Home improvements are a great way to increase resale value. Maybe you are looking to sell right away or perhaps you want to update your home and want to get the most for your money. Whatever the reason for improving your home, we are here to give you the 4 best home improvements to increase value in your property.(more…) Read More
Despite the fact that Boston has the third-highest rental costs in the US, demand for quality rental housing is perennially strong. There are many factors to consider if you’re deciding whether to renovate an investment property or start home remodeling in Boston, and these pros and cons can help you consider such a project.
Con: Remodeling Cost Is High
Especially in an area with expensive housing costs like Boston, a remodeling project can feel like an unending list of bills to pay for contractors, materials, licenses, carrying costs, and of course, unexpected expenses. This can be especially true in remodeling an older home or doing extensive renovations. Some remodeling projects can also be very time-consuming depending on the extent of the work being done. That doesn’t even take into account added time due to supply delays, contractor and labor scheduling issues, and even weather problems. In addition, you may face unexpected expenses as a result of issues discovered during the remodeling process or changes in the original plan of work to be done.
Pro: Strong Return on Investment
Because housing costs are so high in the Boston area, an owner who does a smart, careful job on a remodeling project should see a return on that investment in a short time. Renters and buyers are choosy, even in a tight market, and your investment in quality remodeling should pay off in higher rental and sales rates. Buyers and renters are willing to pay more, however, if remodeling choices result in designs and amenities that appeal to them.
Con: Bathroom and Kitchen Remodels Can Cost the Most
Because of their function and complexity, bathrooms and kitchens can be the most expensive rooms to remodel in a home. These spaces require skilled workers across many of the trades including plumbing, electrical, carpentry, tiling, and more. This results in more workers and associated costs. These are also spaces that require a lot of specialized materials and supplies, all of which add to the total expense.
Pro: Bathroom and Kitchen Remodels Add the Wow Factor
Time after time, results show that good bathroom and kitchen remodels can be the special features that make a property move. There’s something really delightful about a clean, fresh kitchen and bath that gives an entire home some added appeal.
Con: Remodeling Costs Can Outweigh Earnings
It can be easy to let a remodeling project get out of hand, adding more and more to a project until it’s become an overly expensive money pit. It’s often tempting to keep finding additional upgrades to make during a renovation project, adding time and expense overall.
Pro: Careful Planning and Quality Contractors Can Save You Money
Working with quality contractors and carefully planning a remodeling project can save you money upfront, increasing the odds of a strong profit in the end. Of course, there are unexpected problems that can turn up during renovation that require attention, but the scope of a remodeling project should be well defined at the start and changes carefully evaluated.
Con: A Remodeling Project Can Be Stressful
A remodeling project can be a very stressful time. A lot of money can be at stake, and there are many unknowns including the time required to complete the project, the possibility of encountering unknown problems, and worries over successfully renting or selling the property when work is completed. In addition, coordinating the work, workers, schedules, and expenses can be an overwhelming task.
Pro: A Good Contractor Can Reduce Stress
Hiring a quality contractor to oversee a remodeling project can provide you peace of mind while the work is done. Experienced contractors can identify small problems and resolve them before they become large issues, are used to coordinating complex projects and have the knowledge to make sure every detail is taken care of.
Contact us at R.H. Blanchard today to discuss remodeling your investment property and home remodeling in Boston.Read More
Unsurprisingly, recent reports confirm exterior remodeling projects provide the most value. Upgrading the exterior is an excellent strategy to have the property make a good first impression on potential tenants or buyers. Since you’re probably spending the bulk of your remodeling services budget on big-ticket exterior improvements, finding ways to make the most of your interior remodeling budget is a must.
Remodeling Services that Improve Curb Appeal
In New England, the best remodeling services for return on investment are projects that improve curb appeal according to Remodeling Magazine’s 2020 Cost vs. Value Report. Replacing the garage door is the top-performing remodeling project with a 95.5 percent ROI.
A close second is replacing the bottom third of the facade’s siding with manufactured stone veneer (87.8 percent ROI). Third place went to replacing vinyl siding (76.6 percent ROI). Nationally, a new roof is the remodeling project that provided the biggest ROI (107 percent) according to data from the National Association of Realtors.
In the event your property doesn’t need the already-mentioned remodeling services, you may want to consider other ways to improve curb appeal such as:
- Having the exterior painted
- Power washing the driveway, walkway, and porch
- Adding or upgrading exterior lighting
Saving on Interior Remodeling
There are many ways to help you save money on interior remodeling services. Some of our favorite tips include:
- Use stock products rather than custom ones. During the design phase of your project, it’s important to use standard dimensions for everything to avoid the need for custom products later.
- Put new plumbing fixtures in the same locations the old fixtures had. Moving toilets, sinks, showers, or tubs can add thousands of dollars to the project’s cost.
- Increase natural light with solar tubes. They’re a less expensive alternative to adding a skylight or a new window.
- If the property needs new floors, consider installing luxury vinyl plank (LVP) for rentals. It’s affordable, durable, and looks much nicer than the vinyl floors of decades past.
- If you’re selling the property when the remodel’s complete, engineered hardwood is an attractive and budget-friendly alternative to hardwood floors.
Boston Remodeling Services
We have years of experience remodeling properties for Boston area investors. Contact us when you’re ready to remodel your next investment property.Read More
Multi-family real estate is booming. With less working-age professionals buying houses, you can rest assured that any investment you make in your space will be profitable. You know that not every investment will result in immediate cash-flow, so here are some well-researched, handy tips to keep in mind when you are considering your next multifamily renovation. R.H. Blanchard has you and your multifamily renovation covered.Read More
Your home will always need work performed to maintain or improve your quality of life. Many people are looking for a cost-effective solution when it comes to home remodeling, repair, or general upkeep of their property. One question for homeowners facing their property needs that comes up when doing a home renovation projects is “when is it appropriate to DIY or when should I hire a contractor?”Read More
Boston is a fast-growing city, which is ready to accept new opportunities for development, attract fresh talent, and create a healthy environment for the population. Remodeling properties is an important part of the process.
A smart approach to choosing a contractor for remodeling Boston properties doesn’t just ensure the desired outcome, it saves money, time, and effort while helping you maintain tough deadlines.
One of the choices each company faces is whether to hire a local independent contractor. Let’s talk about the advantages of such a selection.Read More
Property remodeling and building rehabilitation is an extensive investment, especially in the case of historic buildings. It not only requires a lot of extra care when handling old structures but also demands a certain level of dedication for the final result to be both functional and aesthetically appealing.
One of the best ways to handle the task of rehabilitation of a historic property is by hiring a local independent contractor to do your job. There are certain established benefits of this choice as discussed in detail in this article. Read on to know more. (more…)Read More
Remodeling a home can be extremely rewarding once completed, but in order to get to the final finish line, there will be many decisions to make and challenges to navigate along the way. One of the first decisions, and often the most crucial, is choosing the right remodeling contractors. While there are many options in the Boston area, narrowing it down to one that will be able to provide quality oversight, and finish on time and within budget may be a bit hard.
Here are 5 important factors to consider when choosing. (more…)Read More
Investing in a multifamily construction property may seem like something that is out of your league but actually may not be as far-fetched as you think. With perseverance and careful planning, it is a great opportunity. With about 64% of the Boston population renting their living spaces over owning it outright, this is a great opportunity to invest in the beautiful city.
Here are 4 fantastic reasons to invest in multi-family real estate and why R.H. Blanchard Contract & Design is a great company to partner with for your construction needs. (more…)Read More
You’re going to be working on your investment property to improve your ROI. Will you be restoring it? Renovating it? Perhaps rehabbing it? What are the differences between these 3 anyway? Aren’t they interchangeable?
Well, no. They aren’t the same thing and depending on your goals for the property and the building itself, one may be more favorable than the others. Let’s break it down:Read More