Vishal Dwivedi is a PEI real estate consultant and he is vast experience in PEI real estate field. If you want to know more about real estate visit here http://www.royallepagepei.com/
With the continued and growing popularity of home décor and renovation shows on TV you may be considering a renovation project for your PEI real estate. Before you undertake any renovation projects there are a number of considerations.
You will already have a purpose in mind for your renovation. You will have decided that your home needs a new or bigger bathroom because the line-up in the morning with your family is just taking too long or you will have decided that you have always wanted a true “chef’s kitchen” and now is the time. Whatever the reason, there are some basic first steps.
You should know what the type of renovations you are interested in undertaking and you should begin to search for a suitable contractor by getting quotes for the work from 3 or more contractors. Probably the best way to find prospective contractors in PEI due to the small community here is by asking friends and relatives. When you have 3 quotes will give you a fairly accurate estimate of what the cost involved. You should ensure that you give as detailed a description of your project as possible and ensure that each contractor receives the same information. You will then need to approach a lender and discuss your options for borrowing. These may include a personal loan, line of credit or home equity loan.
Once you have an indication of the funds that you have at your disposal for your project you are ready to determine the project specs ie what work that you can afford to have done. You may have to make changes to your expectations to match the budget available.
We have so far only considered how this renovation will affect your life as you live in your home. You might also want to consider what effect your renovation will have on the resale value of your PEI real estate. You will generally re-coup from 40-70% of your investment when you sell your home. Kitchens and bathrooms represent the best return on investment at just under 70%, painting and decorating at approx 2/3’s of the value invested, addition of rooms, finishing of basement, and new mechanicals approximately 50% and landscaping, rental accommodations, and energy-efficiency renovations bring up the least return of investment on PEI real estate at approximately 40%.
Once you have created the final specs of your project you will want to make a final decision in regards to contractor and check your choice of contractor’s references. You should plan how much disruption the renovation will cause and for how long. You may in some cases need to make arrangements to live elsewhere.
You should try to organize your working relationship with your contractor making sure that there are payment milestones and that these milestones each represent a certain level of completion and that the contractor gives you a progress report.
Always make sure that you have made the appropriate decisions before the project begins and then stick to your plans as changes will cause extra expenses.
- Related Videos
- Related Articles
- Ask / Related Q&A
- Pei - Great Waterfront Real Estate Values
- Get into the PEI Real Estate Market now - on the way back up?
- PEI Real Estate Opportunities – A New Career in PEI Real Estate
- Legal Representation when Purchasing Property on PEI
- PEI - Live, Work & Play on our Island
- Some tips when purchasing property on PEI
- Is it good time to buy PEI home or property?
- Building Real Estate Equity on PEI
Can the Investor Make Good Returns From Property in India Now?
By: joseph | 15/12/2009As the general estimation goes, the investor can make good returns from property in India now. In spite of the recent downturn in world economy, the Indian economy is reportedly registering growth and the trend of growth is to go higher in the coming years. This has instilled a new hope and vigor in the real estate industry in India. Among the metropolitan regions in the country,Gurgaon registered the highest growth in property prices.
Does This Symbolize A Beacon Of Hope?
By: REI Circle | 15/12/2009From the time recession was formally announced in December 2007, the employment juggernaut has been steadily rolling downhill. And, October saw the worst unemployment rate of 10.2% in the last three decades – it touched a two-digit figure, once thought of as improbable.
Advantages Of Condominiums In The Philippines
By: Deirdre Gonzales | 15/12/2009Condominiums are known in the Philippines today as the best type of housing for most Filipinos. So what makes a condominium very popular compared to houses as well as with other types of housing?
Sell Your Home Quickly: Follow These Tips
By: Roby Pagong | 15/12/2009Many are selling their homes today because of different reasons. Some fear foreclosure. Others need the money. Also, others have plans to relocate. Whatever the reasons are, it is very important that you sell your home quickly. However, it is easier said than done. This is especially true if you are selling your house on your own. With the current issues faced by the real estate industry, selling a house is definitely a lot of challenge. Careful planning and execution has to be done.
Advantages of Apartments and Condominiums
By: Deirdre Gonzales | 15/12/2009Apartments and condominiums are some of the most popular types of housing for many Filipinos. This is because of the lack of housing near business and commercial districts. However, there are also several other advantages which made apartments and condominiums very popular.
Denver High Rise Condominium Residing - 4 Things to Be Ready For
By: Margarito Gonzales | 15/12/2009Imagine yourself easing off on an easy chair, sipping a cup of coffee, and beholding the spectacular mountain ranges from the balcony of your Denver high rise condo. This reverie may become a reality soon because there are a lot of Denver high rise condos being constructed right now. The real estate developers are trying to keep up with the rising demand for Denver high rise condo residential units that they have commenced several condominium projects. In fact, the demand for ...
High Rise Condominiums in Dallas Bringing More New Buyers
By: Frank FisherDallas | 15/12/2009A lot of interesting things have been occurring recently lately in Dallas, Texas. Recent studies have shown that there is an increase in the rate of people who are coming to Dallas to make it their permanent home. There are various rationale behind this positive shift . The most common rationale , it would seem, is the lower price tag of Dallas condominiums compared with condos in other places . The impressive edifice and exquisite structural aesthetics that the Dallas high ri...
Secrets To Renting Homes Faster For More Money: Advertising Part 2, (Third In A Series)
By: George Beardsley | 15/12/2009In a previous article in this series on how to rent houses fast for more money we talked about why simply advertising on the free websites is not enough. What you say and where you say it are both important. There are a number of reasons for this, but if you...
Setup and Use google apps for Your business
By: Ron Wesley | 23/07/2009 | Web DesignGoogle Apps is a collection of various online utilities and applications provided by Google, offered as a package either free or paid for using custom domain names with several Google products.
SEO Copywriting an Important Factor in Search engine rankings
By: Ron Wesley | 23/07/2009 | Web DesignSearch engine optimization (SEO) copywriting is an art and science of presenting or writing search engine friendly content. SEO copywriting is all about placing the keywords at the right position.
Outsource Content Writing Services by addCMS
By: Ron Wesley | 22/07/2009 | Web DesignContent is crucial for every website but a good content is a key to every website’s success. It helps a website to stand out among its competitors. It attracts visitors and makes them your potential customers.
Outsource Content Writing Services by addCMS
By: Ron Wesley | 22/07/2009 | Web DesignContent is crucial for every website but a good content is a key to every website’s success. It helps a website to stand out among its competitors. It attracts visitors and makes them your potential customers.
New Approach to Content Writing India
By: Ron Wesley | 22/07/2009 | Web DesignWeb site content writing is an ideal approach to interact and share your thoughts to your prospective customer on the dynamic entity called World Wide Web.
Mailer Design for Direct B2B marketing
By: Ron Wesley | 21/07/2009 | Web DesignBusiness-to-Business (B2B) Marketing embraces those management activities that facilitate a supplier firm to comprehend, generate, and deliver value to other businesses.
Feed Search Engine spiders by Quality Content Writing
By: Ron Wesley | 20/07/2009 | Web DesignSpiders or crawlers are software programs that automatically fetches Web pages. They are used to feed WebPages to search engines. They are called spider or crawler because they crawl over the Web.
Content Writing, A way to meaningful writing
By: Ron Wesley | 20/07/2009 | Web DesignContent is crucial for every website. A good content is a key for every website’s success. It helps a website standout among its competitors. It attracts visitors and makes them your potential customers.