It's no secret, the current economy has thrown many of us a curve ball, making us reconsider our housing needs and future plans to buy or sell real estate. Many who had planned to sell in the near future are deciding to remain in their home and make the necessary improvements to increase future salability, more fully enjoy time spent in their current home, and protect their investment.
At a minimum, following a good maintenance program to keep the interior and exterior of your home in good condition is vital and will more than pay for itself. What you'll save in utility bills and costly repairs that can result from neglect, as well as the increased salability of a well-maintained home, all contribute to your bottom line.
If you plan to stay put vs. sell, take into account what your objectives were for selling, and try and incorporate some of those benefits by remodeling instead. If you need more room and the style of your home is conducive to these kinds of improvements, consider finishing the attic area or basement to create more living space. If your home is dated, perhaps a kitchen or bathroom remodel is what it needs to modernize your living area and make these rooms more functional. These are all improvements that will increase the functionality of your home, as well as add value. In our August issue of
On The Level we discussed in greater detail how to gain the most value from these improvements according to
Remodeling Magazine's 2007 Remodeling Cost vs. Value Report. We'll gladly send you a copy of the August issue if you didn't receive it or would like to review it again. To review the 2007 Cost vs. Value Report,
click here.
If a remodel isn't in your budget, there are still many inexpensive and creative things you can do around the home to create a fresh look. For the more adventurous do-it-yourself types, any one of the following projects can be accomplished with a few household tools and a long weekend. If you're not feeling quite that adventurous you can hire someone to complete the tasks outside your comfort level for what will still be a fraction of the cost of a remodel.
Bathroom Updates: If your basic fixtures like the bath, toilet, sink & faucet and floor are in reasonably good shape, you can upgrade your bathroom to feel clean and new simply by replacing a few accessories. You can make a quick, dramatic change with a fresh coat of paint. Select a coordinating shower curtain, rug and plush set of towels to tie all your new colors together. A new mirror, towel racks, light fixture, drawer pulls, and vanity or sink accessories make the finishing touches. Stay with a consistent finish or style when selecting these fixtures. If luxurious bubble baths are something you enjoy, consider adding a dimmer switch to help create a relaxing atmosphere.
Kitchen Updates: If your appliances, sink & faucet, cabinets, and floor are in good condition you have a solid foundation to give your kitchen an easy and inexpensive facelift. Thoroughly clean all the appliances inside and out until they shine. Be sure and use a degreasing cleaner on the walls and ceiling and once clean and dry, apply fresh paint. Consider using a different color for the cabinets and walls to add contrast. Replace cabinet and drawer pulls, light fixtures and accessories like paper towel holders, dish racks and soap dispensers. Again, shop for accessories at the same time and be consistent with the finish and style you choose.
Transform Any Room: Just like bathrooms and kitchens, you can transform any room with new paint. If you really want to make an impact replace or add new trim as well. Baseboards, chair rails and crown molding are all relatively inexpensive. Changing window coverings and light fixtures add the finishing touches. And since you already moved all your furniture around to paint, try rearranging the pieces when putting them back to give the room a completely new look. Consider what you already have in your home and use items that might be tucked away in a closet or drawer. That silk scarf you picked up in Thailand might go beautifully over an end table or bookcase. Or proudly display your grandmother's lovely embroidered table cloth you've safely kept hidden away. Have fun and be creative - you never know what you might find to give your home a new and fresh look!
