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If you improve
If you love where you live, you may decide to modify your home regardless
of whether you’ll ever get your money’s worth out of the
improvements. If so, you need to:
- Determine a time frame—Are you making stop-gap improvements
to delay an inevitable move in a few years? Use neutral finishes for
floors, countertops and appliances, and stay away from improvements
that total over 20% of the home’s present value. If you expect
to be transferred in the next 12—24 months, be aware that you
don’t want to try selling a house that is in the middle of being
remodeled.
- Be aware of the return you’ll get
on certain renovations. The rising value of your home over 15
or 20 years will tend to absorb the impact of larger investments
of both money and personal color preferences.
- Look ahead—think of your needs not only now, but in the future
as well, as your children need more storage for sports equipment and
computers, if you get a second or third car and if you have aging parents
who may need your care.
- Determine what appliance replacement and repairs will have to be
made in the coming years if you stay. If your appliances still work
well, you can update their look for a fraction of the cost in a few
hours through electrostatic painting. However, a new, more efficient
furnace may end up saving you a lot of money on heating bills. Here’s
a good reference on how long most
major appliances will last.
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