Tips on how to make the most of your remodel...

With property prices and mortgage rates still low across the nation, and inventories high, it's a great time to be looking for a fixer-upper. By purchasing a property that requires some work, you can obtain your dream home for less than you would most likely pay for a move-in-ready abode.

To ensure you're maximizing your investment, however, it pays to have a look at your credit before you buy and begin your remodel. You'll not only need credit to cover the purchase price of the house, but you will need it for renovation expenses as well.

The first step you need to take in your bid to acquire a fixer-upper is to review your credit report and score. Websites like creditreport.com can help you understand your credit. Understanding your credit will help you know whether or not you can afford to buy a home that requires repair work and if you'll be able to afford the needed repairs.

You should also very carefully research what your options are for financing your remodel. Learn what your options are, from conventional fixed mortgages to home equity lines of credit, and decide before you purchase which form of financing will be best for you. Getting a handle on your financing before you buy can help ensure you remain on budget when you're in the midst of renovations.

When you have got a crystal clear understanding your credit standing and financing possibilities, you can begin looking at fixer-uppers. When you find a good prospect, have your remodeling contractor walk through the house with you so he can give you a rough estimate of what should be done and how much the work will cost. webpage [http://journals.fotki.com/dor68kpuba/chad-sjodin/entry/wgqqdwkswqdg/]

If you're acquiring a home that's in generally good condition but just appears dated, you will have to make some decisions about where to invest your money. Concentrate on improvements that will not only look good, but will also increase the value of your house. Resources like Remodeling Magazine's Cost vs. Value report can give you a good idea of how much of your original investment you'll recoup on different remodeling projects at the time of resale.

Once you've signed all the paperwork and the property is yours, it's time to get to work. If you're handy, you may have the chance to save money by doing some of the remodelling work yourself. Projects like painting, adding crown molding and even installing new flooring are well within the skill-sets of most do-it-yourselfers. More complex projects like drywall, plumbing or electrical work may be best left to professionals.

Whether you do the work yourself, or hire contractors, you'll will need to properly manage all aspects of the remodelling to make sure your remodel stays on budget. The excitement of remodeling a house into your dream home can make it very easy to get carried away on spending. Remember that remodeling estimates are just that-- an estimate. The final tab is rarely exactly what your contractor anticipated it would be. Build in at least 10 percent extra to cover emergency overruns, and avoid making any excessive changes to the plans while the project is in progress. source