What is a Renovation
Renovation means to “create new again”—to “revitalize.” The process of renovating (also known as remodeling) a broken, damaged, or outmoded structure. Commercial and residential renovation are the most common types of renovation. Renovation can also relate to creating something new or bringing something back to life, and it can be used in social situations.
While not every house renovation proceeds in the same order, you may wish to stick to a schedule to prevent wasting time. You don’t want to close walls and paint just to discover later that you need to add a new plumbing stack, which necessitates getting behind the wall once more.
Several steps are involved in many renovation projects. Here are ten common steps to think about.
- Make a plan
- Set a budget
- Hire a contractor
- Talk to your insurance company
- Secure permits and order materials
- Start demolition
- Work behind the walls
- Paint and install flooring
- Install cabinetry
- Add finishing touches
Following these steps will make your renovation process successful.
Types of Renovations
Simply, there are four types of renovation including:
- The Basics
When it comes to buying a property, the basics are what every buyer looks for. This includes a leak-free roof, working gutters and downspouts, a dry basement, a dependable furnace, solid floors, well-maintained walls, functional retaining walls, and working plumbing and HVAC systems.
- Curb Appeal
Curb appeal improvements improve the appearance of the property as soon as potential buyers arrive. While these repairs may not add a lot of monetary worth to your home, they will help it sell faster—and you can save money and time by doing a lot of the work yourself.
- Best Bang for the Buck
Fix-it-and-flip professionals favor projects that add the most value at resale, and homeowners should prioritize them as well. While not all of these changes will pay for themselves, some will.
- Passion Projects
Passion projects are investments made by homeowners in activities they enjoy, such as swimming pools and tennis courts, as well as hot tubs, wine cellars, game rooms, and even ponds. Regardless of how amazing these features are, they are highly expensive to install for the homeowner—and most potential buyers are unlikely to pay more for your home because it has a tennis court.
Renovation financing for Churches
Churches, temples, synagogues, convents, monasteries, and private religious institutions are all part of a specific niche of financing. These groups frequently face difficulties obtaining mortgages as a result of their business models and atypical income streams.
Church financing serves the same objective as any other commercial loan. It can be used to buy or refinance a current asset, get cash out for expansion or repair or renovation, buy raw land for development, or replace short-term construction debt with long-term financing.
For more information on our financing services please contact Hub City Lending and we will get you on the path to financial success.
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Location: Lubbock, Texas, United States
Work:Owner/Broker @ HubCityLending
Education:University of Texas at the Permian Basin, Master of Business Administration, 1999 – 2001