How to Preserve and Even Increase the Value of Your Home

Many years ago when I became a homeowner, it was a very exciting time. After all it is the American dream to own your own home. It gives a feeling of accomplishment and is something to be proud of.

Owning your own home can also provide a feeling of security in terms of finances. A home that is well taken care of will only increase in value and is typically the biggest investment most people make. Taking care of that investment is of paramount importance for future resale value.

Let's be honest, the words home improvement can strike fear into the hearts of many homeowners for many reasons. First, there is the financial aspect, second is the time involved, and third is the decision on whether to tackle the job yourself or have a professional do the work. These are all important aspects to consider but don't worry, with a little planning everything is likely to work out fine.

Home repair/improvement can include anything from replacing a light switch cover that is cracked or broken to completely remodeling the entire house. Although small repairs or improvements can be worked into the budget, bigger projects may require dipping into savings or even taking out a loan to pay for the work.

If a repair is in order to keep the house in good condition it is usually better to have it done as soon as possible. Many problems can worsen in a short amount of time if left unchecked. Although a substantial amount of money can be involved, not taking care of it could affect the value of the home in the long run, which may have a negative financial impact.

Keeping up with repair protects the value of your home and is a necessary part of home ownership. Repairs keep the value from decreasing, while making improvements can substantially increase the value of your home. Both are necessary to ensure top dollar at closing when the house is sold.

There are many things to consider when making home improvements. One of the biggest decisions is whether the improvements are for you to enjoy or strictly for resale value. Remember that almost any type of improvement will increase the value of your home but some more than others. If you are thinking about putting your house on the market, your realtor can help you make decisions concerning what type of improvements can help bring top dollar for your house.

Most homeowners start small projects almost immediately after moving in. Once all the unpacking is done and everything is arranged, we usually start to look around to see what little things need to be done. One of the most common improvements is painting. I know I have repainted the interior of every house I have owned because it either needed it or I just wanted different colors. Other small things include new ceiling fans and light fixtures, new kitchen appliances and or fixtures, new flooring, landscaping and so on.

When thinking about selling your house, you may want to consider more major improvements such as complete remodeling of kitchens and bathrooms, and complete updating of the entire house to help make it more marketable. Again, your realtor can help you determine what type of improvements to make.

The cost of the improvements in relation to how much it will increase the value of your house is always a serious consideration. If you put $10,000.00 into improvements that will increase the value of your house $15,000.00 then it is well worth spending the money. On the other hand you could spend the same amount of money but only increase the value of the house half as much. It just depends on what potential buyers are looking for. An example would be to put in a swimming pool. That is a big expense but not everybody wants a house with a pool. It could really diminish the number of potential buyers and actually make it more difficult to sell.

Another important consideration is whether to make the improvements yourself or hire a professional to do the work. Don't kid yourself here. If you tackle a project that you are not qualified for it could end up costing a lot more money and time if you still have to hire a professional to come in and finish the job or fix what might have been done wrong. If you know you can do the work yourself then it comes down to time. If time is not an issue then doing the work yourself will save a lot of money. If you do not have the time then you should hire someone to do the work for you.

One thing I have learned over the years is that home repair and improvement is a never-ending process. There is always something that needs to be done. Staying on top of it will save time and money in the long run and protects your investment.