If you are like most investors, your home represents one of your most valuable assets. In addition to money invested at the time of purchase, you’ve likely poured thousands into your home mortgage and other expenses. With so much at stake, it is essential to protect and preserve your home.
Maintenance and upkeep are never-ending concerns for homeowners, continually beating back the forces of nature and the steady deterioration of building materials. And while needed repairs and preservation cannot be ignored, there is also a strong argument for taking a proactive approach.
Properly executed renovations and improvements can actually add value to your home. Whether you add a room or expand your home’s floorplan, or take a more conservative approach to remodeling; money-wise investments lead to returns for home owners committed to keeping properties in top condition. As you contemplate upgrades, following proven home improvement strategies will yield dramatic results, without leaving money on the table. No matter if you are simply painting a few rooms or raising a new garage, these common-sense approaches ensure strong return on investment.
Proven Practices Yield Returns
Although home renovations are an intimidating prospect, many have gone before you, laying an effective blueprint for success. For the best results, stick to tried and true methods, including these important considerations:
Be an Educated Consumer – Just like other goods and services, home improvement contracts should be shopped for value. In order to land the best return on investment, the correct price must be paid for quality workmanship. It is easier said than done, at times, so you should start educating yourself and making industry contacts well in advance of your projected renovation start date.
As your plans take shape, and projects become clear, request quotations from multiple providers, for comparison purposes. As you do, also note performance feedback and reviews ranking contractors on your short list. After comparing materials and methods, your best value may not be the lowest bidder. Instead, quality, durability, and warranty commitments should also be considered, leading you to the best overall value for your home improvement budget.
Reputation and endorsements attest to reliability and quality of work, but you should also make sure providers are insured and bonded, as appropriate. To save money, consider launching your project during off-peak periods, when contractors may be willing to extend savings.
Become an Effective Borrower – Home improvements ultimately yield returns, but there are out of pocket costs associated with renovation and remodeling projects. Projecting home care costs helps soften the blow, enabling you to set aside resources for a major home improvement project. Even with the best planning, however, outside funding is often required to cover the short-term cost of upgrades.
Various forms of funding furnish worthy borrowing options for home owners improving their properties. An equity line of credit uses the value of your home to guarantee flexible access to cash, so this type of secured loan is commonly used for home improvements. Installment loans also furnish agreeable terms for renovation funding. Before committing to a loan, compare rates and terms online, to make the most of your initial investment.
Using high-interest credit cards and costly short-term financing to pay for home improvements quickly erodes the added-value renovations bring to your home. If you are out on a limb, paying unmanageable interest to move home improvements forward, cost-effective financing solutions can turn your budget around – yielding better ROI.
Take a Hands-On Approach – Home improvement projects vary is scope, so a wide cross section of skills comes in handy on the job. Homeowners committed to building sweat equity find ways to contribute, using their own labor and remodeling skills to get the job done. Painting, minor carpentry, landscaping and other specialties are well within the grasp of reasonably skilled do-it-yourselfers with a desire to get their hands dirty.
To assist novice craftsmen, big box retailers and local community groups extend learning opportunities, teaching various skills. The free seminars provide valuable visual guidance, showing participants exactly how basic home repairs and improvements are accomplished. If you are eager to get involved, but short on experience, use these and other resources to round-out your skill set.
Each home improvement project is unique, but sticking to these tactics provides a strong base for all kinds of renovation planning. Whether you are converting unfinished areas to livable space, or simply sprucing-up the surface with paint and new fixtures, a money-wise approach leads to the best possible return on investment.