Making improvements to your home can increase its value, make it more energy-efficient, or just make it more comfortable to live in. However, house improvements can also be very costly. That’s why, if you’re considering making home improvements, one of the most important decisions you’ll need to make is how you’ll fund them.
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Thinking of selling your home? Flipping an investment property? Either way, you’ll have remodeling projects in your future. It’s important to consider which projects will give you the best return on investment and help you recoup your renovation costs when it’s time to sell.
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In today’s episode, John and Beth talk about how to manage home improvements. We talk about the culture’s obsession with home improvements and discuss some of the most common problems that homeowners face with home improvement projects. John and Beth talk about budgets, hiring contractors, and how to make a plan for your home projects. At the end of the episode, we share several easy and important action items that will help be more successful with home improvement projects.
IN THIS EPISODE:
● [01:27] Why do people love home improvement projects?
● [6:24] New home builders
● [07:19] Projects that add value to the home
● [09:23] Home improvement problems
● [14:67] DIY vs hiring a contractor
● [18:54] How to hire a contractor and manage your budget
● [22:09] Action Step: Make a plan
● [24:08] Action Step: Create your budget
● [27:05] Action Step: How to hire a contractor
● [28:31] Action Step: Track costs during the project
● [22:50] Close out Phase
KEY TAKEAWAYS:
● Home improvement can pertain to lifestyle aspects to fit a family’s needs or structural aspects like new windows, roof, plumbing, etc.
● Bathroom and kitchen remodels are “money rooms.” They do add value to your home, but they also are very expensive.
● There are small projects that cost little but add value to your home. Like a new front door, painting your front door, making small modifications to your front porch etc.
● When choosing between DIY or hiring a contract it boils down to safety, skills, and time.
● Home improvements add value to your home, but you have to consider your neighborhood and surrounding homes. You don’t want to add so much value that you price yourself out of the market which could make it harder for your home to sell.
● Your contractor does not own your budget. You own your budget.
● Before starting a project, plan for what home improvements you want to do and prioritize them.
● Before hiring a contractor, get multiple quotes from multiple contractors. Don’t forget to check references and licenses.
● Track budget and costs during the project to maintain your budget and the project scope. Also take before and after photos to keep track of the changes.
● The closeout phase includes filing new warranties, checking with your accountant to see how new improvements impact your taxes, and lastly, updating your home insurance.
LINKS MENTIONED:
As Anton Chekov once remarked, “People don’t notice when it’s winter or summer when they’re happy.” Do you agree? Do you find that when you’re content in life, the season of the year becomes irrelevant? Nevertheless, not everyone is happy with the current state of their lives or the current condition of their homes.
Fortunately, there are projects you can complete during the coming chilly season to revamp your space and make it into the abode of your dreams. Maybe you’ll even forget about the cold, crummy weather and find joy in a seasonal spruce up. Let’s examine closer a few of the best home improvement projects to complete this winter. Here’s what you can work on until spring arrives at your door.
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Be it past 25 years, home security has been a major concern for humans. Especially when it comes to home and family. Because of increased crime rates, homeowners expect more enhancements with their security systems. This eventually led to the evolution of today’s home security systems. Let’s look at the evolution of home security systems.
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