Making Your Home Improvement Project Pay Off
Your home is your biggest asset, your investment and where you go to feel comfortable. Enjoy it while you live there; make it functional and aesthetically pleasing. So, many people put off home improvements and then when push comes to shove, it costs more to repair. To avoid this common pitfall, keep your home up-to-date with this simple guidance:
- Budget:
$5,000 – $10,000 per year for basic repairs and minor upgrades
- Repair first:
Repair renovations yield the most value for your home (ex: curb appeal, replacing broken items, upgrading outlets, drywalls repairs, etc.…). By addressing simple repairs you can eliminate doors that stick, drafty windows, or an outlet that does not support plugging in a USB. Also, by replacing something as simple a leaking faucet you may spend as little as $50 to avoid wasting water and hearing unnecessary drips.
Have you seen emails or letters from your electric company saying neighbors with similar homes are more efficient than you? What can you do…replace existing lightbulbs with LEDs or upgrade to an eco-thermostat. The point here is that to address cost-savings and create an inviting environment repairs and minor upgrades need to be part of your annual work, just like yard work that should get done every year, just like changing oil in your car, it needs to be addressed on a regular basis.
- Updates:
Kitchen or bathrooms upgrades typically yield a 100% ROI. The key to a successful home update is proper planning. If you do not properly plan your remodel and the budget, the cost can easily explode, especially with bathroom and kitchen remodels. Also, in the planning phase consider your style and resell value of the remodel. There are numerous styles that can be ageless. With some of these styles you can simply exchange a light fixture and paint a wall, versus having to re-tile or more. Make your remodels count and see the biggest return on your investment. To accomplish this, the key is to understand your near and long-term goals. For example, will you stay in your home for many years to come or are you likely to move in 2-3 years. Knowing your timeline can help guide you and provide insight into decisions that maximize your return on investment.
The Bottom Line on home repairs and upgrades – they can and do pay off if you plan carefully. Reach out to us today to get your next home repair or remodeling project started!
