Every house needs work. There are things that can be changed, upgraded and repaired. As a homeowner who needs to make decisions on what needs to be done, you should start your focus based on priorities over what you want. For example, a new roof should always be chosen over a new pool. It may sound obvious but you would be amazed at how often people make poor decisions because they think that money will keep coming in.
The reality is that money can slow down for a bit and when it does, the pool is an expense and the roof can help you save money each month. That’s why it’s important to knock out the important stuff first and in an older house, there are plenty of things that need your attention. Let’s start by making a list of what needs to be upgraded, or really needs it.
Renovate What’s Needed
Your kitchen is nice and it works great. There’s just a problem, it’s small and it’s the original one that came with the house. You know that replacing your kitchen will not be cheap, but you also know it needs to be done, not just for you, but for any hope of resale value. It doesn’t matter what the rest of the property looks like, if you do not have your kitchen and bathrooms in great shape, prepare to lose value.
That’s because those are two of the most hectic and expensive things to replace in a home. So, you have good reason for wanting to skip it, but as the homeowner for the foreseeable future, it’s best to get it done. You should make a list of what needs to be done around the house including the roof, windows and more.
Be Smart With Financing
You may see options that make it more affordable to get part of your house fixed now. A new roof is a great example as it offers financing. Now this is where you can do yourself several favors and also save money potentially. You get the new roof and yes it costs you $25,000 and you finance it for $400 a month. However, when you get the roof done, your insurance company lowers their monthly cost not only because of the new roof but because you have a warranty on the structure.
That makes financing more economical but you may not get that type of deal with other areas of the house. If you are going to finance, see which options work best for you economically. Maybe the big purchase is the most cost-effective one to make right now? Do your homework and see what the costs are really going to be.
The Pool Can Wait
Yes, you want to make your upgrades and have the home of your dreams. However, you need to address the important things first and also remember that you want the house to look its best as often as possible. You do not know when you are going to be ready to sell and the less on your list when you do want to sell, the more valuable your house will be.
Think Of You, Then Think Resale
What would you like to see improved on the property? Forget the lists that you find online. Are the windows old and terrible? Then maybe replace them before the kitchen that yes is outdated but still is clean and works great. Focus on what is going to make the property more comfortable and liveable, not what’s going to take it over the top.
If you can address enough areas of your property and keep costs low it allows you to get more done over the span of a year or two. However, never feel that everything needs to be done at once. You can take your time and do things little by little as finances allow. Do not put yourself in major debt with the expectation that you can sell quickly. Be smart and if a quick resale is on your mind, talk with your realtor.
