10 On-Budget Remodeling Ideas to Increase Home Value

Increasing home value is not an easy task to undertake. It requires precise planning and a clear action plan. With the right contractor’s crew and a development strategy, you can increase the property value on average by 40,000$ only with a budget of 10,000$.

To succeed in your undertaking, you will need to discuss the project with an experienced and knowledgeable contractor who can organize the remodeling on time and provide high quality.

Wondering where to start and which renovation or remodeling options to consider if you are in need of quick and on-budget solutions? Keep reading, here we present answers to these questions!

Optimize the Style for Higher Home Value

One of the most important components of increasing home value is picking the right style. For example, minimalism is a low-cost and functional style, where one detail is enough for an impressive change.

Style is a crucial element because it can completely change the appearance of the property, therefore, this is the first step in the process. There are different ways to choose the right design for a house, starting from asking for professional help and ending with looking for inspiration in magazines, books, or specialized websites.

Renovation services

Lighting Matters!

The market value of the house largely depends on its lighting, which can have a huge impact. These improvements may require more time and a home renovation budget, while they are worth paying attention to. It is also important to note that there are specific requirements for windows in different states.

While thinking of the house design, you should be sure to maximize the natural light and plan the lighting system efficiently. Be sure to choose the most effective solution from both lighting and product selection perspectives. This can help you save money for additional materials and have a good result.

Expand the Useable Square Footage

Another important tip to consider for adding value to the house are minor or major expansions. It can be as simple as adding an extra room or reach to building an additional floor. There are specific tricks to making the house look wider by creating two rooms out of a big one. Therefore, having separate spaces dedicated to specific activities will have a good outcome.

One of the modern solutions that will be nice to have in the house within a modest budget is a gym or a movie theatre. However, be sure that everything is considered in the scope of the budget provided for a renovation.

Real estate owned renovation

Details Matter for Expensive-Looking Property

Details are the key to achieving an elegant and expensive-looking property. If you have a limited budget, one of the best choices will be adding elements that grab attention.

One of such details that will complete the overall look of your rooms is crown moldings. The rooms without these details are looking cheap and unfinished. This is a good point to consider for achieving a good result with a relatively small budget.

Fix Issues for Property Improvement

Thinking of increasing property value is the right time to detect available leaks and other issues in the house to fix them. Fixing possible problems can significantly impact the price of the property. 

Check house systems and be sure that all the leaks are noted for fixing. This especially applies to old fittings, while also making sure to check new fittings once installed. If you want to make sure everything is taken care of, you should consider hiring a licensed home inspector for conducting a walkthrough of your property.

Home renovation

Increase Home Value with Exterior Design

While thinking of house price enhancement, most of the people are concentrating on the interior and dismiss the curb appeal. However, it is a known fact that the market value is largely improved through outdoor appeal, as the first thing people see while approaching is the exterior of the house. Therefore, houses with a nice curb appeal will have higher prices and stay less time on the market.

This does not only consist of exterior design, but can also include the landscaping, patio, or backyard. You should make sure that the sidewalks are clean and freshly weeded.

Use High-Quality Materials

Take extra time while making decisions about the renovation materials, as they reflect the future cost of the property. While at the first point you should try to understand what materials you have on hand that can be reused. Making the most of what you already have will help you save money and time.

It should be good to check the appropriateness according to some fundamental points when choosing construction materials, whether they are applicable with the site-specific environmental conditions, environmentally friendly, energy-efficient, or applicable with the building size and type.

Living room renovation

Paint Home in Warm Colors

Fresh paint on your walls can substantially update the property look. There are even studies, according to which realtors suggest painting your house to have a more expensive look. The most important point here is to choose warm neutral colors, like white, beige or gray, that will make rooms look larger.

Correctly chosen colors will considerably emphasize its uniqueness and become memorable. Accent color for one part combined with minimalistic colors will make a good impression.

Make Easy Bath and Kitchen Remodels

A minor bathroom or kitchen renovation can enhance the home value, however, you should be sure that the work you have undertaken is small. Of course, bigger remodelings will be nice to have, while their return on investment lasts longer.

You can consider different low-cost ways to modernize your spaces that do not need many efforts or skills. For example, you can replace the hardware on bathroom cabinets, or add extra storage in your kitchen.

Bathroom renovation

Consider Energy Efficiency

Even though considering energy efficiency is not the best and cheapest way to increase home value, many professionals state that it surely does add value. Again, you can choose the way of minor improvements, like just installing energy-efficient appliances or upgrading to more productive LED lighting.

Investing in solar panels is another good way to increase property value. However, you should understand that solar panels will require a big financial budget, therefore, you should pursue this option only if you want to increase the value over a long-term period.

To conclude, the most important point to remember is that you should not spend more budget on your improvements than they will add to the property value. All of the steps above have been proven to be one of the best home improvements that can add value. Do not hesitate to contact us, and our professionals will guide and lead you to choose the best solutions that will increase your property value.

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8 Essential Things You Should Consider When Hiring Contractors

Whether you need minor home improvements, property inspection, or complete remodeling, there comes the moment you need to find a professional contractor. Contractors are important assets for your home project. They will provide you a vendor and subcontractor information you will need along the process. However, there are general tips you need to know before hiring a contractor. Finding and hiring the right crew can have a significant difference in terms of safety, budget, and stress.

The renovation process will turn into fun if you find the right company for your project. However, it is important to plan everything and hire a reliable contractor who can help you throughout the process. We have gathered some of the general steps and tips you should know when hiring a contractor like a pro. Please, take into consideration that these steps may vary according to the specific location or scope of the project. 

Step 1. Learn About the Types of Contractors

Contractors are professionals, who will execute your home project from start till the end. Before hiring a contractor you should understand your goals and find the right contractor with the experience that meets your needs. Depending on the scope and complexity of your project, there are different professionals you might want to hire:

Hiring contractor
    • designer; who will provide you with assistance on choosing the general look of your house,
    • architect; they will help you create a design structure of your home, including primary structural changes,
    • general contractor; company acting as a general contractor will help you manage the whole process that includes hiring and supervising vendors and subcontractors, as well as provide you with information about local regulations and necessary permits,
    • home inspector; hiring a certified home inspector will be well worth it, as they will evaluate your property’s condition and issue a comprehensive report, which will help you mitigate any possible risks,
    • painting contractor; they are usually hired as a subcontractor by your general contractor, or you can hire directly, who are usually working on small operations,
    • electrical contractor; they will help you handle any electrical repairs
    • other specialized contractors; there are other contractors, who are more concentrated in particular work areas and will help you install a cabinet and other appliances.

Step 2. Get Recommendations

After summarizing the scope of your project and choosing the types of contractors you would like to hire, ask some trusted sources for recommendations. It would be better to find a contractor from your neighborhood so that they are well aware of the specific regulations in your area. You can start by asking your friends, family, and neighbors, as well as some real estate agents who have completed projects similar to yours. By choosing local contracts, it will also be easier to contact them in case any problem arises.

Step 3. Check Licensing

Having a license is one of the most important aspects to check before choosing a contractor. Regardless of the type of your home project, you want to use a licensed contractor who is reliable and reputable. This will ensure that your contractor is aware of the building codes, safety policies, permitting, labor and hiring. The vast majority of states are requiring licenses for the completion of projects with a value of over $500. The required licenses vary across the states and can start with a simple registration and end with a comprehensive qualification process. By contacting your municipal licensing bureau, you can easily learn if the selected contractor has the license and if that is valid.

Contractor services

Step 4. Ask for a Certificate of Insurance

The next important factor to consider while hiring a contractor is looking at their insurance. This is especially important if there is an accident while the contractor staff is working on your project. You can ask for a certificate of insurance (COI), which includes information on the insurance company, policy number, and limits of the company. You can also directly check the validity of the information from the insurance company. If you decide to work with a company that doesn’t have insurance, you may be liable for any accident that occurs in your house.

Step 5: What to Ask for When Hiring a Contractor

After receiving suggestions and doing your research, it is important to check some of the information by making calls. You should have a list of companies that you need to contact and a few questions that you will need to ask each to compare their expertise. The following questions, as well as the general responsiveness of the contractor, will guide you to selecting the top option available for you.

General contractors
  • How long have you been operating in the industry?
    • How many similar projects have you completed?
    • Can you provide a list of your past clients or references?
    • Are you going to hire subcontractors for the project?
    • How are you going to manage the whole process?
    • Do you have a license and insurance?
    • What is the projected timeline for the workflow?
    • What will be the estimated cost for the project?

Step 6: Get Some Estimates Before Hiring a Contractor

Once you have compared your chosen contractors and narrowed down the list, get written estimates from them. In order to have the possibility to compare several bids, ask for a breakdown of the expenses by the following categories: supplies, labor, profit margins, and other expenses. However, it is important not to automatically choose the lowest bid. You should want to ask for the reasoning behind the difference in prices. We recommend choosing a bid that will be approximately 15% below the budget available at hand. This will allow you to afford to handle any unforeseen expenses throughout the project.

Step 7: Pick a Contractor with Solid Crew

Some part of your work may be completed by your contractors, however, they may also hire subcontractors from your local area for different types of work they are not specialized in. You should make sure that your contractor has a good team, who will manage the whole process. They need to be attentive to set a team of licensed and insured subcontractors. If your contractor subcontracts the work to anyone, just to complete the work, then the quality of your project will suffer. Be sure to ask this thoroughly from the reference list and by just directly asking the contractor.

Home construction services

Step 8: Get a Written Contract

The final and one of the most important steps for hiring a contractor comes signing the contract. Be sure to ask for a written contract that includes all the details of your project: proof of insurance, timeframe and work schedule, estimated start and completion dates of the project, list of materials that will be used with a detailed price for each item, pre-approved payment schedule, all required building permits, an obligation that contractor obtains lien releases from subcontractor companies and other suppliers, as well as any other information crucial for your project.

This whole process can seem intimidating and hard while doing good research and checking all details will pay off in the future. Working with someone you don’t rely on will turn into a headache. As a result, you can have unfinished work or exceeded budget. Therefore, take time for the research and secure a comprehensive written contract before starting the project. Don’t forget to pay special attention to the contract’s cancellation clause and all possible penalties. 

Free Home Renovation Guide

Do’s and Don’ts You Need to Know Before Starting Your Home Renovation

If you are planning to start a home renovation project, you should be aware of different decisions you need to make on your way. Turning your dream house into reality requires a lot of time and effort. Of course, you would like to finish the project fast, but starting the process without good research can add up your expenses, become time-consuming, and even pose a danger. Here you can learn some home remodeling tips from our list of dos and don’ts for home renovation.

DO’S OF YOUR HOME RENOVATION

DO Check for the Necessary Permits

It will be frustrating and expensive to find out that you needed some permits after completing a large-scale renovation project. However, you can easily avoid these types of mistakes by doing comprehensive research over the necessary permits for your upcoming project.

The requirements for getting permits vary across the cities. Generally, you will need a permit for changes like demolishing a load-bearing wall, room additions, replacing a water heater, and installing a new furnace or air conditioner. While minor remodeling, such as interior or exterior painting, replacing countertop, and changing appliances will not need a special permit. 

Check for the Necessary Permits

DO Choose Renovations That Improve Property Value

The first main point you should consider before starting your home renovation project is whether it will add value to your property or not. There are specific projects that can boost your property value, like applying double glazing, bathroom add-ons, or energy-efficient remodeling.

On the other hand, there are renovation projects that may generally be costly without raising value, such as building an in-ground swimming pool or turning your two bedrooms into a single large one. Especially if you are planning to sell your home in the near future, you should invest in the affordable features that will increase your property value the most.

DO Invest in Appliances and Features You Are Going to Use

It may seem a great idea to install a luxury bathtub when planning a bathroom remodel, while the investment will be wasted if you won’t use it. Therefore, if there is something that might be a good idea for someone, it is not necessarily a right fit for your house.

When you are starting to plan your renovation, you need to make sure that all the features you are considering are meeting your needs. The best way to understand the necessary features and appliances is to consider the biggest issues of your property. For instance, if you don’t have enough working space in your kitchen, you should think of adding an open countertop area.

Choose Renovations That Improve Property Value

DO Consider Lighting

The correctly chosen color and lighting in your house play an important role in affecting the overall environment. When thinking of your home design, you should be sure to maximize natural light and plan your lighting system effectively. Having enough well-positioned windows will help you mitigate this issue. 

Once you have complete planning of your natural light, you can turn to think of your lighting, switches, and outlets. Be sure to choose the most effective solution from both lighting and product selection perspective.

DON’TS OF YOUR HOME RENOVATION

DON’T DIY if You Are Not Qualified

Doing a part of home renovation on your own will help you to save money. Many projects don’t require to be a professional, and you can find different tutorials on the web for that. Tasks like painting are DIY projects that you can complete all yourself. You may even try to lay the tiles or install flooring in your house alone.

While even though little things are comparatively safe to DIY, others may appear to be hard, or even dangerous. These kinds of jobs, like plumbing or window installation, may even require a license. Therefore you should make sure that you have contacted an experienced contractor for completing your work professionally.

DON’T DIY if You Are Not Qualified

DON’T Underestimate Curb Appeal

While starting a home renovation, the majority are concentrated on the interior of the property and forget that the market value is largely improved through curb appeal. The first thing that potential buyers see is the exterior of the house. Therefore the properties with a good curb appeal usually have higher prices and stay less time on the market.

This does not necessarily consist of only exterior condition, but can also include the sidewalk of the house, as well as the porch or backyard. Ensure that the sidewalk is clean and newly weeded. You can also think of planting low maintenance plants, along with a fresh layer of mulch.

DON’T Forget to Plan the Storage

When starting the renovation project, remember to plan your space effectively. If you want to make some additions to your rooms, make sure to pay enough attention to the storage. Storage is one of the most important areas of your house as it can help you maintain it clean and tidy.

Despite you are going to renovate your kitchen or bathroom, be sure to consider storage space in advance. The best way to ensure the process of your project, plan your spaces during the design stage. Think through all the items you need to stash, then work with your design-build remodeling team to make it happen!

DON’T Forget to Plan the Storage

DON’T Forget to Enjoy the Process

Lastly, don’t forget to enjoy the whole process and have some fun. This is going to be a challenging process, while it is the process of turning your dream house into reality. You can turn it into a pleasant experience despite the amount you have foreseen for the renovation.

If you are ready to start your project and want to have fun, be sure to choose contractors carefully. Hiring a qualified and experienced remodeling contractor plays an important role. Considerable expertise within the industry, coupled with our professional management approach will ensure high-quality service from start to finish. Even if you don’t have all the details, don’t delay contacting us and discussing your project.

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14 of the Best Home Renovation Apps, Tool and Software

No matter how big or small home improvement projects you are planning to take on, it can turn into a nightmare if you don’t plan and manage properly. Especially if it’s your first renovation project, you need guidance and assistance in all aspects. Mistakes can add up to the cost, require redoing more than once and prolong the deadline.

To avoid redoing over and over you have to foresee every minor detail: design, plan, and organize like a pro. But where to start? Before even consulting with contractors, begin with research. Explore the tools and apps that can give you a full picture and basic understanding of home renovations. Here we present our top selection of tools that you need to begin and manage home renovations.

Apps for Home Renovation Planning

Floorplanner

Floorplanner lets to design and decorate spaces in 2D and 3D online, without downloading any software. 

Apps for Renovation Flooring

RoomScan

RoomScan is for measuring a room and creating a floorplan. RoomScan will create a detailed and scaled floor plan. Simply scan your desired room, and a virtual floorplan will be generated.

Carpetright Visualizer

Carpetright’s flooring visualizer will help to envision what your room will look like with carpet, vinyl, wood, or laminate flooring. Take a photo of your chosen room (or select a sample room) and upload it onto the visualizer. You’ll be able to customize the wall color and flooring type. From there you can save your rooms and order swatches.

Apps that Help You Design Space

iHandy Carpenter

You can use the iHandy Carpenter to check flat surfaces and use the plumb bob to assess vertical walls. The app has a steel protractor and on-screen rulers for measuring in inches and centimeters.

Apps that Help You Design Space

Houzz

At Houzz, you can get access to a large database of more than 20 million photos of home design inspirations. With the help of one of the plus features like “View in My Room 3D” virtually test out over 1 million products in your own space. In addition, with Houzz, you can find and hire qualified contractors, purchase construction materials, and any home-related product. The Houzz is free on iOS and Android.

Apps that Help You Design Space

ColorSnap

With ColorSnap you can test and see how paint colors look on selected walls, before making a final decision and purchasing. ColorSnap will suggest matching color combinations and provide color palettes that have been developed and proposed by experts.

Color911

Color911 is a simple app, for generating color palettes. ($4 on iOS)

Apps for Finding Qualified Contractors


Handy.com

The Handy.com app makes it easy to book home maintenance services, so users can save time and energy on home improvement projects. IOS, Android

Apps for Finding Qualified Contractors

Must-Have Free Apps for Contractors

 Building Calculator

Building Calculator is a free construction calculator app. It helps contractors to calculate the number of materials they’ll need for a project. You can even use it offline. Calculate projects using materials such as bricks, lumber, flooring, and paint. Also calculate concrete volume, armatures weight, wall blocks needed, and more. It’s free and there are no ads within the app.

Must-Have Free Apps for Contractors

 Canvas

Canvas is a reporting app for contractors. It allows you to fill out audits, forms, inspections, estimates, and work orders all through a mobile device. You can create forms, convert them to PDF, and share them easily. Get it on Google Play or the App Store.

JobFLEX

JobFLEX is an estimating and bid management app. It delivers estimates on the spot and allows to generate customizable forms to preview email, and print.

Handyman Calculator

Handyman Calculator is equipped with various calculating tools, including a fraction calculator, cultist calculator, square footage calculator, concrete calculator, plywood calculator, angle calculator, and much more.

Apps for General Contractors

Fieldpulse

Fieldpulse is a general contractor app. It enables you to schedule jobs for your team, add notes, photos, and files so you keep your workers up to date on projects at all times. You can even use employee time tracking so you know exactly how much time your team spends on-site – all they need to do is to clock in and out using their phones.

In order to be resourceful and achieve better results by meeting all the deadlines, use modern solutions and tools. There are dozens of options that can make the process easier to handle and get the desired end results. Carefully select apps that can simplify your tasks.

Free Home Renovation Guide

Festive and Easy Thanksgiving Decorations Ideas For This Year

For many of us, Thanksgiving is the time of the year when the family gathers around to taste delicious meals and thank each other for all the good we share. While you may love celebrating Thanksgiving, there are a lot of things you need to plan when you host it. And between preparing turkey and baking a pie, you may need some interesting and festive ideas to plan your day. Here we share some ideas for you to take your celebration to the next level.

Start With Decorating The Front Door

Decorating your house will bring a festive mood to you and your family. Front door is the first part your guests will see, therefore, you can welcome them with a warm greeting. For example a wreath can be a good idea to show that you are ready for Thanksgiving Day. While you can buy beautiful decorations from the craft store, making something on your own will be more mesmerizing.

thanksgiving front door design

Take The Party Outside This Thanksgiving 

You can also take the opportunity to celebrate Thanksgiving outside and enjoy the beautiful weather. Don’t be afraid to take your beautiful dining table and chairs outside to your backyard  or garden by creating a special environment. If you don’t have a big backyard, you can even organize something special on a deck on your porch.

Organize A Movie Night With Your Family

Once your guests have tasted all your dishes from Thanksgiving menu, it is a good time to gather for a cozy old-fashioned movie. Because festive movies are very easy and positive, it will be entertaining for your whole family members despite their age. Put a lot of pillows, prepare some popcorn and choose a classic movie to watch. If you have a mood for the holiday season, you can also watch a Christmas movie.

movie-night-at-back-yard-royalty-free

Set-Up and Decorate The Dining Table

Provided that meal is the main component of Thanksgiving celebration, decorating your table for the dinner is a must-do. There are a number of themed decoration ideas or elements from which you can choose to create a festive mood. Despite you are going to have a large gathering or just planning to spend time with your family, a nicely decorated table will present your thankfulness.

Enjoy Thanksgiving day with good food and good company.

Free Home Renovation Guide

How To Finance Home Renovations

Have you decided to start a home renovation? How are you going to finance that? Are you going to finance on your own or do you want to apply for a home improvement loan? Depending on your own situation and the size of the necessary renovation, you can find different possible funding options. United Field Services, Inc. wants to present some of the most common ones for your attention.

Refinance your home loan

Another option to start a renovation without taking an additional loan is reviewing your current home loan and checking whether refinancing the mortgage will suit your needs. In other words, you can leverage the equity of your home and involve additional resources for home improvement. This will be calculated by comparing the value of the assets you own and the amount of your current mortgage.

An important thing to consider is that there might be some hidden fees, including the ones for appraisal, taxes, fees for origination, or other related costs. Additionally, if you are interested in taking a long-term loan, the life of your loan will be extended and you will need to pay off for a longer period. However, this option might be beneficial if you can negotiate a lower interest rate compared to your initial one.

Take out a personal loan

If you don’t want to connect your renovation loan with home value, taking personal loan might be the best option. These loans are typically provided up to around $50,000 and are offered in the secured or unsecured forms. Therefore, this is especially good option for small-scaled renovations. This option can be more convenient, as this loan mostly has lower interest rates and you will not be required to provide collateral. The interest rate will mostly depend on the terms, specific product, and the credit history you have up to now. 

Home equity line of credit (HELOC)

The home equity line of credits (HELOC) is very common for financing home improvements. HELOC is a secured loan, which is not provided as a lump sum. Instead, you can withdraw necessary funds from the line of credit several times. This means that you will have to pay interest only for the portion of the HELOC you have used. Based on the fact that your home is provided as collateral for the loan, interest rates are usually lower than the ones for personal unsecured loans. HELOCs are mainly suggested with a 10-year period for withdrawal and 20-year for repayment. 

Home equity loan

Compared to the HELOC, home equity loan is mostly known as a second mortgage and is provided as a lump sum. The loan is repaid for the defined number of years with fixed monthly payments. This mostly makes you secured from the market fluctuations. This is a comfortable option if you are sure about the total amount necessary for you. However, if you have additional expenses, it might become a problem, given that your home is again used as collateral. 

Construction loan

If you are planning a large-scale renovation, like knocking down and rebuilding home, another possible option is construction loan. This type of loan mainly depends on the estimated value of the house after the renovation, which gives you an opportunity to cash out the necessary amount of budget for renovation-related payments.

Other options 

If you are ready to start the home improvement process, as we have presented, you have multiple available options. Your options start from using your own savings to HELOCs, home equity loans, or construction loans. In case the renovation is small and is based on regular expenses, you can consider also using a credit card or overdraft option. Before using this option, you should note that these types of loans have higher interest rates and additional fees than others. 

You can also look at interest-free loans or grants for specific renovations that might be suggested in your area, for instance, there are certain incentives in some states offered to owners adding solar panels to their houses.

How to apply for a home improvement loan

  1. Apply before you need to start improvements.
  2. Determine how much you need.
  3. Determine your preferred loan term.
  4. Get prequalified.
  5. Consider your eligibility.

Paying from your own pocket

In case you prefer to avoid taking new loans, you may finance the renovation from your savings or other funds you are able to access. This option appears to be easier and less risky than lending a loan if you have enough money to cover all of the home improvement costs.

Using your own finance means you can start your house renovation without worrying about extra expenses afterward. Nevertheless, you need to consider the planning of your savings carefully. You need to check that after the withdrawal of the necessary amount for the renovation from your savings, you still have some emergency money sufficient for unforeseen expenses.

Free Home Renovation Guide

Real Estate Owned Property Renovation Project Overview

If homeowners default on a mortgage, they will be left with two options. Either sell the property and pay the unpaid amount to the lender or ownership will pass to the lender. Banks generally don’t hold defaulted properties on their portfolio. Such as it’s better for them to sell it “as is” at a discounted price in an auction and recoup the missed payments.

If the property isn’t sold during the auctions held by the lender it becomes a Real estate owned (REO). For landlords, investors, and flippers REOs are a great way to invest. After purchasing properties in “as is” condition, they organize REO property renovation and put it on the market for sale or for rent.

As REO renovations may be more challenging, it’s important to work with a qualified REO renovation service company. This blog post covers the advantages of REOs and what to look for in a renovation service company before hiring.

What Are The Advantages Of REOs?

Lenders often sell the REO properties at discounted prices during auctions. Such as their aim is not to make a profit out of it, but instead to sell in a short time period in order to recover loan payments that the borrowers were unable to pay on time.

Moreover, banks clear all property taxes and liens for REOs. So, the prospective buyers will not deal with outstanding property taxes and unpaid mortgages of the previous owner.

Landlords and real estate flippers get a high return on investment by purchasing REOs at discounted prices and deploying. After purchasing, landlords lease it to tenants and get a steady income. On the other hand, flippers buy REO properties, renovate, and resell them at a higher market price.

REO Property Renovation Project Overview

REO properties are put in the market for sale “as is” and may need major renovations. Generally, it’s not an issue for flippers, but it affects homebuyers who do not plan to resale and are going to live there.

Compared to other residential properties, REO renovation projects may be more challenging. Given that, you should hire qualified contractors, who have REO industry expertise, a detail-oriented approach, and high-quality standards.

Real Estate Owned Property Renovation Project Overview

REO homes usually don’t have utilities, have junk and debris that must be removed, require a pressure washing of the exterior, have a leaking roof, etc. The REO renovation service providing company should have contingency plans and a specific approach to each REO renovation project.

How To Hire an REO Renovation Service Company?

Below we present the qualities you should look for in an REO renovation service company before partnering up with them.

Matching Team for Each REO Property Renovation

The contracting company should be able to match clients up with the contractors who can best meet their needs for the timeliness, location, and services required.

We have a nationwide network of licensed contractors to complete any big or small renovation services: kitchen, bathroom, basement renovations, additions, whole house renovation, secure the property, remove debris, winterize, and conduct maintenance of the lawn and surrounding areas when necessary.

Dedicated Team of Project Managers

In REO business delays and mistakes are unacceptable. Therefore, appointing skillful and knowledgeable project managers has huge importance for the successful completion of REO renovations.

As a longtime partner to real estate brokers, investors, and mortgage lenders we possess all the resources and experience to meet our customers’ most challenging requirements for each asset and portfolio.

Real estate owned renovation

Expert REO Industry Understanding

As compared to residential properties REOs have more specific characteristics and associated complexities. The hired contractors should have expert REO industry understanding. They must create renovation strategies and perform in a way that maximizes RIO for real estate brokers and investors.

With our decades of experience and nationwide reach, we deliver unmatched quality of REO renovation services,  inspections, property preservation, and appraisals that allow our customers to better focus on their core business.

Prioritizing Efficiency and High-Quality Standards

It is important that the REO renovations comply with current legislation in the area. Therefore, all our contractors are well-trained and have up-to-date information regarding regulatory requirements. From our vendor partners, we require a high level of commitment and professionalism for customer exposure and satisfaction.

Free Home Renovation Guide

Whole House Renovation Project Q&A

Even though the characteristics of house renovation varies depending on the size of the property, scale, and type of renovation, whole-house renovation projects are complex. It requires a great understanding of the process, a detail-oriented approach, and organizational skills.

For the successful completion of the renovation project, there are several strategically important aspects you should consider. To make the process easier for you, we introduce answers to the most common questions regarding whole house renovations.

kitchen renovation

How to Estimate the Cost of Renovation Project?

The cost of projects may differ depending on whether you are going to do remodeling or renovation. As well as the types of renovations and solutions that you are planning to integrate.

The overall cost of the whole project depends on the following factors: the current condition of the home, the scale of the renovation, quality of construction materials, solutions, and the team of hired contractors, etc. To get precise estimates before starting demolition or purchasing any materials consult with contractors.

Start by carefully evaluating your future plans connected with the property. Then make sure you can manage and oversee the process from start to finish. And finally, invest in renovations that will add value and increase the price of your property.

Renovation vs Remodeling Projects

Generally “renovation” and “remodeling” are used interchangeably to describe the same process, while professionals in the industry refer to different types of construction. Renovation projects are considered to be easier and cover altering a few details, updating the current interior without changing the functionality of the space.

Remodeling includes complex design alterations and a number of structural changes or additions that change the purpose of the space. Also consider, renovation projects may or may not require a permit from local authorities. On the other hand, permits for remodeling projects are almost always required.

How To Choose Contracting Service Company?

Whole house renovations require managerial skills and the input of professionals. With the help of experienced contractors, you can cut costs, finish on time, make sure all renovations are code compliant, and there will not be a need to redo it over and over.

To trust your house remodeling or renovation project take careful consideration of available options and pay proper attention to the qualifications of the contractors. Our contractors are ready to assist you and turn the process of building your dream house cost-effective and enjoyable. Based on your plans, budget, and expectations we will offer a unique approach and organize the renovation smoothly and professionally.

How Effective Are Sustainable Solutions?

Sustainable solutions may be expensive, and add up to renovation costs. But in the long run, it will pay off and positively affect the price of your property. In the market, the most common solutions are solar panels, living walls, and roofs, smart home systems, etc.

If you have a busy and hectic lifestyle, smart home systems will help to better organize everything and support to take care of your schedule and day to day activities. With solar panels, you will save money on your energy bills and reinvest the allocated amount on your property improvements.

Whole House Renovation Project Guide

How Long Will A Whole Home Renovation Take?

The whole home renovation is quite complex and depends on a lot of factors. Hence there is no one-size-fits-all answer to this question. Every renovation project is unique. Each project has its own characteristics and complexities.

Therefore, you need to break down the entire project, estimate each aspect, and evaluate the expected timelines of completion. If it’s your first experience of renovating and you struggle with planning, contact a local contractor for advice.

Free Home Renovation Guide

What Should You Know Before Planning A Home Renovation

If you want to organize a home renovation smoothly and enjoy the process, instead of stressing out and overspending, you should start with planning. Clearly mapping out the whole project prior to start is considered to be one of the key success factors. Planning your home renovation will help to save time, cut costs, and avoid the most common home renovation mistakes.

In the starting stage, a few details are extremely important: cost factors, your budget, timelines, the resale value of renovations, and most importantly the team of contractors who will manage and complete it.

For those who are planning to start a renovation, United Field Services, Inc. created a simple guide consisting of all the important factors and know-how for successfully planning and organizing any type of remodeling.

Clarify Your Renovation Goals

First, clarify the objectives of the renovation: is it for your forever home or you are preparing the property for sale, and are the designed changes “needs” or “wants”?

Depending on the size of your family, the needs and preferences of each member, plus the current state of the property, the remodeling project of forever homes may vary by scope, cost, and type. Start by writing a big list, then narrow down every change you’d like to make. Balance the “needs” and “wants” to organize within a budget and in your desired timelines.

However, if you are renovating for reselling the property consult with a few local real estate agents. Their objective feedback will help you to make the property more attractive to buyers and make the selling process easier. Or do your own research and make sure renovation will add value and increase your home price.

Research and Get Informed

Whether your home renovation is planned to encompass only remodeling a kitchen, simple bathroom makeovers, or just changing the flooring, you are going to face a lot of challenges while making the final decisions. In order to turn your home into a functional and beautiful space on a budget, each aspect must be well thought of and backed on research.

To make sure that later on you will not regret the decisions made during the process, arm yourself with information. Before buying any materials or hiring contractors, thoroughly explore design inspirations, saving, and project management tips.

A few sources where you can start your research and get design ideas are architecturaldigest.com, houzz.com, etc. Apart from it, use shopping apps and tools to compare prices before purchasing anything online.

window installation

Types of Home Renovations You May Consider to Tackle

Based on the scope of the project there are 4 main types of renovations: kitchen, bathroom, basement renovations, and additions. Other than that, home renovation projects can be categorized according to their objectives and have the following directions: basic renovations, curb appeal improvements, renovations that add value, and personal “wants”.

For instance, the basics may cover a leaking roof restoration, adding functioning gutters, changing flooring, mold removal, etc. Curb appeal improvements comprise a well-maintained lawn, fresh and modern color of paint, a clean look, and new appliances, etc. Value-added renovations are kitchen renovations, adding new windows, and new siding, etc. Personal preference projects may include adding or redesigning swimming pools, playgrounds, wine cellars, and game rooms. 

Home Renovations That Increase Home value

It’s recommended to do small renovations with neutral aesthetics and focused on improving the functionality. Extensive custom upgrades may be appealing to you but not potential buyers of your property. Therefore, make sure that the return on your investment will be positive. For this reason, consult with a local real estate agent and get valuable advice from them.

For example, the projects that add considerable value and recoup the construction costs are kitchen renovations, new windows, adding storage capacity, improvements in curb appeal.

But there are remodeling projects that are tricky to evaluate in terms of the potential return on investment. For instance, conversions that may not be worth your investment include converting a bedroom into a studio or movie room, enlarging a space by removing walls, extending a room by eliminating a bedroom, big remodeling projects in the basement.

Planning Permission and Regulations For Renovations

You should prioritize completing code-compliant home renovations. Make sure your proposed changes and conversions are compliant with local regulation laws. As a result, you will not encounter any difficulties later on in the inspection process from local authorities or when selling the property. In addition, you will be guaranteed that all improvements are reliable and safe.

However, not all redesigning projects require permits. First, discuss your project with your local building authority. They will provide you the detailed information and available guidelines.

home renovation and remodeling

Create a Home Renovation Budget

Whenever you consider organizing a home renovation, create a comprehensive budget. It will help to set a spending limit, prioritize your spendings, and have a precise plan. Start the budget planning process by evaluating your financing options and the availability of financial resources. If your personal savings are not enough for financing the project you might need to apply for a construction loan, home equity loan, refinance your home loan, etc.

In the budget planning process, the next step is setting timelines, which is followed by cost evaluation.

Identify and Set Timelines

Different factors can affect the timelines of remodeling projects. Major variables are the scope of the renovation and the size of the hired contractors’ team. Also, it’s important to consider the project objectives and what you are trying to achieve by remodeling: an updated look or increased functionality. It may take three weeks to renovate a bathroom with new cabinets and fixtures, but a few months to get a heated floor or a new tile. Typically the longest projects are additions.

You should be prepared for some possible delays which are very common and take it into account while setting timelines. For example, the process of waiting for inspection reports, product/construction material delivery issues, or subcontractors may cause postponements. In addition, the weather may affect outdoor projects. Unforeseen problems may occur during the remodeling process, like rotting wood inside the walls or mold, etc.

A well-scheduled timeline will include the start date, plan for the next several weeks, including possible delays, and the end date. To set a reasonable timeline consult with general contractors by discussing all the components and details of your project.

How Much Will a Home Renovation Cost?

Home renovation costs depend on several factors: the type, scope of the project, materials, and service price of contractors you choose to work with. Consequently, the project budget may range from a few thousand dollars to six-figure digits.

You can get an estimation of the upcoming expenses by consulting with different contracting companies. Contact us directly to get price estimates from our professional crew of licensed contractors. We have extensive industry expertise and are always available to serve you nationwide.

organize home renovation

Hiring Contractors

Contractors are crucial allies in a home renovation project. Not all homeowners have the experience, time, or skills to organize home remodeling and complete it successfully. As a result, hiring a qualified remodeling contractor plays a huge role.

Firstly, to avoid scams or poorly made decisions get multiple bids from at least three credible contractors. Send project bid requests and ask for timelines from each of them. Compare their offers, expertise, team size, and reliability. Don’t be tempted to hire the lowest bid providers.

Next, sign a contract. One of the available options is a time-and-materials contract. Your payment will be based on the time spent by the contractors and on the cost of used materials. If you want to stick to a budget, a better option is to sign a fixed-price contract. In this case, you will pay a pre-agreed lump sum for the project upfront.

Handling Unexpected Problems

Unexpected problems are very common and it’s hard to complete the project without altering your initial plans. For this reason, you have to be well prepared. Be flexible to adjust your original plan, easily solve an accruing issue, and don’t let it evolve into a bigger one.

Some of the issues may arise because of the outdated plumbing systems, electrical wires, bad renovation work done by contractors, material quality or availability, etc. Therefore, construction professionals recommend setting aside an extra 10% to 15 % in cash to be able to cover additional costs caused by unforeseen problems.

In conclusion, do your research and plan every detail. Don’t hesitate to discuss your renovation plans with real estate agents, general contractors, interior designers, and architectures. Make sure that the renovation will be worth investing your time and money. Based on the project type, scope, and objectives all variables may be different. To clarify details about renovation costs and the timelines specific to your renovation project consult with professional contractors. Our experienced team is ready to assist you in your journey of planning your dream house!

Free Home Renovation Guide