Whether you are a new homeowner or giving a closer eye to your investment property, the spring weather has more than likely got your wheels turning on how you can spruce up your digs. Some repairs you may consider to be purely cosmetic, others projects may be solely dedicated to the impending sale of your home. Here are five valuable tips to keep in mind as you reach for that tool belt:
•1. In general, try to keep your investment into the project so that it adds double the value to your home. For example, if you add a ceiling fan -- that increases the desirability of the home above the purchase price of the fan (plus the dinner it took to bribe your brother-in-law to install it). Updating your hardware with new door knobs, switch plates, toilet seats, a pretty rose bush outside, etc. adds a tremendous amount to the visual appeal of a home and gives a buyer the sense that your home is well cared for. But don't go totally crazy with major renovations and over-update. You don't want your house to be the only Taj Mahal on the street - it won't sell that way.
•2. Estimate the costs of your projects realistically. Make a list of what you want to accomplish and take the list to your favorite home improvement store to put some numbers to it. Remember to add in labor costs. A good estimate is $.50 - $1.00 on installation costs per $1.00 of materials, then just to be safe add 10% - 20% and round up. Sometimes you just don't know what you'll discover once you are committed to moving that wall or finishing out a basement.
•3. If you decide to hire help for your renovations, make sure they are professional contractors and can show proof of disability and liability insurance. But let's be real -- you are hiring friends of friends or maybe even day laborers, it might be worth a call into your insurance professional just to see if you can get any type of inexpensive coverage during your project.
•4. However long you think it might take, triple it! Research and calculate how much time the project should take to complete and unless you are an expert or have done several of these types of projects before... assume the worst case scenario and take your estimate and start multiplying. Trust us, you'll want that tile floor to be perfect and that will take extra time that you didn't allow for. It's NOT a good idea to take on a major project two weeks before Christmas if you don't want to be in trouble with the wife!
•5. And lastly, if you are concerned that your project may need a permit to be completed, ask your contractor his opinion first. He is experienced with red tape and can help steer you through the process if you need to obtain one.
Remember, have fun - and it's ALWAYS going to look a LOT worse before it looks better!
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