BOULDER, CO, Jul 30, 2016—Some cynics like to call homeownership a money pit. Others refer to it as an investment. But it's true that from the day you move in to the day you sell your home, there will always be something that will need to be repaired or remodeled. You may want to undertake some changes simply to elevate your comfort level—like installing central air conditioning—or spruce up the home’s aesthetics, such as adding a few stained-glass windows. Maybe your family will grow and you'll need to refinish a basement or put on an addition. Whatever it is, there will likely always be improvements on your wish list.
But what about preventive improvements?
“Some work will need to be done to maintain the property and minimize problems later on,” explains Phil Boren, Broker Associate of RE/MAX of Boulder, Inc.. For example, replacing a hazardous roof, fixing broken windows, and repairing leaky pipes. These are all necessities. Left undone, they can lead to major problems and damages within the home.
How can you tackle these needed improvements in a way that doesn't feel overwhelming? According to Boren, the key is being proactive.
“From the very beginning, get in the habit of taking an inventory at least once every year of every nook and cranny of your home to check for potential problems,” suggests Boren. “Examine the roof, foundation, plumbing, electrical wiring—basically everything. Try to fix trouble spots as soon as you uncover them. This proactive approach will help you avoid larger expenses later on, so leave no stone unturned when taking inventory.”
How expensive will this proactivity be? Some say you should expect to spend one percent of the purchase price of your home every year to handle a myriad of tasks, including painting, tree trimming, repairing gutters, caulking windows and routine system repairs and maintenance.
“An older home will usually require more maintenance, although a lot will depend on how well it has been maintained over the years,” notes Boren.
Tell yourself that the upkeep of your home is mandatory, and budget accordingly. Otherwise, your home’s value will suffer if you allow it to fall into a state of disrepair. Remember, there is usually a direct link between a property’s condition and its market value: The better its condition, the more a buyer will likely pay for it down the road.
“Adopt the attitude that the cost of good home maintenance is usually minor compared to what it will cost to remedy a situation that you allowed to get out of hand,” suggests Boren. For example, unclogging and sealing gutters may cost a few hundred dollars. But repairing damage to a corner of your home where gutters have leaked can potentially cost several thousand dollars.
For more real estate information, please contact RE/MAX of Boulder, Inc. at firstname.lastname@example.org, 303-441-5647, or RE/MAX of Boulder, Inc..
Phil Boren is a 26-year veteran real estate Broker and Realtor, specializing in consulting with buyers and sellers in Boulder, CO and along the Front Range of Northern Colorado. Held Real Estate Broker's license in Texas, California and Colorado; Managing Broker for over 200 agents and Brokers for Century 21 and RE/MAX franchises. Award-winning Realtor with experience in management, sales, marketing, relocation, appraisal, REO, BPO's, foreclosures, short sales; previously held the MAI designation from the Appraisal Institute. Experienced in both residential and commercial real estate and achieved the No. 14 individual ranking in the 5-state, Mt. States Region for RE/MAX International in 2001, based on sales volume. Received my BSBA in Finance and Real Estate from the University of Arkansas in Fayetteville, where he was a 4-year starter and 4-year football letterman for Hall-of-Fame coach, Lou Holtz.