You Just Never Know When You'll Want or Need to Sell Your House
Who knew that just 6 short years ago, that the state of real estate would be in such turmoil. Homeowners were happily nestled in their current homes. Then out of nowhere (or so it seemed), they were faced with homes they couldn't afford to keep and owed too much on them to sell. What to do? What to do? Short selling a home underwater was looking like a pretty good idea to many homeowners until the home went on the market.
The Reality of Your Home's Sale-ability
Think back to when you purchased the house. Remember all of those outdated features that you were going to update but never got around too? Now you need or want to sell your home and you're thinking "we gotta get this done or that done." Or more than likely you're thinking "I wish I had updated kitchen like I had planned."
Buying a Home in Need of Updating
Sometimes home buyers can get very excited about the size of a home, the layout and the unbelievable bargain price tag that comes along with it. But the real price they pay is the price to update the home to increase it's value. Homeowners that buy homes that are in need of updating should purchase the home with a plan in mind. Without proper planning, the combination of tasks will seem daunting.
Kitchens and baths are the biggest draws for most home buyers, so why not outline a plan to do one at a time and give yourself a timetable. If money is an issue or if you don't want to borrow money for the project, then
- Figure out how much each update will cost to complete
- Set a budget and layout out a timetable for achieving that savings goal and then
- Set a timetable to complete the one update that you've planned for
- Once that project is complete, it's okay to "plan" to take a mental break to recoup from the renovation, but
- Be sure to set another plan, in the the same manner as the first to tacke the rest of the updates
If you are not a house flipper and you plan to be in the home a while, you can set annual goals for completing major renovations.
The important thing here is that once you've purchased a home, you have to consider the future and keep the home current, attractive and appealing to you and a potential buyer because you just never know when you might want to or need to sell your home.
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