“Design to create the life that you want… not the one you feel a need to change.” ~Clarice Smyth
HOME IMPROVEMENT AND ROI
By CLARICE SMYTH
HOW TO DECIDE
There is much talk about which updates to make to the spaces we call HOME. The answer resides between what your intensions are both for now and for the future. This is not an attempt to be vague – it is just fact.
Is your current home your forever home or a step on the property ladder? Will you remain in your current home three to five plus years or will you quickly update it and move on?
Once you are aware of your intentions then it is possible to ascertain which improvements and updates are best. Then decisions are based on either the bearing they will have on your quality of enjoyment for an extended period of time or if they serve the purpose for the intent of a quick turnover.
If it is TRULY your forever home, do as you please. BUT keep in mind that the average time homeowners remain in one home is about 13.3 years. That is well above the time suggested time for major updates to kitchens and baths in preparation to sell..
THREE TO FIVE YEARS
Three to Five Years: The theme is compromise – a little. If you love that round tile for the bathroom wall – get it is a timeless white instead of aqua blue. If you like wood flooring in all species and would be fine with each room having its own color – pick your favorite ONE and run it throughout your home. If you love southern jewels but bought a modern home – don’t layer it in dental and egg-and-dart moldings. Instead decorate in whichever southern style furnishings that set our heart to a happy beat.
QUICK TURN OVER
Quick Turnover: When looking to buy and sell in a short time it is best to design for the masses. This does not mean cheap updates. If your updates and improvements are of poor quality it can actually deter buyers. This is because they are asked to pay an “updated price” although they know they will have to tear it all out and redo it. It is best to make a realistic budget and allot for the necessary quality updates such as kitchen and bath fixtures, cabinets, flooring, and countertops. Then a lesser budget on other items such as doors, hardware, light fixtures, and appliances. It is more cost effective if a new homeowner decides to replace the budget friendly white dish washer you chose or the hollow core doors than it is to potentially damage/destroy a bathroom because of cheap cabinets, tub, or shower tiled in floor tiles.
Regardless of whether it is your forever, three to five, or a quick turnover home…QUALITY COUNTS.
Be honest when assessing your own skills. If you do a job and the workmanship is poor it is not money saved. It is a job that will have to be redone because it will not standup over your forever time or it will send red flags to potential buyers about the overall quality of the home you wish to sell.
Only do the work you are actually skilled at doing properly and pay a professional to do the rest. Money spent to do a project correctly is a good investment and will increase your ROI when selling.
The steps and strategies for home improvement and preparing property for sale can be similar property to property but it can also be vastly different. Always consult the appropriate professionals when deciding to buy, sale, or design your home. It may seem like it costs more but saves a lot in the long run. Professional do the job correctly and help avoid serious issues that could occur in the future or be discover in the home inspection or appraisal report.
Get a professional design analysis on your home to avoid committing your budget to the wrong improvements or leaving potential profits behind.
I would be honored to assist you if you are considering a design project for your forever home or one that you plan to sell in the near future. Contact me to get more information or to schedule a complimentary Discovery call.