What’s it worth to you?
All homeowners have one thing in common - home improvement and
maintenance projects. Whether something breaks, becomes outdated, or
you're ready for a change, certain projects are just a part of owning a
house.
Should I stay or should I go?
So what makes
for a successful home-improvement project? The answer depends on your
intentions. Are you making a change because you plan on living in the
house for a while? Are you upgrading so you can sell soon? Your plans
should affect your priorities and make certain improvements more
appealing.
Where to start?
Whether you're staying for a
while or selling soon, structural and mechanical improvements should
come first. Plumbing and electrical systems should be sound before you
go for a hot tub and modern appliances. What good are new wood floors
if your roof is leaking? Get the point? Is it necessarily interesting
or rewarding work? Not really. Frustrating? Maybe. Trust me, though,
it's the right move.
When you've gotten the infrastructure up to snuff, you can start on more exciting and gratifying improvements.
Home sweet home
If you're planning to stay in
your home for the foreseeable future, the nature of your improvements
is not so much about recovering money as it is about a higher quality
of life. Want to get rid of a small bedroom and create a big master
suite with two walk-in closets and a hot tub? Go for it!
Even if you're not planning on selling anytime soon, though,
keep in mind that the longer you stay in your home after a project is
complete, the less likely you are to recoup a high percentage of the
project's cost.
Make buyers want your home
If you're improving
the house with a goal of a short-term resale, some improvements are
more appealing to buyers and, as such, offer a higher return on your
investment.
It's also worth noting that while you may not get a
dollar-for-dollar return on the sales price, a quicker sale can save
you thousands of dollars.
Now, there are no guarantees on recuperating costs when you
sell, so I strongly suggest doing lots of research. Use the Internet to
see what other homeowners are doing and what their experience has been.
Go to open houses in your neighborhood. Consult your Realtor. The more
information you have, the better off you'll be. In general, I find that
most buyers value kitchen upgrades, bathroom upgrades and increases in
livable space. It's not only my years of experience that lead me to
believe this. Data from various sources show that people want these
areas to be comfortable, functional, attractive and durable.
How much you'll recover in costs depends on several other
factors, as well. These include the big-picture condition of the
housing market, the value of the homes in your immediate area, when you
plan on selling and the type of projects you undertake.
How much is too much?
For a short-term sale,
make sure you don't overdo your improvements. If you put in
top-of-the-line appliances or light fixtures, you're most likely going
to recover a lesser percentage than the seller who went with brand new
mid-range appliances or fixtures.
Guidelines for remodeling
Curb appeal is
important, and easy fixes like fresh paint and exterior improvements
like landscaping are simple ways to instantly improve the appearance of
any house. First impressions stir potential buyers' emotions as they
evaluate homes. Curb appeal also encourages prospective buyers to come
inside to see your new wood floors, updated kitchen and remodeled
master bathroom.
Who, me?
After you decide what kind of
improvements you're going to do, the next step is deciding who's going
to do it. Some people are adept at home improvement, some are not. You
probably know which category you're in.
Safety is a factor as well. If you're going to tackle the
project yourself, exercise caution - working on a ladder or dealing
with electricity are not jobs to be taken lightly. If you lack
confidence, find an insured and bonded professional.
Just do it
Whether you want to increase your
living space, avoid the expense of moving to a pricier neighborhood,
make a needed or wanted upgrade, prolong your home's life or achieve a
good return on investment, there's no time like the present. Start your
research today.
Whether you're interested in buying your first home, your next
home, or just want to know more about home-ownership in general, I
encourage you to check out a couple of great online resources: http://www.texasrealestate.com/ or http://www.har.com/ and for all of your Pearland TX and Northern Brazoria and Galveston County real estate needs, please visit my site at http://www.danfrankrealty.com/. All of these sites offer tons of useful, real estate-related information geared specifically for Texans.
Danny Frank is a local Pearland TX Real Estate expert! You can see my entire blog at http://www.pearlandrealtyblog.com
My column was also published in the 28June09 edition of the Galveston County Daily News