PDX Renovations

Tag: #renovations

  • Estimates: Contractors and what they really charge

    Just like anything else in life, unless you are educated and knowledgeable in specific areas, you truly don’t know everything. And subsequently, sometimes you don’t really know the true cost of things. For example getting your car’s brakes done. Do you know how much the mark-up on pads and rotors is. Or when ordering wine at a restaurant, do you know it’s a 200-300% mark up on your favorite wines and spirits. It’s the cost of doing business. Everyone does it.  Now, imagine the big picture. Big dollars…maybe you need an estimate on new drywall in your living room because a pipe burst or your roof is leaking or your electricity goes haywire. Until you get a few different estimates, you truly don’t know how much it’s going to cost you and how much different each bid can be.

    For example. Getting a concrete estimate. Sure, each company will probably tell you a set amount that is very similar to the next guy’s as far as how much the concrete itself will be but the contractor will then add in delivery fees, labor, mileage, etc. And each estimate you get can vary by hundreds of dollars. It’s always a wise idea to get 3 to 5 bids whenever doing any kind of home repair job. Don’t feel bad for having them come out and give you an estimate either. It’s their way of marketing themselves as well and keeping prices down for the public. Besides if they really want your business, they will work for it. It’s not a monopoly by any means. Getting estimates is also a good way to get comfortable with someone being in your space with your family and your belongings.

    Now, you’ve got your estimates and you are comparing costs, labor, timing, etc. You can go even further and use the internet for reviews, Better Business Bureau ratings and anything else you might need to know. When you pick the right contractor, the real work begins.

    Make sure you are prepared for the unexpected. We all joke about the famous, “two weeks” Sure, it could take two weeks, but more times than not, something will come up and it will take a bit longer. Is the contractor you hired going to bump up your bill, inflate it for the extra time they are putting in? What if something happens beyond their control? Who pays for mistakes or do-overs? Do they offer a warranty on their product and services? These are important things to think of as well.

    Of course, there’s always your network of friends and family who can give great reviews and referrals, so don’t just pick up the phone and hire the first company you talk to. You’ll save money and headaches down the road by doing it right and getting a few different estimates first!

    If you want to skip the headaches and sell with no out of pocket costs to you, fill out our sell fast form at PDX Renovations.com

  • Costly Home Improvement…the real story

    When you decide to sell your home, one of the first thoughts that comes to mind is how to fix it up in order to maximize its dollar value. Of course, such an endeavor can encompass a variety of home improvements, from planting new shrubbery to installing new hardwood floors. Whatever the project, expenses can add up — quickly. The general rule of thumb is to only invest in home improvements that will add at least twice their cost to your home’s value. But the reality is, you often don’t get much bang for your buck: the average return on your remodeling investment is usually 20 or 30 percent less than you spend. And that’s to say nothing of the missteps homeowners make in their efforts to ready a home for sale. To wit, here are some common pitfalls homeowners find themselves in when attempting to improve their home for resale:

    -Trying to “add more space,” such as converting a garage into a living room. This can make a space seem incongruous with the rest of the house, and the chances of recouping the cost are minimal.

    -Destroying period details (often unknowingly) that may have real value. Pulling up ‘70s-era carpeting is one thing, but removing a circa-1900 bannister because it is showing wear also removes what many would deem a treasure.

    -The kitchen remodel. As many experts will attest, the kitchen is the single biggest selling point in a home. With that in mind, sellers often go all-in on a kitchen remodel, which can easily run as high as $50,000 or more. Yet, a fully remodeled kitchen usually earns 80 percent of its money back, making it one of the worst investments for home sellers.

    The above doesn’t even take into account the headaches inherent with any major (or minor, for that matter) home improvement project. The inconvenience, delays, threat of budget overruns, and questions of workmanship can all turn the most well-intentioned of projects into much more than you bargained for. When you take a look at the factors involved, it may cause you to think twice before diving into the process of costly repairs and consider selling your home as-is in a fast cash sale.

    Do you have a house, lot or land to sell. Fill out our sell fast form and get a Cash offer within 1 hour of us viewing the property.

  • 3 Smart Moves Before Selling a House You Didn’t Plan on Owning

    1. Assess the Value

    The first step in deciding what to do with the property is gaining an understanding of the house’s worth. There are a number of free online sites where you can get some ballpark estimates that, while they won’t be that exacting for a single piece of property, will at least get you started.  Sites like Zillow.com, Trulia.com and Realestate.com all include property value estimators. Simply enter the property address to see an estimated selling price.

    2. Get a Professional Appraisal

    If you’ve done your homework outlined in the first step, then you have a fairly good sense of the property’s worth. To get a more accurate picture, a professional appraisal will yield a comprehensive report specific to the house that will give you a better idea of its market value.

    3. Analyze Potential Options

    Armed with a good sense of the home selling worth and a better understanding of the local area, its time to crunch some numbers. This step, too frequently overlooked, can be critical to helping you understand the best course of action. Take a hard look at your option from the following perspectives.

    a) Rental options. Make sure you factor in all the costs associated with renting. These will include your costs of repair and renovation, marketing, property taxes, ongoing maintenance, projected income loss when vacant, conditions that may impact the market value, etc. These factors are very important to understanding your cash flow needs as a landlord and whether or not renting is a good financial decision.

    b) List it with a realtor. Selling can certainly help you avoid ongoing issues and potential headaches associated with being a landlord, but it still may require some upfront hard-dollar investment to get the property in market-ready condition. Evaluate not only these costs, but also the time the house won’t be on the market and whether market conditions point to rising or declining value. Time is money and timing is everything. Factor in the fact that selling through a realtor doesn’t come without costs. Consider commissions and other fees that will take a bite out of your profits when you sell the house.

    c. Sell the house for cash. A hassle-free option that can be done fast, selling the house for cash, can eliminate the need to spend any out-of-pocket money, commissions and fees. You can sell the house in “as is” condition cleanly and quickly, pocket the profits and be on your way.

    To determine the best course of action with an extra house, do your homework, understand the value and the costs and profits involved with each option.

    How do you evaluate options when it comes to real estate?

    Do you have a piece of property (house, lot, or land) you’d like to sell fast?  Fill out our Sell Fast Form and get a cash offer within one hour of us viewing the property.