It’s astonishing to think that Americans spend $300 billion every year on home improvement projects and repairs. It is abundantly clear that we are dedicated to maintaining and enhancing our most significant asset.
Upgrading a property can be a grueling and overwhelming task, however, if done right, the awards are well worth it. A study at Harvard University suggest that more than 75% of renovators consider their remodel a ‘major accomplishment’.
As an experienced team of real estate experts, we are often asked for home renovation advice. We compiled a quick 5 point guide of principles to keep in mind when tackling the project that is home improvement. This guide is helpful for your next fixer-upper or to enhance your current home and lifestyle.
Think Long-Term
Return on investment is important, even if you are years away from selling. Consider the location of your home to ensure you don’t over improve for your neighborhood. It’s folly to build a $2M home in an area where the median sales price for a home is $350,000.
Create a Budget
A budget is fundamental to the process of remodeling. You need to set spending constraints and know you can afford to finish the work. Set aside an additional 20% of the final cost estimate for unexpected problems. Surprises can often occur, especially in older properties.
Money Grab
If required, organize a loan or refinance arrangement with your lender before starting your upgrade. It would be best if you didn’t compromise your financial position, or you’ll find the project unnecessarily stressful.
Step by Step
It’s often cheaper to remodel in one go, but you may find it easier to make incremental improvements to ease the outgoings and disruption to your life. If you take this path, a project plan encompassing all your desired upgrades will ensure you stay focused even over the longer term.
DIY Dilemma
If you’re handy, but not a professional contractor, think hard about taking on a significant project. It’s easy to tell the difference between renovations undertaken by a professional and an enthusiast. Ultimately, the quality of work contributes to your home’s value. Stick to projects you are confident you can complete on a high level.