HGTV and the world of fixer uppers has brought a new wave of
interest to the remodel industry. More
individuals are investing in a house that needs a lot of work done before it
can be classified as a comfortable home.
Although there is always a certain amount of risk associated with
investments, flipping a house can be one of the riskiest ventures because of
all the variables. And because of these risks there are numerous resources
floating around with an abundance of advice.
There are books, videos, podcasts, seminars, TV shows, and so many more
outlets that guarantee a successful flip.
But even all the information in the world cannot ensure a profitable
endeavor.
Therefore, planning a remodel is stressful and
complicated. Without a prior
understanding of the complete building process, it can be tough to know where
to start and what aspects of the house to consider. Return on investment should be one of the
main deciding factors for any project but especially with home renovations. There is a fine line where you need to spend
money to increase the value of the house, but not spend more than the value you
add.
Unfortunately, I do not have a recipe of success for you to
follow. But what I can offer is some cost vs. value comparisons of projects based
on a national survey.
These numbers can help you determine which projects will
allow you to retain the value at the time of sale. As you can see, attic insulation is the only
one on the list that actually puts more money into the value of a house than it
requires to complete the work. And
although there are always exceptions to any rule, this guideline is a good
reference for cost analysis.
If you are needing an insulation contractor, we would love
the opportunity to earn your business.
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