We are often asked, “What’s the most important factor to be considered when renovating a home?” Perhaps one answer is the RESPECT FOR THE HOMES SURROUNDING the property being renovated. When contemplating a well-designed renovation, you must certainly consider the fit of the home itself, but just as important, you must create a fluid transition within the fabric of the neighborhood in which it resides.
In every community, there is usually an age and a character that identifies the neighborhood. Although it is fine to be different in design and décor, differences must respect the scale, massing, and character of the original home as well as the surrounding properties. A “unique” home is only perceived as valuable when its distinctiveness enhances the flavor of the community.
When hired as a project manager, a top priority for Berry Realty Company is to consider the desired budget before undertaking any renovation project. We evaluate the cost of the prospective renovation by obtaining bids for every aspect of the project. We then assess the budget against the return on investment and projected implications for resale or marketability for the total renovation based upon that specific area. Once a final renovation plan has been determined, we budget and monitor the finances throughout the project, paying attention to every detail. Often the smaller items, although inexpensive, can be numerous and quite costly if unaccounted for in the initial budget planning, a common mistake we see happen with a novice renovator. One of the main goals of a well-executed renovation is to have the renovation dollars that are spent, add value to the home for a high return on investment. If the home is already the most expensive on the block, the renovation investment might be a waste of money when there is no (or little) chance of a future sale.
Renovations can be costly and some of our clients have chosen to finance their project. Be sure to research all options available to you when it comes to financing. If you will be borrowing the funds for your project, you may be able to refinance your existing mortgage – a good choice while interest rates are still so low. Or, you may be able to get a home equity loan. Home equity lines are better for smaller renovation projects – ones that you can repay quickly, while refinancing, may be a better choice if you need a large amount of money for your renovation and plan to remain in your home for years to come.
As with any construction project, renovations require much pre-planning. If you spend any time here at Berry Realty Company, you are bound to hear someone on the renovation team say, “Measure twice, cut once!"