Planning Ahead for Home Improvements.
Rarely is home renovation a waste of your money. What’s not rare however is that home improvement projects are chock-full of surprises. Successful home repairs and additions rely heavily on exhaustive advance recon and an easily accessed emergency fund.
Everything from general facelifts like freshening interior paint to major upgrades like room additions, can add value far beyond their price tag.
You might never have considered consulting a Real Estate agent while planning a home improvement. But if you assume that updating or remodeling will increase your home’s worth, you’d be wise to schedule a quick consult with your local Realtor. They’ll be able to estimate whether or not your strategy for adding value is a profitable one.
Video: Budgeting for Home Improvement
Video Transcript: Budgeting for Home Improvement
Welcome to Today’s Home Update, I’m Andrea.
While keeping up with home maintenance will enhance and preserve your home’s value, it’s crucial that homeowners plan ahead for the costs involved.
Here’s some tips from BMO Harris Bank. Contribute small amounts regularly in an emergency fund for maintenance and repairs.
Understand how repair or renovation will impact the value of your home by researching which renovations will create increased value and are popular selling features.
Think long term when making financial decisions. Whether using savings or borrowing to renovate, take the time to meet with a financial expert to ensure your renovation meets your long term financial objectives.
Expect the unexpected. Be financially prepared for the unexpected such as a leaky roof or broken pipe, or other course corrections that may occur during the project.
Get renovation quotes in writing and understand what guarantees they provide. For example, if the cost of plumbing in your renovation is more work than expected, will the quote go up?
Although no one has a crystal ball, financially preparing for renovations is a smart move for all homeowners.
Thanks for watching Today’s Home Update, see you next time.
For more information, Call or Text: 602-999-0952
Bill Salvatore / Arizona Elite Properties
Residential Sales, Marketing, and Property Management