July 23rd, 2018
Photo Credit: Unsplash
Add Value to Your Home
with These DIY Projects
Homeowners decide to take on DIY projects in their home for a variety of reasons. The work may be necessary, such as with a leaky sink pipe, or maybe it’s simply a new coat of paint in your bedroom. In addition to looks and functionality, you may be able to increase your home’s value with the swing of a hammer or swipe of a paintbrush. Here are some things to consider when planning your renovations and the projects that will return the most bang for your buck.
Know Your Abilities and Make a Plan
Before you pick up a hammer or cordless drill, make sure you know your abilities and your tolerance for learning. Many value-adding projects are DIY friendly, so there is an excellent opportunity to save money. However, you do not want to undertake a project that is just going to require professional work before you sell your home. As such, avoid highly specialized projects such as those that involve electrical work, major plumbing repair, or fine finish carpentry.
Also, determine what tools you have and which you’ll need to acquire. Some jobs are one-off, like installing hardwood floors, so it likely will not make financial sense to purchase a flooring nail gun. But, a flooring gun makes the job much easier, so you might want to rent one from a building supply store. Other tools, such as hammers, cordless drills, and power sanders, will have multiple uses through many projects, so they may be worth their expense.
Also, it is crucial to develop a plan for your renovation. This plan should clearly outline the scope of work, all of the steps required, and the budget for the project. The timeline should be flexible since numerous unknowns can impact a plan. When developing your budget, factor a small but sufficient pad, such as 10 percent, for potential cost overruns. A budget is vital since it is a step in determining the cost-effectiveness of the repair. Later, when you are selling the home, you will have records of how much the project cost and you can more precisely determine the amount of profit you made from the repairs.
Determine a Timeline Beyond the Project
Another essential step is to consider how long you plan to enjoy the renovation. If you plan on living in your home for the next decade, then the evaluation of the return on investment may be complicated. The passage of time will affect your property value, and the repair, such as interior painting, may pass its useful life. For these longer planned stays in a home, remodels can become less about gaining value and more about your enjoyment. A pool, for example, might not provide a good return on investment for houses in the northeast, but if it provides your family with a decade of enjoyment, it may be more than worth the investment.
Pick jobs that return value
On the other hand, if you are looking to sell your home soon, your primary concern is increasing the offers you receive. Surprisingly, it’s often not the huge renovations, such as new kitchen or baths, that have the most bang for their buck; instead, it’s the smaller jobs. The following are the most impactful renovations and repairs.
DIY can lead to increased home values if carefully considered. Know what you can do and what is best left to the professionals. Find a few simple projects that you can do cheaply while increasing your home’s value.
Article provided by Ray Flynn from DIYGuys.net.