Perhaps you just moved into your first home and can’t wait to start making improvements. Maybe you have been there for a while, but can’t live with the bathroom the way it is anymore. Owning your own home, apartment, condo or whatever is probably going to be your smartest investment. You can grow your wealth by making improvements, but you need to know where to start. We’ve put together a list of five essential but easy items of consideration for you as you get started on your next renovation.
Change Door Locks As Soon As You Move In.
A surprising number of break-ins occur shortly after new occupants move in. That’s because thieves know their victims are unfamiliar with their surroundings. Therefore, the first thing to do is change the locks, and make sure the windows close properly. There are a number of smart devices for home security that could make your home even more secure.
Then you can start dreaming what to do next. Take time out to research the internet, and visit as many home improvement expos as you can.
Never Overcapitalize Your Home
Overcapitalization happens when you spend more money on your home than you could recover in a sale. Here we are talking capital investments producing sustainable improvements, not routine maintenance of course.
Every suburb has homes of different values. When we look, there are upper and lower values to these. If we look again, we discover this value range overlaps with less and more expensive neighborhoods. Ideally, you want to purchase a fixer upper in the bottom quartile of local prices when renovating your home. This gives you plenty scope for adding value.
Focus on High Profile Areas When Renovating Your Home
You can add value fast and increase your wealth sooner if you start with high profile areas first. Then you could flip the property faster for something better. Invite a few friends for a BBQ one Sunday, and then ask what they dislike about your house the most when viewing from the street.
Curb appeal matters as it can either set a purchasers mind on fire, or turn it stone cold. Make your house a pleasant place to enter and then wander through. Paint the outside first, and then fix the kitchen and the bathrooms next.
Decorate Your House to Suit Average Tastes
Someday you are going to sell your house. Always have a future sale in mind when renovating your home. People have distinct tastes. If they don’t like the kitchen tiles chances are they will not buy the house.
Stick with trending colors most people like, or at least are able to tolerate for a while. Ask the hardware store clerk which ones sell best in your area, and follow their advice.
Do Things Properly, Don’t Cut Corners
An older house in good, original condition can be worth more than one with a shabby renovation. Do things properly while renovating your home if you want to add real value.
You don’t have to use the most expensive paints and fittings because chances are a buyer won’t even notice. A cooked faucet or a window frame painted over now that’s another matter!
A freshly-renovated house is a pleasure to the eye, and a magnet to a buyer. However, nothing lasts forever, as paint will fade and fittings will tarnish. Flip your renovated house soon to max your profit, before the work you did goes stale and you have to start all over again.