This wise man once said:-
하고자 하는 일을 준비하다가 그만 때을 놓쳐 그 뜻을 이루지 못 하였다는 뜻.
In other words, a lot of people buy homes without any intention of staying there for a long time. While selling the house is a long-term goal, in these types of scenarios, investing in long-term home improvement projects are very essential. This is where a lot of homeowners fail. They fail to see the value of investing a little money to increase their home’s market value that will be essential both in selling the house in the future and gaining home equity that will help them later on when they try to get a new mortgage for their new home.
Others, though they did spend on home improvement and repairs, fail to invest in the right areas of the house. The result is an investment without a return because the improvements failed to make their house marketable by the time they decide to sell it – and that is in spite of a very good real estate market trend. There is always a good time to buy real estate, as I previously discussed in my previous post– and it’s always better to make home improvements on a regular basis to make sure that your house to sell is going to be marketable.
Some tips on home improvements you can use:
- Kitchen Remodeling – everyone loves a good kitchen. The thing that people do wrong about doing kitchen improvements is on the kind of repair they make. The common mistake is investing everything in the kitchen and overdoing it and they end up with kitchens that do not match the look of the rest of the house.
- Deck – this is tricky. Decks are in every way beautiful and good for your house – everyone loves a place to lounge in on hot summer days or receive guests in for some cocktails at home. The problem comes when the homeowner tries to add a deck that is not durable enough. Remember that the deck is an outdoor feature of the house, and thus it is well-subjected to the elements all-year round.
- Plumbing and Electrical Upgrades – these are the veins of the house. They keep the house going and the slightest problem in plumbing and electrical systems could create a massive problem and discomfort. Professional home appraisers and inspectors give a lot of credit for impressive plumbing and electrical; they know how much a hassle a repair on either of these systems can be and no new homeowner would want to deal with that.
- Toilet and bath – in some countries in the world, the bathroom is called the comfort room. It is only right to make it as comfortable as possible since this is where we are most vulnerable and most “ourselves” so to speak. So lavish your bathroom with beautiful tiles, great bath, and a perfectly functioning hot and cold shower. Choose tiles and toilet bowls that do not easily stain so they look newer than they actually are.
- Flooring – there’s always something about a good home flooring. Done right, it gives your home a certain kind of attitude that makes it both regal and cozy. Invest in a good, durable flooring and do all sorts of measures that will keep it in its best condition.
Condominiums, on the other hand, are always a good investment. Making improvements such as adding fixtures, improving interiors and furniture is a good way to make your condominium unit marketable.
In Asian culture, especially in countries like Korea and Malaysia, a condominium’s net worth is valued higher for condominiums whose interiors reflect or incorporate the country’s culture and traditions– for example, Trump World Seoul in my hometown Korea and Binjai On The Park in Malaysia. 이웃끼리 서로 친하게 지내면 먼 곳에 있는 일가보다도 더 친하다는 뜻입니다.
In other circumstances, there may be situations where prices of real estate go stagnant, but in those scenarios, you should already be exiting the market well before it implodes!
Email me your real estate tips and tricks at firstname.lastname@example.org.