By Joseph Palumbo III
Do you have a pale green bathroom? How about a basement that could be a family room or an updated or modern kitchen? We all want to renovate something in our homes, but let’s not forget we are still in one of the worst economic crises of our era. In speaking with several Queens general contractors and other real estate professionals in the area, I have tips that may help us make the decision we are ready to move forward.
Figure out the job’s cost. Do not estimate. It is typical to put a budget on paper only to find out half−way through the renovation you are $10,000 off. If you fall into this category, you will be in credit card debt. Hire a home inspector or an appraiser to save you any surprise grief as the renovation is in progress.
A quality home inspector or appraiser can tell you what work might need to be done. Talk to a trusted real estate agent to give you an honest opinion if the improvements you are making to your home are going to raise its property value. It may not make a difference, but it does not hurt to know how the money you are spending on improvements will come back and affect you.
Stay within your budget, but do not take shortcuts. This is your home you are going to live in. You should want to do it right the first time. If you skimp on things now, you will only wind up paying for it down the road and be aggravated that you spent money in the first place. There is satisfaction in knowing you have quality material in your home.
So How’s Business regarding renovating your home? The real question is how to pay for it. Open a separate account and save for a year. Also include your tax refund money. You could also go the refinance or home equity line of credit route, but that may be a second option in this economy. Finally, no matter how good your budget is, plan accordingly for 10 percent to 25 percent over−budget costs.
Contact Joe Palumbo at 516−297−4034 or by e−mail at jp@c21amhomes.com.
