AW Realty Group

Planning to remodel? While the total cost of your project will depend on its scope, materials and the fees of any professionals you hire, here are some suggestions for beginning to craft a renovation budget. 1. Determine where the money will come from Will you use savings? Or will you take out a home equity loan? Once you determine your source of funding, determine how much you want to spend on the project – and stick to that limit. 2. Set your priorities Before you pull out a calculator, clarify your reasons for renovating. Divide those reasons into "wants" and "needs." For example, reconfiguring your bathroom so that your currently questionable electrical and plumbing will pass an inspection is a "need." His-and-her water closets, a whirlpool tub and built-in towel heaters are "wants." Setting priorities will help you make decisions as you move through the renovation process. 3. Step away from the computer Visit show rooms, mod...

Sometimes, you decide exactly when you'd like to move. Other times, life swoops in and decides for you. Your company might transfer you, a family emergency might require relocation, or you might finally find the love of your life—three states over. Should you sell your house or hang on to it as a rental property? Here are 5 important considerations. 1. Are you gone for good? Or do you need an exit strategy? If there's a good chance you'll return to your current home in a year or two, the money and time you spend selling your home and then buying a new one might make renting it out a smarter option. 2. How's the rental market? Look at online rental sites to see what properties in your neighborhood and in similar condition to yours are renting for. Are there a lot of listings? Think about what you might charge and what you might have to do to bring your property up to the market standard. You can then get an idea whether your potential rental income will cover yo...