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Calendar >  Renovating A House On A Budget

Renovating A House On A Budget

By   /  July 27, 2020  /  No Comments

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Vista has some delightful properties, and many people have sought to take advantage of some older houses, looking to complete some renovations to make a profit. With now being such a good time to buy homes, if you have a bit of cash, you can make the most of the opportunity to flip a house and turn a profit. If you’re looking to make the most of this opportunity, you’d be glad to know that you can do so on a budget. Here are some tips to help you renovate cheaply:

Initial Planning – Before you buy the house, you should look to build a budget and financial plan. This includes how you’re financing the renovation, how much you are willing to spend, and what you expect the return to be. Try to include everything you can and expect that there will be hidden costs that you haven’t considered.

Damage Repair – Many houses might be close to perfect but have obvious damages that can allow you to negotiate down the price and snag a bargain. A classic example of this is with water damage, which has some serious consequences if not addressed: mold, rotting sections of walls, and more can cause long term problems to the pocket and to your health. If your inspector picks up mold when looking around the property, you should speak to a water damage restoration company. This Ocala water damage restoration company suggests that any water damage can be billed directly to insurance companies, so it could be a cheap fix for you if you’re eligible.

Aesthetics – Aesthetic renovations are some of the cheapest, but also some of the most powerful when it comes to renovating a property and increasing value. With good taste, you can dramatically improve how attractive a house is to prospective buyers. When planning and budgeting your renovation, see how many major works you can avoid by doing minor, aesthetic improvements instead. Check out the ROI that you can get on each development too.

Accounting – It’s a good idea to open a separate high-interest bank account for your renovation. You should always keep receipts for this account, and you’ll find it’ll be much easier to find renovation transactions and stay on budget. There are also tax benefits to this – many renovation updates can get you tax deductions, so have a call with your accountant about which renovations you can do for a tax benefit. Remember that as you intend to sell the house, this is effectively free money if the improvement adds value to the home itself.

Cleaning and Demolition – You will likely need to carefully plan your renovation before stripping and destroying some areas of the house. This is important for two reasons: you can save money by performing aesthetic upgrades instead of demolitions and you can also do some seriously expensive damage if you haven’t planned enough. For example, if you want to take down a wall, and you haven’t at least spoken to an expert about the practicalities of doing so, you could accidentally take down a load-bearing wall, which can lead to the house falling apart very quickly – costing you a lot more than is necessary.

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  • Published: 2 weeks ago on July 27, 2020
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  • Last Modified: July 27, 2020 @ 9:58 am
  • Filed Under: The Back Page

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