Whether you’re making renovations to the home you’ve lived in for years, refinishing a fixer-upper or making improvements to a property you have just purchased, there are a few things you should keep in mind when starting out on a new home improvement project. This blog will take you through a few of the budgeting basics.
Have a Plan
It’s always a good idea to have a home improvement plan. This includes any repairs you think your home could use in the future, from six months to six years. Knowing that in three to five years it will be time for a new roof will help you decide if you really need, or can really afford, to install a luxury shower or a new patio right now.
Know the Value
If you have a home improvement plan, and it shows that yes, you can budget in the renovation you are planning—say, adding an extra bathroom downstairs—next, you should focus on the value of your home. You will most likely recover at least two-thirds the cost of any upgrades on your home when you sell it. Knowing that might make your budget a bit more flexible. However, also keep in mind that it is possible to add too much value; meaning if your home is suddenly worth more than every other home in your neighborhood—because you added a master suite, a pool, patio and outdoor kitchen—it might be harder to sell later on. And if you are improving solely for the intent of resale, remember to keep all improvements neutral.
Professional or DIY?
Unless you have done the project you are planning before or have some professional training, don’t try and do a major project yourself. While you may think it will ease your budget, if you make a mistake you could wind up spending a lot hiring someone to fix it. Budget a little snug for a professional? Consider hiring someone to do the bulk of the job and then finishing on your own, like getting a contractor to put up the walls of your new mudroom, and then caulking, painting and decorating yourself.
For more information on home improvement, please contact RE/MAX of Boulder, Inc. at 303-449-7000, 1-800-825-7000 or visit their website at RE/MAX of Boulder, Inc.
RE/MAX of Boulder, Inc. located on the corner of Canyon and Folsom, is nationally and locally recognized as one of the most successful real estate offices in the industry. Nationally, they are one of the "Top 500 Power Brokers in the United States" as listed in National Real Estate & Relocation magazine. Real Trends ranked them #1 in the Nation for Closed Sales Volume for 2010. Regionally, for the 4th year in a row, the company has been named the #1 RE/MAX office in America for Single Office Closed Volume. They can be reached at 303.449.7000 or visit http://www.BoulderCO.com. Connect with them on Facebook and Twitter, search remaxofboulder. Subscribe to their YouTube channel and see videos of all their homes for sale at http://youtube.com/remaxofboulder