Billions of dollars are spent each on home remodeling as owners attempt to keep
up with maintenance year after year. It can be difficult keeping the property up
to date, let alone quite expensive as well. The general guideline for a homeowner
is to invest 1% - 1.5% annually of the property’s value to ensure the quality and
that your property does not fall behind the comparable homes in the area.
It's important for a homeowner to understand since each year gets away from us ever
so quickly. This formula can prevents big expenses that will come if we neglect
the normal maintenance of our home. Often times this topic is only addressed once
the homeowner is ready to sell the home, but it can be difficult enough selling
the home, many people won’t even consider buying your property if they know it’s
in need of major repairs.
What Are My Options
Determine what the potential time and money will be to make the repairs and improvements,
then decide whether you can make any of the repairs yourself and how many of them
will need help from a hired professional.
If you have decided to make the repairs yourself, know your limits! Quality is
important to buyers and if the project can't be completed at a quality level, the
buyer and inspectors will often point out the low quality repairs leaving you at
a loss from the improvements you’ve invested thousands of dollars into.
Questions to Ask Yourself
1. Do I have extra cash to pay for the improvements?
2. Do I have the knowledge and skillset to make quality repairs?
3. Do I have the time & energy to commit to repairs and improvements?
4. Can my daily activities allow the disturbance, chaos and traffic of construction
projects in my home?
5. THE BIG QUESTION: After I go through all the work, will I make the gains
necessary for a higher sale price, or could I have just sold at a discount and ended
up with the same amount of cash without all the stress and hassle?
Often times once an owner has gone through the construction and improvement process
and find they went through a stressful, demanding and expensive project that didn't
yield the increase expected and they could have sold at a discount and walked away
free and clear.
Question five always goes through the mind last, but should be the first question!
Contact us today for a Free No-Obligation evaluation of your property. We'll provide
a no-obligation consultation so you can optimize your potential sale price or avoid
many of the headaches and expense that come with expensive home repairs!