New home sales are starting to improve but experts are still unsure if we are out of it yet. What should you do if your looking to sell or have some extra money that you want to invest in your home but don’t want to risk throwing away when it’s time to sell?The general rules of thumb stand. Focus on reducing your costs and stick to basics regarding astetics.
If your on the market to sell your home, do a check list. Have you recently painted your walls, are your decorations basic enough, is your carpet and tile in functioning shape. In general if you keep these all basic you will have greater appeal to a larger population of the home buying audience.
Outside of this, if your looking to sell or not, use this check list as a rule of thumb regarding where and how to invest in your home.
- Can I live with it as it is?
- Will what I am doing be acceptable to a large portion of future buyers?
- Will not fixing or replacing this cost me money in the long run?
- Do I need to repair something? Can I turn this cost into an additional asset?
If you really are annoyed with the look of your home ask yourself. Is what is there today decrease the value of my home? Will changing it improve my home value enough to justify the cost. If you opt to make a cosmetic change to make your home more comfortable to you, try to envision what a prospective buyer might think of it when it comes time to sell and pick options that are generally appealing as well as appealing to yourself. (Case in point, that lovely orange room that the prior owners loved was immediately on my hit list when I bought my home. It cost them when it came time to negotiate and I probably got more out of them then it cost me to repaint the room.)
In general, something like a leaky roof should always be fixed and pronto. Not fixing it can lead to further property damage and mildew that can make it even more expensive to fix later, jeopardize your health, and get your home dinged when your home is being checked out.
If you know your insulation is damaged or is not the correct R value for your region, have leaky windows, or have a boiler or furnace in need of repair fix them. However take into account what incentives are available, both from the government and the manufacturer, when considering how you choose to fix it. If you can get your money back in short order in increased efficiency then look to upgrade to something more efficient instead of just repair. In the present housing market, being able to advertise lower on going costs is a huge selling point.
Most importantly save all those receipts and paperwork from any repair or installation you do and check with your realtor regarding how best to market your investments. The paperwork is proof of the work you have done and shows an ongoing attempt to keep your home up, both of which greatly improve the marketability of your home.