Thinking about a Fixer-Upper?

fixerupper

BEFORE YOU TAKE THE PLUNGE WITH A FIXER-UPPER,          THINK ABOUT RESALE VALUE

We’ve all watched the HGTV programs that show a run-down old house transforming into a dream home. Tackling a big renovation project on an outdated property can indeed pay off big—both with the home of your dreams, and with a return on investment. If resale value is a primary concern, consider these factors as you’re making your fixer-upper plans.

Is the price right?
How much can you invest in a home beyond the sale price while staying in line with the value of homes in the neighborhood? You don’t want to improve a home to the point that it’s worth far more than the norm for the area. You’ll enjoy the property while you’re living there, but if you ever decide to sell, your ROI could be limited by the market value of nearby houses.

Low cost, instant equity
There are a lot of low cost and DIY improvements that will add equity almost immediately, such as rehabbing the landscaping and adding fresh coats of paint. These improvements add value to the property almost instantly.

What’s worth spending on?
A little elbow grease goes a long way, but there will inevitably be projects that require some serious spending. If you’re concerned with getting a return on your investment, focus your dollars toward the roof, floors, and the home’s exterior. They’re not flashy upgrades, but they’re important for future buyers. On the other hand, luxuries like a swimming pool are unlikely to see any return on investment.

BAD CHOICES FOR REDESIGNING YOUR KITCHEN

4 Things NOT to do when redesigning your kitchen

The kitchen is one of the areas of a home that sees the most wear and tear. All the water, heat, and food spills add up quickly, so it’s important to focus on quality and lasting appeal if you’re choosing materials for a kitchen remodel. Here are a few things you should avoid:

counterCheap laminate counters: The bottom rung of laminate is extremely susceptible to wear and tear. It can melt if you forget to place a hot pad under a pan that’s fresh off the stove, and the edges can chip off from repeated exposure to moisture and heat.

 

 

 

Fflat paintlat paint: A flat or matte finish is great in rooms with lower traffic, but it’s a bad idea in the kitchen, where the walls are regularly exposed to splatters and spills. You need paint that can withstand an occasional heavy scrubbing, so opt for gloss or semi-gloss finishes.

 

 

backsplashTrendy backsplash: If you watch any home remodeling shows, you’ve certainly seen kitchens with expensive, elaborate backsplash designs and materials. Those trends can be pricey to pursue, yet can look dated in a hurry. Subway tile is a cheaper, classic option that you’ll never regret—and you’ll have more room in your budget for quality materials elsewhere.

 

 

 

badfloorCheap flooring: Just like the countertops, your kitchen floor needs to be strong enough to take some abuse. Cheap flooring easily scuffs and peels (especially from moisture). Quality flooring is worth the investment.