Today I’m breaking down basic home improvement projects. These projects can look very different depending on whether you’re approaching them as an investor or a homeowner.
Basic remodeling projects focus on attributes that a buyer would expect to already be up to date when they walk into the home. These include a non-leaking roof, functioning gutters and downspouts, a reliable furnace, solid floors, walls in good condition, retaining walls that work, functional plumbing, and a working HVAC system. In more upscale properties, the basics would also include a certain number of rooms and amenities common to the neighborhood. This doesn’t mean you have to refurbish all these things; you can focus on regular maintenance and smaller upgrades that keep everything in working order.
Adding these basics to a house that lacks them won’t increase its value, but it will bring the home up to par with the rest of the area. If you want to update the house enough to sell it, depending on the area, you may have to do a bit more than the basics. On the other hand, while you want your property to stand out from the competition, avoid unwarranted enhancements that exceed what nearby homes have. Not only would you end up losing money, but you may also scare off potential buyers.
Before you invest in a full-house overhaul, consider what competing properties in the area have to offer. Find out how similarly priced homes in the neighborhood measure up, and make improvements based on your hyperlocal market. For this, you’ll need a market evaluation; don’t trust the real estate websites, they aren’t always accurate.
Give me a call or send an email for a free, no-obligation home evaluation. If you want more information on home improvements than just the basics, reach out to me as well. I look forward to speaking with you.