Congrats on your home, whether this is an apartment, your first home or your fifth, it’s important to keep things up-to-date. Not just cute pillows and fresh art, but the systems in your home have to be kept up-to-date too. I know, that’s not the pretty part, but they can be the most costly.
Your home is THE most expensive thing you will ever purchase and yet, we buy it and think, “there, done” and many never do another thing to it until it is time to sell. And BOY, do you get a shock when you realize the amount of work and the cost it will take to make things current.
Story time! I was just asked to look at a house and determine why it is not selling, it's been on the market for 1 year. It's listed at $699,000, on a lake, and has beautiful curb appeal. They have lived there for 10 years. But during those 10 years, trends and colors changed from warm tones to cool and they have a kitchen with golden oak cabinets, yellow and brown granite countertops, and shades of yellow paint on the walls. They have purchased a new home and carry two mortgages. They are not in a position to do the remodeling work that needs to be done to sell at this asking price, result...continue to reduce the price till it hits someone who can do the remodeling. This will result in a loss.
So why not keep things updated as you go? If we’re being honest, most of us don’t know what needs to be done and when to do it. How do you afford a kitchen or bath remodel and when do you do them? And why? If it works, you don’t have to fix it right? Wrong! Trends and colors change, technology keeps evolving. Ever hear of a smart house? Vue light bulbs? Echo or Alexa? Ten years ago it didn’t exist, but now I’m willing to bet you have at least one system in your home that makes life a lot easier and more fun.
Basically, there’s an equation — you should be investing $250 per month into your home from the day you bought it till the month you sell it. So, if you look at a kitchen or bath remodel, the basic cost for 2018 is $10,000 — $20,000 depending on what you’re doing. How do you afford that?
Well, it’ll take you 6.6 years to save $20,000, if you save $250 per month. That’s a totally doable thing. Sure, it takes dedication, but you can do it. You should remodel every seven to ten years to keep things current and in good working order. This also follows the trends calendar of change. But there are things you can do along the way to make the remodel less severe. We’ll get into that…
Decorating is the same way, you can’t buy a couch once and say, “there done.” Well I suppose you can, but let’s be honest, it could get scary. Having a space you like to spend times in is all about comfort, style and expressing yourself. Following trends is really great, however, if you don’t like a color or a style, don’t buy into it. Your home is an expression of you and who you are. You be YOU!