I’m Rich and I welcome you on my personal space on the Internet. I created this blog with a single purpose – to inspire you to take charge of your money and help you become a financially successful and independent person.
Protect Your Real Estate Investment with These Tips
It’s not easy to get on the property ladder. You need to save up, go through the agonising process of completing the purchase, and then fit the home out to make it a livable space. There’s also the issue that runs through the back of your mind: that a home will be the biggest purchase you ever make. As such, it’s imperative that you don’t just treat your home as a place to sleep and create memories: it’s an investment that needs to be managed. A homeowner who doesn’t see their property as an investment might find, years lost, that they’ve lost a big percentage of revenue. Don’t let it happen to you. Take the tips outlined below to ensure your home’s value only goes in the right direction.
Very often, it’s not the big things in the home that cause the most damage; it’s the accumulation of many small things. Take dirt and grime. On a small, temporary basis, there’s nothing to worry about. But if the problem becomes widespread and long-term, then you’ve suddenly got a problem that can be difficult to get rid of later on down the line. So stay on top of your cleaning. It takes but a few minutes each day to keep your home in order. In the process, you’ll prevent the dirt from reaching a stage where it seriously compromises the state of your home. Twenty years of dirt build-up will reduce the value of your home. Make the time!
Refreshing the Decor
We know that it’s not always a fun or exciting job to refresh your home’s decor, but it’s worthwhile putting in the effort. When you walk into a home, you want to feel like the decor is in tune with the times and style of the house; if it’s clearly outdated, then things will look a little off. You don’t have to go overboard with your decor changes. Once every few years will keep things look modern and stylish. Anyone viewing your home will see that they don’t have to do anything overly ambitious to bring the property up to speed; if things are looking contemporary, it’ll just be a matter of tweaking the place.
Clean the Carpets
There’s very often a big giveaway in homes that haven’t been adequately cared for. It’s all in the carpets, which are magnets for dirt. If your carpet isn’t looking as fresh as it once did, then you may want to consider hiring a deep carpet cleaner, and getting rid of the grime. You’ll notice the difference straight away. It’s much easier to clean up your carpet regularly rather than waiting until it’s too late and having to replace the whole thing.
Eyes on the Exterior
People tend to spend a lot of time on the interior of their home, not realising that the exterior is, OK, not quite as important as what’s going on inside, but important nonetheless. An exterior that hasn’t been well maintained will be culpable for reducing the value of the home. In some cases, you might have to outlay a fair amount of money to get the outside taken care of, but it’ll come back to you twice fold in the value of the home.
Your home isn’t just at risk from what’s going on inside the property. The exterior plays a factor too. As we enter the autumn season, you might just find that your home is liable to damage from the trees that surround it. Every so often, it’s worthwhile surveying the area around your home and checking that there are no dangerous trees – or just branches – that might, under strong winds, fall onto your home. If a branch or tree is large enough, it can cause major problems, and sometimes all it takes is one night of stormy weather to cause significant damage.
And talking about the weather, there are a series of seasonal maintenance tips you should stay on top of each year. For instance, during autumn and winter, many leaves will fall into your gutter. If they’re left there, your home will be susceptible to flooding and roof damage. Clear them out.
The Big Problems
The small issues will be taken care of with a little bit of maintenance and care. The big issues? They’re harder to take care of. If you have foundation problems, then your home won’t just lose value – it might compromise all value. A house is only worth what people are willing to pay for it, and nobody buys a property with major structural issues. As such, you’ll be well-served by taking care of any problems as soon as you notice them. If you have concerns, have a company like Helitech take a look at your home. They’ll fix any major foundations repairs that need to be handled.
Work with Experts
There are some things that you can do yourself, but some that fall into the category of “DIY” is actually more complicated than they first appear. Unless you have a few years experience, it’s very often better to let a professional take care of the job. While things like plumbing and electricals can be handled by keen DIYers, they’re not for beginners. If you take on the challenges yourself, you might just find that you’re quickly in over your head, and have created a bigger problem than existed before. Wait until you have the experience to tackle these areas of your home before taking them on!
Try as you might, there’s no way to prevent all accidents from happening. If you own a home for long enough, something will go wrong. While it’ll always be painful to have your home compromised – be it through damage, a fire, or theft – you can at least mitigate the damage by ensuring you’re sufficiently covered. Most people know that they need to have travel insurance, but they don’t know that not all insurance is created equally. Don’t go for the cheapest option; check that the policy you’re buying really will cover in the event that something goes wrong. It’s worthwhile paying a little bit more to make sure you’re sufficiently covered in case something goes wrong. You won’t regret it – the peace of mind makes it worthwhile, and, of course, you’ll appreciate your decision if you ever need to make a claim.
Test the Alarms
Of course, there’s a simple way to reduce the chances of something going wrong. Get your alarms tested! Most people have equipment that detects smoke and carbon monoxide, but this equipment doesn’t last forever. You’ll want to test that the batteries are working every few months. It takes all of two seconds – just get a ladder, climb up, and hit the test button – but might just be a home saver – not to mention a lifesaver.
Stay on Top of the Garden
People tend to focus on the bricks and interior of their home. But when you bought the property, you also bought the land around your home – the front and back garden – too. That’s as much a part of your investment as anything else. While you don’t need to become an enthusiastic gardener, you will be well served by taking an interest in your green spaces. An unkempt garden can severely reduce the attractiveness of your home, and in turn, compromise the value. At a minimum, make sure the grass is kept short and that there are some decorative aspects – such as flowers – dotted around.
Keep Things Simple
Your house belongs to you. You are free to do more or less what you want with it, providing you’re following local guidelines. But staying within the law isn’t the only thing you should think about when it comes to altering your home. The resale value should also be on your mind. Like it or not, people aren’t all that enthusiastic to buy a home that has a personality that is too loud. If you’re painting your home vibrant, unusual colours, then you can’t be surprised if buyers are turned away. It’s only a good idea to splash your home with your own personality if you’re sure that you want to keep the home forever; if you have any ambitions to sell, keep things relatively neutral. Nobody wants to change every aspect of the house when they move in.
A house is a great investment, but only conditionally. A house doesn’t automatically increase in value; it has to be looked after, tended to, and improved upon. If you do all of those things, then the value will move into the right direction. If you don’t, then you won’t be getting the best return on your investment. As we’ve shown above, it’s all about care. Take the time to stay on top of the many problems that can present themselves in your home, and you’ll see the value steadily move in the right direction. Don’t let the value of your biggest investment be compromised by your lack of attention.