Our homes are a big part of our asset value. A realtor told me people are taking a $20,000.00 hit on the value of their homes because of lack of maintenance. In my experience some homes have not been updated for 20 or even 30 years. These homes will take an even bigger loss when they are put on the market. If the home owner decides to renovate it is a big investment to get it up to par to receive full value. It therefore makes sense to invest in the maintenance of our homes to maintain and increase the value of this asset.
Planning is the key. We hear a lot this time of year about investment planning. It is equally important to plan an investment upgrade to your home each year. Even if you purchase a new house start a home improvement plan. Spec homes are built with builder series or entry level quality products that will need to be upgraded in five years. Of course your budget will determine the extent of the upgrade. We have all heard of Home Improvement Loans, how about a Home Improvement Savings Account? Discipline yourself to deposit a certain amount each month. If you were to save $100 each month for five years you would have $6,000.00 to reinvest into your home. When doing a project your stress level will be a little lower knowing you can pay as you go. If you have purchased an older home that needs work and you are on a tight budget, plan to do at least one or two rooms per year. When you focus on smaller projects you can afford to use better quality materials.
Always buy the best quality you can afford and hire professionals to do the work. If you are doing a progressive project avoid clearance items. Next month or next year you won’t be able to match. Or worse, there wasn’t quite enough to finish the job. Suddenly that ‘good deal’ has become an expensive waste. If your project requires the investment of new flooring please come and see us or call us. When you purchase flooring from us you can take advantage of a one hour free decorating consultation with a certified Interior Decorator.
Maintaining your home brings two major benefits. First, you will enjoy your time living and entertaining there, and second, when you do decide to sell, your asset will be worth top dollar and will sell quickly.