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Many things have happened within the last 18 months that will affect our economy for years to come. Eighteen months is the approximate time that the real estate bubble started to expand to the point of explosion. And since that time any renovation project that you take on will now need a different approach. Of course many things stay the same about a renovation or rehab project, but knowing the new trends and reacting to what the market bears will help you sell your house quicker. Many home buyers are demanding more and paying less. For the past five years or more it was a sellers market, a house would go up for sale and the buyer was at the mercy of the seller. It wasn't uncommon for there to be a bidding war for nice properties, which would drive the cost up as much as 40% over list price. Buyers could not be choosy unless they planned on spending a lot of extra money --for not much in return. Houses were renovated and put back on the market but the aesthetic appeal did not have to be overboard because supplies (houses) were going fast and that meant inventory was always low. Unfortunately those days have past us and now when your renovating or “flipping” a house you need to have more attention to detail and you need quality to go along with it. Take for instance the kitchen, this is the first and most important example of what should be changed about renovation habits in this real estate market. The best example is the kitchen cabinets. The “furniture” of the kitchen is the most eye appealing part of this room and for years house renovators could get away with cheap cabinets. Now these days the smart contractor or “do-it-yourselfer uses ready to assemble kitchen cabinets. These RTA (ready to assemble) cabinets are the best way to save money in this market but still deliver quality. It is a great idea and it helps you keep better quality in your house while not spending a lot of money. This helps because you will save money on this part of your renovation, but unfortunately you will be spending more on other parts of the house that now need more attention to detail. Another example of where to save some money, but keep an appearance of money being spent is the bathroom. The bathroom often comes in second, just behind the kitchen, as the most important room of the house. Fortunately there are also RTA products: for bathroom vanities, bathroom linen closets, and other bathroom accessories. This again will help you keep up the appearance of spending a lot on quality products, but at the same time you will be saving hundreds or maybe thousands of dollars when you decide to build these products on your own. Now with the new trends in real estate and the change from a sellers market to a buyer’s one; the best way to combat this, if you are a seller, is to offer more for less. This can be done by using your purchasing power to buy smart, go for things you can assemble, and try to do things yourself with out hiring contractors. If you stick to these things you should be able to beat the current trends and keep you investment moving towards a sale.
Article Source: http://www.urarticles.com
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