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A Man's Home is his ...

Updated on May 17, 2011

Despite the title of this article, if you have recently purchased a home or are planning on doing so, keep the total cost of your repairs and upgrades in mind when doing them. While any improvements you make will have an impact on what you can sell the property for in the future, it is unlikely that you will see a $ for $ return. So with that being said –

Do NOT turn your home into a castle!

While it is tempting to have the best house on the block, from a return on investment (ROI) point of view this is always a losing proposition. Generally in fact it is best to have the smallest home on an expensive street versus the biggest home on a not so expensive one so keep this in mind. While you might not be planning on selling immediately it is still something you need to consider and keep in mind. Also, with the recent market swings that have happened, the worst thing you could wish upon yourself is to have your homes value be "under water" with regards to your outstanding mortgage.

Focus on the essentials

Any upgrades you plan for your property should be aimed at the things that are necessities and not "nice to haves". That means, look after your boiler or heating vs. adding an extra bedroom. Worry about insulation first and then look into the garage conversion. If there are any structural issues – ensure that they get tackled quickly ... you do NOT want your house falling down around your ears! Also any enhancements you do make to the property – ensure that you have checked the government websites offering rebates and incentives ... you would be amazed at the amount of money you could save on most major home renovations if you just take a little time upfront.

Upgrades for sale

If your long term (or short term for that matter) plan is to sell your property, ensure that you are renovating for your buyer and not for yourself. While it might be boring, plain magnolia walls ensure that the buyer can see themselves in the property and that your influence is kept to a minimum. This is essential for a quick sale. In addition, de clutter ... there are hundreds of property shows that emphasize this and for a good reason. Too much "stuff" makes your potential buyer feel that the property is crowded and most people are unable to see beyond this to overall structure and floor plan of your property. One final point – upgrades and enhancement DO NOT need to cost a bundle. You should aim to be spending 1% of the total sale price of your property. If you can do this throughout the time you are living there, your enhancements can be continuous and effective without breaking the bank!

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    • My SciFi Life profile imageAUTHOR

      My SciFi Life 

      7 years ago from London, UK

      Hi Chamilj - thanks for reading and commenting!

    • chamilj profile image

      chamilj 

      7 years ago from Sri Lanka

      Useful tips! Thanks!

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