When you’re shopping for a new home, you probably want the property to be as “move in ready” as possible. That way, you can… well… just move in! However, there are a lot of fantastic properties on the market that need some work. For example, you might see a home that has everything you need, but the kitchen is long overdue for a renovation.
Or, you might view a property that requires a lot of repairs and painting — tasks that, at first glance, seem overwhelming. You don’t want to just pass on a property that might be a great buy.
On the other hand, you don’t want to purchase a home, only to end up with more renovations, repairs and expenses than you anticipated. What’s the solution? Here’s an idea. When you view a home that needs work, make a note of exactly what needs to be done.
Stick to the important “must have” improvements and leave “nice to have” improvements for a later time.
Chances are, you’ll identify just one or two projects — such as “paint all the walls” or “replace the countertops in the kitchen”. Once you have that list, you’ll be in a better position to determine how long the work will likely take and the approximate cost.
This will give you some needed perspective on whether or not to buy the home. If a home you’re considering needs $15,000 in work that can probably be completed within two months, that might make the property worth buying.
In fact, it probably would! So, when you see an otherwise ideal home that needs some work, don’t let your imagination make that work into more than it is. Take notes and get estimates.
Table of Contents
Will it fit your lifestyle score?
What’s the “Lifestyle” Score for your Home?
In the business world, a phrase that’s often used is ROI or Return On Investment. It refers to the regular gain (or loss) you’re getting from a particular asset relative to its cost. When it comes to your home, the gain may be more than financial. It may include the benefit of the lifestyle it gives you.
For example, a spacious backyard deck pays off in countless pleasant Saturdays with friends and family.
Determining the "Lifestyle" score
A home’s location near convenient commuting routes means less stress getting to and from work. Lifestyle factors are important, not only when considering where you’re living now, but also when considering where you think you’d like to live in the future. That’s why it’s a good idea to do a Lifestyle Assessment regularly. The exercise is simple. Make a list of all the lifestyle characteristics you want in a home, as well as a neighbourhood.
Think about how much room you need, the kind of neighbourhood you want to live in, your hobbies and interests, what’s important to have nearby (such as schools), and so forth. The next step is to prioritize.
Move items on your list around so that the most important lifestyle factors are at the top. Finally, review the list and check off those lifestyle factors your home is currently providing. If you’re able to check off most (ideally, all) of the items at the top of your list, you’re in pretty good shape.
Your current home is probably giving you the lifestyle you want. But if some important lifestyle factors are unchecked, it might be worth considering whether buying a new home will give you a better “Lifestyle ROI”.
Kitchen Improvements for under $100
Is it really possible to improve your kitchen’s look for about the cost of a takeout gourmet dinner with the family? Obviously, you’re not going to be able to do anything major, such as replace the cabinets within that budget.
But, there are many surprisingly low-budget ways to spruce up the kitchen.
Here are a few ideas:
- Do you have old cabinets? You’d be surprised how much newer they can look simply by replacing the knobs and/or handles. Pick a colour that blends, rather than contrasts, with the cabinets.
- Does your sink have a few stains? That’s not unusual! There are special cleaning products available to get out the toughest stains without damaging or scratching the sink’s finish.
- Lighting can have an enormous impact on the look and feel of a space, particularly the kitchen. Experiment with new lighting ideas. Try different bulb wattages. Consider a new lighting fixture that looks good and distributes the light more pleasantly.
- Often you don’t need to upgrade anything — you just need to do a little redecorating. Consider new window coverings. Declutter to create a greater sense of space.
Play with such design touches as placing trendy cookbooks on the counter, adding a plant, or putting an attractive fruit basket on the counter. Sure, depending on your choices, some of these ideas may cost you more than $100.
However, any of these low-budget improvements can make your kitchen look considerably more attractive. You’ll notice the difference. And, if you’re selling, so will buyers.
Upgrades
Painting: When You Can’t Paint Them All: Prioritizing Room
As you may know, a fresh coat of paint is an inexpensive way to make your home look great to buyers. But, what if you don’t have time to paint the entire place?
Here are three areas you should prioritize—and one you can potentially ignore.
- Rooms with bold colours. A red bedroom and orange walk-in closet likely won’t appeal to everyone! Replacing personalized colours with a neutral colour scheme will present buyers with a “blank canvas” to which they can add their own personal touch.
- When buyers view your home they linger in the kitchen, which makes it a key selling point. A new paint job will instantly make the space look cleaner and more inviting.
- Interior doors. These become worn due to being touched multiple times a day, yet are often overlooked when painting. A new coat of paint on key doors, such as those for bedrooms and washrooms, can make a significant impact on the look of your home.
By the way, you may be able to pass on painting exterior doors. They’re often coated with a durable weather resistant enamel and don’t usually need more than a good wash.
