, Moving to Charlotte NC, Selling My House

So, you have finally found your dream house after what could be weeks or months of searching. It is an old house that needs a little work — okay, maybe a lot of work — but its character and charm are exactly what you are dreaming of in a home.

Fixer-uppers are appealing, especially if you think there is potential in a property. Bonus if you are an HGTV fan. It also seems like a great idea if you want to save money on your home purchase. Likewise, the opportunity to put personalized touches and let your creativity show in the home can be exciting.

The problem starts when you realize that not all fixer-uppers are equal and worthwhile. And if you are not careful, that fixer-upper might turn out to be a money pit that could transform your dream project into an expensive nightmare.

A fixer-upper VS a money pit: How to tell

Generally speaking, a fixer-upper is a house that is structurally sound and should only need general maintenance and cosmetic repairs. The biggest thing to remember when purchasing a fixer-upper is to look beyond the surface. A money pit, on the other hand, has many major flaws and expensive issues that require extensive professional assistance to make it more livable. As long as the general systems of a home are in good shape, your budget is best allocated to refreshing the property instead of repairing it.

If the fixer-upper you are looking to purchase is plagued with even one or more of these huge deal-breakers, it’s time to consider running the other way.

The bones or foundation that supports the entire house and what is holding it together. Without a solid foundation, it is impossible to have a structurally sound home. Serious issues with the structure are a large, expensive, and time-consuming undertaking to fix that could potentially turn your deal into an ordeal.

Therefore, it is probably the most important thing to look at when hunting for a worthwhile fixer-upper. Keep an eye out not only for large cracks, but also for bowing walls, shifting masonry, uneven floors, and even moisture in the basement or crawl space when viewing a home. Better still, bring in a structural engineer or a foundation repair professional to inspect the foundation very carefully. If there’s anything questionable about the structural integrity of the house, the expense involved in repairing the home may end up being more than you’re willing to spend.

Water is meant to be confined within the building structure, such as pipes and plumbing. When it runs unabated in crawl spaces, basements, floors, or walls, it can cause significant water damage, which is disastrous, and a giant red flag. Moisture can damage a home visibly by warping the walls. Even a slow leak will rot out drywall, and could eventually weaken structural elements such as joists and beams.

Worst is, mold can thrive, which can cause serious health implications and be costly to remediate. Be aware of any damp smell, scour the ceilings for signs of leaks, and check every inch of the basement and foundation for cracks or water.

Another simple point to remember, if the mechanical systems of a home, including plumbing, electrical system, and heating, need a complete overhaul, you might want to think twice before taking that fixer-upper. These can all be expensive to update and have finite lifespans. Plus, outdated electrical systems can be extremely hazardous and cause electrocution or fire hazards. The value of fixing those problems will far outweigh the good, potentially leaving you out of pocket.

Many fixer-uppers might need at least some level of roof repairs, such as replacing some cracked, or missing shingles. But if the roof is already sagging, there are multiple layers of shingles, or the shingles are dry, cracked, and brittle, and you find evidence of major leaks on the ceilings, then it’s a different matter. A complete roof replacement can cost you thousands of dollars, so you must know the age of the roof before buying.

Not to mention, severe damage to the roof could also cause a myriad of issues, such as damage to the sheathing, trusses, beams, and rafters, resulting in water damage, mold, or structural issues, from wood rot. Unfortunately, none of these repairs are cheap.

Lastly, be diligent with pests that can eat away at your house and budget. Especially if there is termite damage, or worse, an active case of termites, treating the home can be incredibly costly. The structural damage these wood-boring insects cause can be more problematic because it is not always visible. When checking a fixer-upper or any home, look carefully for signs of an infestation, including crumbling, damaged wood, buckling wooden or laminate floors, mounds of termite pellets, mud tubes climbing foundation walls, or discolored or drooping drywall.

If you suspect a termite infestation, make sure to enlist the help of professionals such as exterminators and structural engineers to help you understand the full extent of the damage. Catching the damage early, could mean you’ll only need to cover the cost of extermination/treatment. However, finding it late should be your cue to look for a more worthwhile fixer-upper.

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5 Things To Skip Renovating Before Listing Your Home For Sale — Because A Buyer Might, Anyway

by Josh Finigan | Nov 18, 2022 | Home Sellers and Buyers, Selling My House

When you decide to put your home on the market, you want to put your best foot forward in preparing it to look its best for prospective buyers. Besides, the better your home shows, the more offers you’ll likely get, right? Next, you make a to-do list of what things to fix and update around your home, only to realize that the list could go on forever. That’s when you realize: Do I have to do everything?

For starters, all those projects could cost money. Unfortunately, not everything is going to pay off at the closing table. Knowing what to fix – and what not to do when selling a home – can be tricky. Fixes are critical for any issues or defects that affect the intended significant function of a house system. To break it down, you should take care of any leaks, cracks in the foundation, minor electrical or plumbing issues, pest infestations, and other safety issues that could hurt your home’s value and pose imminent risks. But beyond those, especially when it comes to cosmetic repairs, it’s actually up to you.

The last thing you want is to get carried away and pour money, time, and effort into any project that won’t get a return on your investment. So here are some of those fixes or updates you can skip without too many repercussions.

Having state-of-the-art appliances such as a refrigerator, dishwasher, or oven can be appealing and is a nice bonus. But not having them is seldom a deal breaker. Especially in hot seller’s markets, old but working appliances may not need replacing or upgrading. All that you need is to give the appliances a good cleaning.

If your older model appliances are worn, broken, or missing some parts, that’s the time to think about replacing them. However, brand-new appliances can cost a fortune and are not worth buying only to get your home sold. So instead of splurging on top-of-the-line models (that you won’t be able to use much, anyway), consider buying used or floor models that can still add a lot of value to your home without draining your bank account.

Should you renovate the kitchen and bathrooms? That’s probably one of the biggest questions sellers have when they decide to sell.

It’s important to note that a kitchen or bathroom remodeling project can be costly and time-consuming. A kitchen remodel (midrange) will only recoup about 56 percent of the value, while remodeling a bathroom will only recoup about 59 percent, according to the 2022 Cost vs Value Report by Remodeling Magazine. First, you should consider several factors, especially time and budget, before spending thousands of dollars on these projects.

Likewise, your vision of a perfect kitchen or bath may differ from those of a potential buyer. And given all the home decor styles to choose from, trying to second-guess what they want and giving it to them when they visit your home is just plain unrealistic. It’s a risk when renovating these areas because they’re some of the things buyers look forward to when they can finally call it home.

If your kitchen or bathroom looks dated but functional, you only need to ensure it’s clean and clutter-free. Present it as a space with potential that is easily customizable to the buyer’s preferences.

If your home already has hardwood floors, there’s no need to tear out the existing flooring and replace it for the market. What’s important is to have your floors shined and polished before the staging or showing. The next homeowner may rip it out anyway and replace it with their choice of flooring, which could be wood, laminate, vinyl, or even carpet. If you have older carpets, you only need to spend a few bucks and hire a professional cleaning company rather than investing money into replacing them. The only time to consider ripping it all out is if there is a terrible odor from pets or if there are impossible stains that would deter a buyer from submitting an offer.

While improving your home’s curb appeal is crucial in enticing buyers to knock on your door, your home’s exterior needs not be perfect. Do not worry about fixing every small, minor, or insignificant crack in driveways and walkways that do not present any safety risks. They are common, and re-doing the paving of the entire section will cost more than it is worth. Only spend the money on fixing them if the cracks are hazardous for driving or walking.

Trends come and go, even for home colors and fixtures. What looks “cool” now can become dated in a heartbeat, or what may be trendy for a specific slice of the population may be off-putting for others. When you decide to sell, your goal is for a wider pool of potential buyers to come to your showings. By providing them with a blank slate, it’ll be easier for them to envision themselves in your home.

If you’re repainting a room, door, trim, or cabinetry to provide a quick face-lift, pick neutral colors, such as whites, beiges, and light grays. Should you choose to fix any broken or damaged things like light fixtures, faucets, and cabinet hardware, never replace them with something too obnoxious or trendy. Always choose common fixture styles that can appeal to almost all buyers. They’d be happy to do their renovations once the house belongs to them!

Show off your home’s potential

Don’t get overwhelmed by the idea that you need to fix everything you think is wrong with your house to get more offers. You’ll only waste valuable time and money on unnecessary upgrades that you could use to cover closing costs. You aren’t going to get a return on your investment if your house becomes “too much for the neighborhood” and yours is the only one that stands out. Aim to show your home’s potential instead of trying to achieve perfection. And if you’re still in doubt about what kind of repairs to make before listing your home, consult with your real estate agent so you’re guaranteed to make the most out of your home sale.

6 Renovations to Instantly Increase your Homes Value! [Charlotte NC Real Estate]

by Josh Finigan | Nov 15, 2022 | Home Ownership Education, Selling My House

Today Josh, at the Finigan Group, outlines the 6 TOP renovations that will maximize your homes value. If you’re considering selling your house here in Charlotte North Carolina, you have to think about it from a buyer’s perspective. You may walk through the rooms and be reminded of all the happy times you’ve had in the home, but a prospective buyer will be looking at it more critically. You want the property to measure up so it sells fast at a great price.

A great way to do that is to invest in home improvement projects that will increase your home’s value, but you may want to upgrade your home even if you don’t plan to sell anytime soon. A renovated space may also be more comfortable and satisfying to live in, which is a big consideration if you plan to stay in the home for years to come. No matter your reason for renovating, you’re not alone. According to the Joint Center for Housing Studies of Harvard University, more than $400 billion a year is spent on home remodels, renovations and repairs in the U.S.

Whatever your reasons for renovating, it’s essential to think strategically about which rooms or attributes you’re going to renovate. Depending on when your house was built or when it was last renovated, you may consider major structural updates. But you can even make small home improvements to increase the value of your home if you simply want to make it stand out.

3 Home Improvements That Add the Most Value in North Carolina

by Josh Finigan | Nov 9, 2022 | Blogs and Tips, Home Ownership Education, Selling My House

You’ve been thinking about selling your house and moving to a new one for a while now. With the kids out of the house and an empty nest on your hands, you’re ready for a change of pace. And, let’s be honest, that home you bought 30 years ago just doesn’t suit your needs anymore. But before you put your house on the market, you want to make sure you do everything you can to increase its value. After all, you want to get the most money possible out of the sale.

So, what adds the most value to a home in North Carolina? Here are three of the best home improvement investments you can make:

1. Kitchen Remodels
A kitchen remodel is always a good investment, regardless of where you live. Because kitchens are such an important part of any home—it’s where we cook, eat, and entertain guests—a beautiful and functional kitchen will go a long way in increasing your home’s value.

2. Bathroom Remodels
Like kitchens, bathrooms are also important spaces in our homes. They’re where we start and end our days, so it’s important that they feel like a relaxing oasis. If your bathroom is outdated or in need of repairs, consider doing a full remodel before putting your house on the market. You’ll be surprised at how much value a new bathroom can add to your home.

3. Outdoor Living Spaces
In North Carolina, we love spending time outdoors—whether we’re taking a hike through one of our many state parks or relaxing by the pool with friends. Because we enjoy spending time outdoors so much, homes with beautiful outdoor living spaces are always in high demand. If your backyard could use some work, consider adding a patio or deck, planting some flowers or trees, or installing an outdoor kitchen. These additions will not only make your backyard more enjoyable for you but also increase your home’s curb appeal and value.

Home improvements are a great way to add value to your home before selling—especially if you live in North Carolina. Buyers are looking for homes that have been remodeled and updated to fit their needs. So if you’re thinking about selling your house soon, consider investing in a kitchen or bathroom remodel or adding an outdoor living space to increase its value. With these simple improvements, you can make sure you get top dollar for your home when it goes on the market!

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