STONINGTON, CT – A Mystic couple has pledged nearly $ 1 million to renovate a local YMCA, New London Day reported. In addition, the couple promised to make more donations if the organization is able to raise matching funds.
Sekhar and Archana Naik donated $ 800,000 to the Ocean Community YMCA, according to New London Day. The money will go towards the next $ 7.2 million renovation and expansion of its Mystic branch. (To sign up for Stonington / Mystic latest news alerts and more, click here.)
Naik’s also pledged to donate another $ 200,000 if the YMCA raised $ 200,000 in matching funds by Aug. 15, New London Day reported. This brings the couple’s total donation to about $ 1 million.
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The rules of replying:
Does renovating a home increase its value?
For those who modify, the average repayment in the resale value of a home is 56 percent of the cost of the remodel, but for those who replace things like garage doors or windows, the repayment is much higher at 75 percent. This is according to real estate professionals surveyed by the magazine.
What increases the value of a home the most? 6 Ways to Add Value to Your Home
- Upgrade your home finishes. …
- Upgrade to energy efficient features and equipment. …
- Refresh the appeal of your restraint. …
- Put your money in your kitchen and bathroom. …
- Finish your basement or other unfinished spaces. …
- Clean and declutter before showing your home.
Is renovating your house a good investment?
On average, home renovations provide an ROI of 70%. Home renovations are one of the only investments that can improve the quality of life in your living space and increase the value of your home for the future. Home improvements with the best ROI are projects that add functional space and square footage.
How do you budget for a home renovation?
To get a rough idea of what your remodeling budget should be, consider the value of your home as a whole. You don’t want to spend more than 10 to 15 percent of the value of your home on one room. If you spend more, the value of the renovation will not increase in proportion to the value of your home.
How do you budget for a complete home renovation? Depending on the square footage, the average cost for the gut and home modification can be anywhere between $ 100,000 – $ 200,0004. The cost of renovating the gut per square foot ranges from $ 60- $ 150 and includes new plumbing, appliances, structural improvements, a new roof and HVAC (heating, venting, air conditioning).
How do you calculate renovation budget?
“A broad rule of thumb is that you should spend about 5 to 15 percent of the value of your home on a kitchen renovation,” says Dan DiClerico, a smart home expert for HomeAdvisor, a home improvement platform in New York City. â € œSo if your house costs $ 300,000, you have to spend $ 15,000 to $ 45,000 on the kitchen.
How do you calculate labor cost for remodeling?
Determining the cost of construction work 8-hour shifts are working, which will translate into a 40-hour work week. Crew hourly rate X 3 (number of workers) X 6 (number of weeks) X 40 (hours per week) = project cost.
How do you calculate renovation cost?
Here’s a quick example: Let’s say you recently bought your home for $ 450,000, and are remodeling the kitchen. Your contractor estimate for the project is $ 50,000. Your estimated ARV is: $ 450,000 (70% x $ 50,000) = $ 485,000.
Do you regret buying a fixer-upper?
The Scots say they have seen many homeowners buy into uppers and end up regretting it, usually because they were not well prepared for the work and costs involved in renovations, not to mention aggravation.
Are the renovation costs on Fixer Upper realistic? It’s no secret to most viewers that renovation estimates on flip shows like Upper Fixer are almost always lower than what those real-world quotes would be. On average, the renovation budget for each home on the show was $ 121,000 – with 13% of homes going above budget and 11% going below budget.
Is fixing up a house worth it?
Setting up a home can be profitable, but investing a few hundred dollars in repairs and improvements may not add thousands of dollars of value to your home. In fact, the average return on your remodeling investment is 20 percent or 30 percent less than you spend.
Is it cheaper to buy or renovate a house?
Lower costs: The cost of renovating your home is less than buying a new home because it is on a room-by-room basis. You don’t have to arrange everything in your home, which means your budget can flow with what you need to do.
Is it worth it buying a Fixer Upper?
An upper fixer can be a good investment. But it can also be a huge money drain if you misjudge renovations, contract for most projects, and skip inspection. To make sure the upper house fixer is well worth the money, look at comparable homes (known in real estate as comps) in the neighborhood.
How much do you have to put down on a Fixer Upper?
In most cases, you get a 3% – 20% reduction in the purchase price of the home. Getting pre-approval will help you know how much you can afford at home. Also keep in mind that your monthly mortgage payments may be higher than your rent payments.
Does it cost money to be on Fixer Upper?
You have to meet the budget. Homeowners on the show must have a home with a purchase price below $ 200,000 and need at least $ 30,000 of renovations. HGTV does not fund renovations, but covers the cost of one bonus item and pays a talent fee to Chip & Joanna.
Are homeowners on Fixer Upper paid?
1. Does HGTV pay for renovations on ‘Fixer Upper’? Surprisingly, the answer is no. The couple (or the person) is responsible for paying for their own renovations, but that doesn’t mean they go away with their hands completely empty.
Are bathroom renovations worth it?
Definitely do! On average, homeowners spend just over $ 20,000 on a midrange bathroom renovation project, and nearly $ 65,000 on an upscale bathroom renovation project. With resale, mid-range renovations recover 67.2% of their costs, while high-quality renovations recover 60.2%.
Is bathroom renovation a good investment? Zillow’s data shows that bathroom renovations are the most lucrative in terms of boosting the resale value of your home. For minor cosmetic changes, you see a $ 1.71 increase in home value for every $ 1 you spend. This includes things like painting and refining cabinets, exchanging mirrors or upgrading hardware.
What adds more value to a bathroom?
Increasing the size of your bathroom, or at least making it look bigger, is a great way to add value. Replacing a tub with a glass shower gives the appearance of more space. Installing brighter lighting fixtures or adding wall sconces around the mirror is another way to make the room feel bigger.
What adds more value to a house bathroom or bedroom?
Bathroom additions have twice the resale value of a new bedroom. Bathroom additions have twice the resale value of a new bedroom.
What bathroom features add value to a home?
Shower and tub If you are upgrading your main bathroom, replacing your tub with a large walk-in shower can increase the value of your home. However, make sure that at least one bathroom in your home has a bathtub, as buyers with young children will consider it a “must-have” feature.
Is remodeling a bathroom a good time?
Spring or early summer are good times to plan your changes. Between the holidays and the summer holidays, contractors are often more available during the early part of the year and the products are more likely to be in stock and easier to procure.
How often should a bathroom be remodeled?
bathroom should be modified every four to five years. Four to five years is when the colors run out, the fixtures start to have problems, and when you start to get sick with the look of your bathroom. If you are going to sell your home or your fixtures need to be replaced, then you can renovate sooner.
What is the average time to remodel a bathroom?
On average, a small complete bathroom remodel can be done in about 23 days under ideal circumstances. Assuming no work is done on the weekends, this translates to about 4 1/2 weeks — just over a month — if the work proceeds evenly without breaks.
Does upgrading bathroom add value to house?
On average, bathroom remodeling can increase home values by some 66% of what is spent on renovation. Upscale home remedies can recoup about 57% of your costs in terms of home value added. In simpler terms, a $ 100,000 bathroom renovation can increase the value of your home by about $ 66,000.
Which is more expensive renovate or build?
After all, the idea behind the renovation is that most of the existing structure can be maintained, while with a new construction everything has to be built. In theory this is true, renovation projects cost less than new construction.
What is the most expensive part of renovation? Ideally, you should not spend more than 5% of the value of your home to renovate it. The most expensive parts of home renovation are kitchen remodeling, bathroom remodeling, roof replacement, building outdoor areas and adding central heating or air conditioning system. air.
Why is renovation more expensive?
Here’s why it will cost you more. An expensive housing market is urging homeowners to modify their homes rather than move. Increased trend of turnover and unemployment and rising material prices have raised the cost of upgrading and expanding.
Will remodeling costs come down in 2022?
Expenditure on home remodeling projects is expected to increase in 2022. A new Harvard University study predicts that spending on home repairs and maintenance will increase by 8.6% by mid-2022. Integrators are seeing an increase in opportunities from projects coming from existing homes.
Is renovation cheaper than buying?
Lower costs: The cost of renovating your home is less than buying a new home because it is on a room-by-room basis. You don’t have to arrange everything in your home, which means your budget can flow with what you need to do.
Is it better to build a house or renovate?
Poulos says renovation is generally more affordable, in part because the permitting process can be cheaper and faster. Faccone also votes for rehabilitation, especially if you can do some of the work yourself to reduce the cost. Anderson says restructuring makes sense if a few low-cost projects create the home you want.
Is it profitable to renovate a house?
It also depends on a variety of factors, including the condition of the rest of the home, the value of similar homes nearby and even how much other homes in the area differ in value. In addition, home renovations rarely generate a profit in the seller’s market.
Is it better to renovate or buy a house?
Zillow’s report found that not only three-quarters of the 10,000 respondents plan for renovations rather than a down payment, but the preference for renovation over relocation increases with age, as homeowners they are more likely to have greater equity in their homes and more. savings in the bank.
What are the four types of maintenance?
Four general types of maintenance philosophies can be identified, namely corrective, preventive, risk-based and condition-based maintenance.
What are 4 successful maintenance programs? Preventive maintenance takes a proactive approach to maintenance and involves four main points of action: inspection, detection, correction and prevention.