In a perfect world, your home would look as great as it did when you first made the purchase. Unfortunately, wear and tear and unexpected repairs are all part of the equation. Since your budget likely prevents you from making multiple updates at once, knowing which ones will attain the highest return on investment is crucial.
Spend smart
A home’s aesthetic appeal can affect its market value by up to 10 percent. Appraisal value can drop significantly when curb appeal and other visual features are neglected. Keep in mind that structural problems always come first, but in the absence of an emergency, looks matter!
Let’s say for the sake of the argument that your home was assessed at $200,000 about 10 years ago. Worst-case scenario, it could be worth a shocking $40,000 less now. Thankfully, it rarely costs an equivalent amount in repairs to restore equity to its former glory. A $10,000 investment may be all that is needed to skyrocket your home’s current value. Be smart with your money and know where to put it!
Home fixes you should never ignore
Moisture is a big no-no in every home. Water damage can be utterly devastating if not addressed early, so perform a thorough inspection of the plumbing system and check for potential mold and mildew growth. It would be wise to hire a professional contractor for this job. Is it worth several hundred dollars or more to have an expert check for possible issues that might later necessitate thousands of dollars in repairs? We think so!
What is one thing about a house that matters most to you? A lot of homeowners would say energy-efficiency ranks near the top of the list and for good reason. No one enjoys paying high utility bills. One easy way to remedy this problem is by addressing the common trouble areas. Buy a tube of caulk and seal all the windows and doors in the house. This is where roughly 30 to 40 percent of air leaks occur, so that $5 investment could save hundreds over the course of a one heating and cooling season.
Adding insulation to your attic is another major selling point. While buyers will not necessarily see these repairs, they will be rewarded with huge utility savings. When was the last time you cleaned the exterior of your house? Dirty, dingy siding is a big turn-off but can quickly be turned around with a pressure washer. A fresh coat of paint is another attractive touch if you can afford it!
