It’s incredible to think Americans spend $300 billion every year on home improvements and repairs. While that’s a vast sum of money, it’s clear we’re dedicated to maintaining and enhancing our most significant financial asset.
Upgrading a property is no small task, but the rewards are worth it. A survey by Harvard University suggests more than 75% of renovators considered their completed remodel a “major accomplishment”.
As an experienced local agent, I’ve worked with clients who’ve made significant improvements to their properties using local contractors. Some of the results blow me away. More importantly, they represent a wonderful lift in the owners’ lifestyle.
Here is a quick give-point guide of upgrade principles that are valuable if you intend to buy a fixer-upper or want to enhance your current home.
Think long-term
Return on investment is important, even if you’re many years away from moving up the property ladder. Ensure you create a home that’s cost-appropriate for your neighborhood. It’s folly to build a $2m home in an area where homes sell for $350,000.
Create a budget
A budget is fundamental to the process of remodeling. You need to have some spending constraints and know you can afford to finish the work. Set aside an additional 20% of the final cost estimate for unexpected problems as the 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 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 with the tools 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 so stick to projects you know you can do to a high level. .