Regarding Real Estate LLC



Posted by Regarding Real Estate LLC on 1/30/2018

Many new homeowners are eager to begin renovations on their home to make it fit the beautiful picture they have in their mind. Unfortunately the aesthetic improvements, while important, are often prioritized over important structural and functional repairs that should be made first.†The key to making smart financial decisions for renovating your home is to have a good budget and to stick to it. Home improvements are one of the few expenses that people often forget to budget for, alongside car repairs and emergency medical expenses. If done properly, however, a budget will help you prioritize your repairs so you'll spend your time and money wisely. In this article, we'll explain how to budget for home repairs in a way that works for you and your family.

Understanding your†money

To budget for home improvements, you first need to budget for other things in your life. Use an app or website like Mint or You Need a Budget†to get a better understanding of how you spend your money. For some, budgeting for home improvements may mean cutting back on other spending areas. Fortunately, these apps break down all of your purchases by categories and help you spend less each month.

Ranking your renovations

If you're dying to update the†bathroom but the†roof†needs to be redone, you should call the roofers first.†Some home improvements are a ticking time bomb: deteriorating roofs, poor†insulation, HVAC issues, water damage, and safety concerns like fire hazards†are all problems that need to be addressed first on your budget. Some will save you money, others could save your life, but all of them are more important than adding closet space in your bathroom.

Estimating costs

Do your research when it comes to the the cost of repairs and home improvements. Once you have a ballpark figure, add it into your budgeting app as a new item on your budget. There is a general rule, when budgeting for home repairs, that you should set aside 1% of the cost of your home for maintenance and repairs each year. However, there are many other factors involved in how much it will cost to upkeep your home like the age of the house, the weather in your area, and how well-maintained the home was before you bought it.

Sticking to your budget

Everyone starts with good intentions, but keeping a budget isn't easy. Thankfully, it has been made much more manageable with the help of apps and websites that link right to your bank accounts. To stick to your home repair budget, make sure you sign up for reminders on your spending and progress. If you're keeping a budget the old fashioned way (pen and paper), put reminders on your calendar each month to check if you're spending too much on home repairs. Another key to successful budgeting it to make sure everyone in the house is on the same page. If your significant other plays a role in home repairs, go over your budget together. This will help you keep one another accountable and set priorities that work for everyone.





Posted by Regarding Real Estate LLC on 12/7/2017

Every homeowner seems to come to a point where they wonder if itís time to sell their home or renovate the one that they currently have. Whether or not you decide to sell immediately, you can start with some renovations to your home that will offer you a big return on your investments and more comfort. Certain renovation projects are more beneficial than others. Weíll go over some of the best projects that you can take on in your home to add value and comfort to your home.



Curb Appeal Pays 


While you may turn to the inside of your home to make improvements first, itís actually more beneficial to update the outside of your home before you even begin to tackle the inside. Curb appeal can boost the value of your home significantly. 


Check Your Insulation


You can improve the overall energy efficiency of your home by sealing unattended places in the home. Add insulation and sealing right in your attic. This helps to save on energy costs the whole year through. New insulation brings quite a return on value in your home. 


Make Your Spaces Peaceful And Open


If you have plenty of space available in the house, youíll get a big return on your investment. Add a bedroom to the home if you are able. Expand on the master bedroom to include large closets along with a master bathroom. Some of these renovations can become a bit of an expense, but youíll be happy you did them when you get a large return on your investment.     


Add A Deck


Adding an outdoor space to enjoy will not only give you financial returns, it will give you an increased sense of happiness as well. Youíll have a new outdoor space that youíll be able to enjoy for a good portion of the year.


Think Small


Sometimes even small improvements can add returns and more appeal to your home. Does your kitchen need new tile? Could your dishwasher use an upgrade? Maybe the bathroom counter can be replaced. Anything small around your home thatís upgraded can add up. The kitchen and the bathroom are the two rooms of the home that people most desire to have updated. Doing any and all projects in these rooms can have a really big impact on the value of your property. 


After The Renovations


After you complete the desired renovations in your home, live in it for awhile. If youíre still itching to move on from your property, make an appointment with your realtor. There is nothing wasted in doing renovations to your home whether you decide to stay on the property or move on.







Tags