A business associate sent me an email the other day with some interesting points. He started by saying, After teaching real estate development at the MBA level for 7 years, I came away convinced that one of the most valuable lessons of the class was to treat their personal residence as a business project and also to factor into the process the lifestyle implications….
This has been my mantra for years. Whether or not you plan to sell your home in the near future, you should always think in terms of resale impact — as well as personal enjoyment — whenever you are considering home improvements, remodeling, or simple home makeover projects.
Okay, then let’s take a business perspective on this. Today’s shaky economy and depressed construction & remodeling industries are offering homeowners a real opportunity to make value-added home improvements at prices that are perhaps 25% below what they were 2 years ago, and perhaps a lot less than they will be 2-3 years from now. It’s also a great time to refinance.
So, if you have been considering launching home remodeling projects, either for increasing your home’s value or for simply updating it for your own enjoyment, now might be the opportune time. But don’t jump in willy-nilly. Take the time to prepare. Get consultations and bids from reputable contractors (your friends & neighbors might have some referrals). See what you can learn online. Seek informational resources that can help you avoid problems, gather ideas and direction, identify green ideas to incorporate, decide what you will do yourself (DIY) or contract out, and learn how to negotiate an appropriate agreement with your contractors.
If you are trying to sell in this competitive housing market, there is much you can do to modernize and enhance the look and feel of your home without having to spend a lot on major remodeling.
Start with curb appeal by cleaning up and cutting back foliage (or adding plants, if needed), and an impressive front door helps a lot. Earth tone exterior paint and bright, neutral tones inside will do wonders. Worn out or multiple floor surfaces should be addressed — there’s nothing like stunning, continuous floors when you first walk in.
New faucets & fixtures can do wonders for the kitchen & baths, as can new appliances (note you can’t go wrong with a stainless steel finish). Especially in today’s market, a home must stand out from the crowd, but at the same time homeowners must focus on high-value-added projects that are appropriate to their market and neighborhood. Of course, a good contractor can assist with any of this if you are not a DIYer.
If you do your homework and plan your projects & budget carefully, this just might be the opportune time to get great bang for the buck in home remodeling.
Tags: business perspective, home improvements, home remodeling, lifestyle implications, mba level, opportune time, personal residence, remodeling industries, remodeling projects, reputable contractors