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All I want for Christmas is a new front door In the market we had years back, we could buy a house that needed updating, add major improvements and then put the house back on the market for re-sale. It was usual to regain all the money used for improvements and more. It was easy enough to put the improvements on the credit card, sell the house and pay all the credit off with the sale. Now however that ability to “make money with improvements” is in doubt. It is more of a buy it because you want it type of idea. Maybe even you like it, and you’ll be staying awhile? There are most likely exceptions to this idea, such as dirty carpeting and walls, leaks, rotten wood, materials, holes, debris, garbage, etc. These repair items should be taken care of no matter what. So, what about the things you really want – almost need- to update for your own sanity? Like for instance a front door, or bathtub, or kitchen fixtures, floor coverings etc. These type of improvements will of course pay off in the long run but should be kept in that “ You can sell it to someone else” frame of mind. These should be things that you can afford to do without running up your credit. Like a present to yourself. When you can pay for your bills, and have some reserves, and still have a nice chunk of cash leftover….then you can shop (around) for that new front door, new flooring, appliances of more! We are no longer in that market of keeping up with the neighbors new home for sale. Generally the better deal and more affordable the home is that is in good condition, is the quickest one to sell right now. Karen O’Brien
Coldwell Banker. |
