How to Prioritize Home Improvement Projects
There are few certainties in life, and one of them is that homeownership will bring with it its fair share of home repair and improvement projects. These can be as simple as sealing gaps between the baseboards or as large as installing an in-ground pool. It’s important to prioritize your home improvement projects based on both the ROI and the long-term value they will add to your property.
A good place to start is by looking at the average cost recovery of common renovations. Then, consider what your goals for the project are. Are you trying to spruce up to sell, or do you want to enjoy your space for as long as you live there?
If you plan to spruce up to sell, keep in mind that potential buyers are looking for a well-maintained property. That’s why it’s important to perform any necessary maintenance, such as fixing leaky pipes or replacing worn doorknobs, before undertaking major upgrades.
If you’re ready to tackle a bigger project, be sure to shop around and get multiple estimates. And be cautious about going into debt; you’ll end up paying thousands of dollars in interest, plus it can deter future buyers from competing with your price for your property. If you are going to borrow, consider a secured loan such as a home equity line of credit (HELOC) or a second mortgage. These offer low rates and repayment periods that can help you manage the cost of your home renovations.