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Submitted by: Ron Wesley
With the continued and growing popularity of home d cor and renovation shows on TV you may be considering a renovation project for your PEI real estate. Before you undertake any renovation projects there are a number of considerations.
You will already have a purpose in mind for your renovation. You will have decided that your home needs a new or bigger bathroom because the line-up in the morning with your family is just taking too long or you will have decided that you have always wanted a true chef s kitchen and now is the time. Whatever the reason, there are some basic first steps.
You should know what the type of renovations you are interested in undertaking and you should begin to search for a suitable contractor by getting quotes for the work from 3 or more contractors. Probably the best way to find prospective contractors in PEI due to the small community here is by asking friends and relatives. When you have 3 quotes will give you a fairly accurate estimate of what the cost involved. You should ensure that you give as detailed a description of your project as possible and ensure that each contractor receives the same information. You will then need to approach a lender and discuss your options for borrowing. These may include a personal loan, line of credit or home equity loan.
Once you have an indication of the funds that you have at your disposal for your project you are ready to determine the project specs ie what work that you can afford to have done. You may have to make changes to your expectations to match the budget available.
We have so far only considered how this renovation will affect your life as you live in your home. You might also want to consider what effect your renovation will have on the resale value of your PEI real estate. You will generally re-coup from 40-70% of your investment when you sell your home. Kitchens and bathrooms represent the best return on investment at just under 70%, painting and decorating at approx 2/3 s of the value invested, addition of rooms, finishing of basement, and new mechanicals approximately 50% and landscaping, rental accommodations, and energy-efficiency renovations bring up the least return of investment on PEI real estate at approximately 40%.
Once you have created the final specs of your project you will want to make a final decision in regards to contractor and check your choice of contractor s references. You should plan how much disruption the renovation will cause and for how long. You may in some cases need to make arrangements to live elsewhere.
You should try to organize your working relationship with your contractor making sure that there are payment milestones and that these milestones each represent a certain level of completion and that the contractor gives you a progress report.
Always make sure that you have made the appropriate decisions before the project begins and then stick to your plans as changes will cause extra expenses.
About the Author: Ron Wesley is a PEI real estate consultant and he is vast experience in PEI real estate field. If you you want to know more about real estate visit here
peislandrealestate.com/
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