While buying a home can be somewhat tedious, especially for a first time home buyer, it is one of the best financial investments a person can make. As such, it is important to manage this asset well. In our last few posts, we discussed the necessity of a thorough inspection before purchasing a home. In this post, we will discuss several ways that one can improve the value of a home.
- Plan your remodel
All good projects require a plan. Whether you have just purchased or have spent some time in the home, a remodel requires a plan. As with anything in life, you will fare better of repairs or upgrades are made intentionally instead of on impulse. Home improvement projects cost 20 to 25 cents on the dollar while the other 77-80 cents go back into the value of the house. In mathematical terms this equals a 3-1 ratio in increased value!
Unless you have a huge savings laying around for such occasion, however, it is best to go slow. Do your research. Make a list of all the repairs or upgrades you would like to see accomplished as well as the fees for these costs. Also, factoring in how long you wish to live in the house will help you prioritize what projects are best to tackle and which ones are best to deter. Once you have made this plan, talk to a realtor in order to determine what type of returns these adjustments may bring. Some will bring considerably more value to your house than others.
Tackle One Room at a Time
As with any list, taking baby steps is the key to achieve success. With a home remodel it is no different. Tackle one room at a time. Whether it is adding a coat of paint to a wall or knocking it down, taking one room at a time will keep your emotions and costs in check. If you set out to do something with a room on a certain day, factor in the amount of time it will take, and move forward with your plan, it will get done near or in the time you slot.
Small Improvements can really pay off
If you are torn between such choices as adding to your homes resale value or home decor, make a list of both. Upgrades for your house may include preparing a leaky faucet or replacing some lights while decor upgrades may include furniture or window treatment. No matter what choice you make, a plan will help you bring it all together. For instance, after looking at your budget if you plan to spend a bundle one month on an improvement then spend the next several months contributing to smaller upgrades in other places. The plan will help you to accomplish this.
Whatever choice you make will be tailored to your personal interest. A plan will help you to organize yourself and put ideas into action. It is important to consider this, especially if you are invested in such a financial project.