NORFOLK, VA, Feb 17, 2014—Many potential first-time homebuyers list “home improvement costs” as a reason they're wary about making the switch from renting to owning. While it's true that being your own landlord means you will be doing a lot more work on your property, home improvement doesn't need to be a time and money suck. In the following article, Louis Eisenberg, Associate Broker REALTOR ABR SFR of Prudential Towne Realty takes us through some home improvement basics.
How often will you need to repair?
“From the day you move in to the day you sell your home, there will always be something that will need to be repaired or remodeled,” says Eisenberg. “You may want to undertake some changes simply to elevate your comfort level – like installing central air conditioning – or spruce up the home’s aesthetics, such as adding a few stained-glass windows.”
But other work will need to be done to maintain the property and minimize problems later on. For example, replacing a hazardous roof, fixing broken windows, and repairing leaky pipes. These are all necessities. Left undone, they can lead to major problems and damages within the home.
“But this doesn't mean home improvement needs to be exhausting or daunting,” says Eisenberg. “If you keep on top of your home's condition, it's possible to stay ahead of your improvements.”
How can you stay ahead of your home?
From the very beginning, get in the habit of taking an inventory at least once every year of every nook and cranny of your home to check for potential problems, suggests Eisenberg. Examine the roof, foundation, plumbing, electrical wiring – basically everything. Try to fix trouble spots as soon as you uncover them. This proactive approach will help you avoid larger expenses later on, so leave no stone unturned when taking your inventory.
How expensive will home improvements be?
It's hard to project a price tag, but Eisenberg suggests you can expect to spend one percent of the purchase price of your home every year to handle a myriad of tasks, including painting, tree trimming, repairing gutters, caulking windows, and routine system repairs and maintenance.
“An older home will usually require more maintenance, although a lot will depend on how well it has been maintained over the years,” explains Eisenberg.
Tell yourself that the upkeep of your home is mandatory, and budget accordingly. Otherwise, your home’s value will suffer if you allow it to fall into a state of disrepair. “Remember,” cautions Eisenberg. “There is usually a direct link between a property’s condition and its market value: The better its condition, the more a buyer will likely pay for it down the road.
Also, adopt the attitude that the cost of good home maintenance is usually minor compared to what it will cost to remedy a situation that you allowed to get out of hand. For example, unclogging and sealing gutters may cost a few hundred dollars. But repairing damage to a corner of your home where gutters have leaked can potentially cost several thousands dollars.
For more information on home improvements, please contact Louis Eisenberg, Prudential Towne Realty, 109 E. Main Street, Norfolk, VA 23510, leisenberg@prudentialtownerealty.com, 757-572-7244 or www.LouisEisenberg.com
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