Your Home: Return on Investment
Should you invest in your home now—or wait until it’s time to sell?
“Is that really my house”, you say looking at a pristine, almost new looking, version of the home that you lived in for the past 15 years. Freshly cleaned, painted and fixed up… it looks as good as ever. This is the story we often see with homeowners who go to sell their home, only to find out that significant cosmetic and functional upgrades need to take place, to make the home “market ready”. Homeowners often postpone painting, remodeling, appliance replacements, HVAC work, and other improvements to save money. Meanwhile, the “to-do list” has grown lengthy and the home has grown tired over the years. Now the money needs to be shelled out… and the spoils will go to the new owner.
Is there an alternative? We think yes.
Plan, budget and invest in regular maintenance and upgrades in a smart and efficient way, each and every year. But before we get into how this would work, a bit more on this topic.
The Cost of Waiting
Deferring a project can feel responsible when the walls can wait, the refrigerator still runs, and the air conditioner still cools. But don’t let “later” turn into “before we list.” What was once optional can all of a sudden need to be finished quickly to satisfy buyers, inspections, and the market.
Under a sale deadline, owners have less time to compare bids, schedule work, and bundle repairs with each trade efficiently. The work becomes stressful, and you will likely only enjoy your refreshed home for a short period of time, if at all, before handing over the keys.
Some things to keep in mind along the way :
1. Enjoy your home, while you’re in your home!
Fresh paint, reliable appliances, quieter equipment, and comfortable rooms improve everyday life. If you will eventually pay for them, completing them earlier gives you years of use.
2. Outdated = Expensive
Homes that have not kept up with making modifications to stay current, whether it is the style or the equipment, can often require a complete and costly overhaul to get up to speed. On the other hand, homeowners who invest regularly in thoughtfully chosen areas of the home, to make enhancements, improve aesthetics, and fortify the well-being of the home will have less to do if and when they sell, and the home will be that much more enjoyable along the way. Sometimes this may mean upgrading your doors and windows, other times it may be your AV system or lighting, and oftentimes it is repainting and/or making modifications to the look and feel of the property.
3. Weaker buyer confidence
One defect may seem minor, but several can suggest broader neglect. Buyers may consider the risk of what they cannot see, if it is evident that visible repairs and maintenance have not been kept up with.
This is not an argument for endless remodeling and huge spending. What are we are suggesting is to invest thoughtfully and consistently.
Some concepts to consider:
- Budget regularly. Expect that things like your roof, your HVAC, your water heater(s) and AV equipment will present ongoing costs and of course eventually require replacement. They are rarely a “set it and forget it” scenario. Southwest Florida presents a harsh climate, with tropical storms, torrential rain, powerful UV from the sun, and high levels of salt and humidity in the air from our subtropical climate and living on the gulf. All of this takes a toll on our homes, and equipment life cycles are often shorter down here.
- Prioritize risk and get “the bones” in good shape. If nothing else, invest in the wellbeing of your home first. Leak detection, roof repairs, HVAC and air quality, surge protection, and secure doors/windows all can pay dividends in the long run, by avoiding big disasters. Even tree trimming and root pruning can prevent disruptions in sewer lines, pool systems and drainage pipes.
- Don’t forego the seasonal maintenance. Allow our team to have your gutters and in-ground drains cleaned annually. Have your landscape lights checked seasonally, your water heater flushed annually, and your dryer vent cleaned every year or two. Annual pressure cleaning, window cleaning and regular housekeeping all can benefit the wellbeing of the home in a variety of ways. We are happy to guide you on these items… we want to see your home kept up with.
- Improve gradually. Complete one useful or visible project at a time, and then move on to another. You might consider engaging with a local designer to discuss what aspects of the home would be good to focus on.
At Spectrum Concierge, we track a wide variety of things in our software; from maintenance tasks and projects, to repairs and even on-going areas of interest to monitor. Everything is categorized by trade, so if and when you need a plumber to come out and do some work, we can see what else is outstanding that they can address at the same time, to avoid multiple trips, and excess cost. Our team is also here to help you find the best local vendors to engage in service at your home… people and companies that prioritize quality work, provide fair pricing, and deliver great service. We hope you view us as a resource to lean on in keeping up with your property, and even enhancing it.
