While it would be nice to think that you can simply find your dream home on the market, one that doesn’t need any repairs or improvements, the fact is that almost any property you can find will need renovations at some point. However, if you are not careful, your renovations could cost you more than just the price of hiring a contractor. Here are five important things you should consider when you are renovating your home:
- Are you zoned for the renovations?
- One important thing you should check before you begin any renovating is to see if your property has the appropriate zoning for any renovations you want to perform. This is particularly important if you are making major additions or changes to the property, such as converting a single family residence into a multi-family residence. If you are not careful, you could run afoul of zoning laws, and face legal difficulties as a result.
- Do you have any restrictive covenants on your land?
- A restrictive covenant is a type of legal restriction attached to your deed, which limits the types of activities or renovations you can perform for the benefit of someone else. If you violate one of these covenants, the person the covenant is supposed to benefit may be able to sue you. That is why, when you are considering renovating your home, you should always make sure to check for any covenants or easements that might limit your ability to build.
- Do you have a permit to perform the renovations?
- Even if your housing project adheres to zoning regulations, you will still need permits for any renovations you want to perform. Even relatively minor modifications may need to go through a permit process. While this can be time-consuming, it is better than dealing with the expense and stress that may come if you are found to have performed renovations without a permit.
- Is your contractor licensed?
- It is important to make sure any contractor you hire for renovating your home is a licensed professional. This helps to ensure both the quality of the work, and the knowledge that any renovations will be in compliance with the law. Unlicensed contractors may offer a cheaper price, but in those cases, you will often get what you pay for.
- What is your contractor’s reputation?
- However, simply being licensed does not mean you will always get good work from a contractor. Many websites exist that rate the work of various contractors, and you can check to see what a contractor’s customers say about them. If you see they primarily get negative reviews, or they have little feedback at all, you may reconsider using them to renovate your home.
At Stable Holdings, we assist our clients with a variety of services related to buying and selling real estate. We have experience handling real estate financing, especially for developers and house flippers. For more information, please contact us at 516-548-6553, or visit our contact page.