If you are thinking of adding an addition to your home there are some things you will wants to be aware of.

If you decide to add a new space, ask yourself the following questions:

* Can I finance the home improvement with my own cash or will I need a loan?

* How much equity is in the property? A fair amount will make it that much easier to get a loan for home improvements.

* Is it feasible to expand the current space for an addition?

* What is permissible under local zoning and building laws? Despite your deep yearning for a new sunroom or garage, you will need to know if your town or city will allow such improvements.

* Should I make the improvement myself or hire a contractor?

Many homeowners consider going to job alone to save money. Consider how much time you have, your level of expertise or willingness to handle the job, amount of help from friends or relatives, and how much you want, or need, to save by doing the job yourself. You could save up to 20 percent of the project cost through your own hard work.

Be aware, however, that you may need to call in the pros. Going it alone can sometimes lead to spending more time and money. if problems arise.

Most home improvement experts suggest that homeowners who do not have a lot of experience should stick to painting, minor landscaping, building interior shelving, and other minor improvements.

Rates are low, prices are right, and now is a perfect time to think about investing in real estate. Many would-be investors think real estate is a way to quick riches. Rapid monetary returns are usually not the case. However, the rewards can be substantial if you are willing be patient, do the necessary homework, and make a few good decisions along the way.

Before you start investing in real estate, here are a few things to consider:

• Start small: Don’t go large on your first investment. Take on a smaller investment first so you have the opportunity to make some mistakes that won’t cost you large amounts of money. Investing is a learning process.

• Don’t overpay: Do your research on your potential investment. Do full a full property evaluation; research the location, have a home inspection, and look into any liens and owed taxes. Always conduct an in-depth property analysis before negotiating any terms.

• Consider the margins: Paying the bills on an investment property is different than paying for your personal residence.  When you buy an income property to rent, you’re calculating how the income (rent payments) will help pay the mortgage and operating costs.

• Know your partners: Having a bad partner could be your biggest downfall. Try to team up with a more seasoned real estate investor to learn the ropes. It is also important to be comfortable with your partner.

Like all other businesses, real estate investing, requires a well thought out plan if you want to succeed. Weigh all the risks involved in real estate investing and develop a plan on how you will manage and overcome them before you get started.

 

More and more millennials are getting into the housing market. A survey by homebuilder PulteGroup found that 65% of those who make more than $50,000 a year reported increased interest in buying a home.

The recession has forced Generation Y, roughly those age 18 to 34, to delay buying homes. Now millennials are now entering their thirties and the cost of buying a home is now becoming a reality.

While student loans and financial resources are keeping some younger people from the housing market many others are realizing that in many cases owning a home is cheaper than renting.

The survey also reported that millennials know what they want in a home:

84% listed storage as a priority was ample storage              
76% want space for TV and movie watching                                                                        
69% desire an open living/room kitchen layout                                                                          
63% look for outdoor living or a deck                                                                                            
36% cited the ability to work at home

Other recent studies have affirmed the PulteGroup study and have shown that 90% of millennials plan to buy a home someday keeping the dream of homeownership alive.                                                    

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If you are looking for ways to increase the value of your home, then there are some simple guidelines to follow, as well as a few projects you may want to consider avoiding altogether.  Depending on the region, a particular home remodel has the potential to make or break a potential sale.

Swimming Pools – Homes with swimming pools generally do better in the warmer states, where they can be seen as a welcome addition during the hottest months.  However, a home in New England that has a pool is increasingly likely to be viewed as a headache.  Maintenance costs, family safety, and seasonal accessibility make this addition one that is in reality more likely to hurt the chances of being able to sell your home quickly.  Not to say that you shouldn’t have a pool if you have your heart set on it.  Just don’t count on it making your house more appealing.  If you already have a pool, then try to sell your home in the spring or summer, when the pool is in use.  This will help potential buyers see the benefit of the addition, without reminding them of the headaches associated with upkeep.

Koi ponds and indoor aquariums – These items, while beloved to a homeowner, may turn off a buyer who isn’t interested in being a pet owner.  There aren’t a lot of uses for an aquarium installed in a wall for someone who doesn’t like the idea of having fish.  Similarly, koi ponds on the property have the capability of turning off an owner that doesn’t necessarily want to have a portion of their backyard dedicated to a project that they have no interest in taking over.

Converting garages and second bedrooms – While these renovations generally arise from necessity, they can hurt your resale value in the future.  Garage space is fairly desirable these days, and especially so in cold climates that deal with large amount of snow.  Converting a garage in New England isn’t generally a good idea unless you absolutely need the space.  This is also true in the cases of converting second and third bedrooms into office spaces.  While a new buyer may consider at a later date to convert an extra bedroom into an office space, they may not want to have the option forced on them.  Most of the time, a two-bedroom house with an office will remain on the market longer than a three-bedroom house.

Fireplaces – They can be beautiful, yes, but fireplaces are quickly falling out of favor with buyers, and are increasingly being seen as a messy addition to a home.  In 2009, a consumer preference survey from the Nation Association of Home Builders ranked fireplaces as No. 1 on a list of what NAR called “Home Fads That Are Falling Out of Style.”  Not to say that fireplaces don’t have a market.  Many people are still looking for homes that contain one or even two.  But installing a fireplace in an existing home can be very expensive, and the return on your investment wouldn’t be that great.

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