Different levels of renovations.

To begin this information, lets begin to describe the different levels of renovations. When speaking to a potential seller, the seller needs to know that there are different levels of renovations that can effect a sellers return on their investment. The seller also needs to understand; yes it is their home, but now it needs to become an investment. There is plenty of data to support the statement of " what your house is worth" in a seller active market. Lets begin....

#1 The Homeowner level: When the homeowner is looking to add some updates(mostly cosmetic). There are different levels of renovation, but some homeowners do not understand to check with their local borough or city code enforcer. There may be times that permits ARE needed to verify the work being completed. It's about liability and safety for the community. And when its time to sell, there is a form(seller's disclosure form) that requires the owner to answer several pages of property information. Not having valid permits MAY cause issues with the transaction and severely deduct potential money.

#2 The Seller or Landloard level: This attention to detail normally involves key and noticable items to fixed or replaced(nothing cosmetic). These actions may stem from a third party requests. Such as a notice to repair items from a home inspection so that the buyer will be eligiable to a home mortgage. Or a section 8 inspector require items to be repaired or replace to qualifiy the unit as section 8 approved. And with in reasonable cost that the property is ADA compliant.

#3 The Investor/Flipper level: The pure business level of renovations. This is when an experienced investor does their due diligence when selecting a specific property. Either from their past ventures or deferring to a real estate professional to give vital information. When the vitals are determined, the investor makes key decisions what will give him or her the most ROI(return on investment) within a certain budget.

#4 The Redevelopment level: Redevelopment is a tricky and potential money pit renovation. An experience developer will assess the high ticket items and demolish to the point where there are no major surprises when the renovation begins. There is also a higher cost to this level, more special contractors will be involved. Different types of engineers to excavation specialists.

#5 New Development level: Based on how the housing market is trending. If there are high interest rates and materials balloning upwards. The supply and demand may be scarce. But when the plan makes sense, the construction will add needed value to the community and a long standing sturcture that meets todays guidelines. A modern living space which is accompanied by design, safety,efficiency, and technology.

#6 Restoration level: Most likely the hardest and intricate level. Its NOT renovation, its restoration. The ability to duplicate items, architect, and function to appear as they were when the property was bulit decades ago. This has historical value and time stamped nuance for the community. May take longer than new contstuction with time of duplicating or locating vital cosmetic pieces of the restoration to match the time period. Truly a very unique quality and skill level needed which hikes up the cost for such a project.