As consumers we all are faced with the option to spend or save. Planning for the future is paramount for us now that we have experienced the ups and downs of a recession economy. In your financial portfolio, it is imperative that homeowners reinvest into their homes on a regular bases. Setting aside money for repairs on remodeling projects is essential in maintaining your property value. Many of our clients do one remodeling project a year. From saving for a new kitchen or bathroom, to general painting, it is important that your house stay market ready.
It is essential to have two types of home budgets, one for repairs and one for remodeling. At times these might be used together. Far too often, homeowners try to stretch these budgets and a simple repair, can turn into a complete remodel when left unattended. General repairs such as caulking, touch up painting, repairing broken doors or fixing electrical issues should be a part of “investment dollars”. Along the same lines as repairs, homeowners can often add value to their homes by adding lighting or changing out outdated faucets.
Determining when to do a major renovation can be a challenge for any homeowner. In the construction industry it is standard to assume that a room should be remodeled about every 15 to 20 years. The materials in that room are showing wear and are outdated. A complete remodel of a bathroom or kitchen does take time. Before considering these types of projects it is important to look at space, use, and overall cost. Some materials, such as ceramic tile are more expensive to purchase and install, but if the flooring last twice as long; it is worth the overall investment. With proper design and quality products expanding your investment budget will pay off in value and convenience.