Should you go the DIY route to boost the value of your home? Is it all worth it?
“Sweat Equity” is a thought-provoking concept, but there are some things to consider if you are thinking of jumping in….
- What are your abilities? I’m sure you are a rock star, but jumping into knocking out walls or putting down floor tiles with no previous experience may not be the best idea. Know your limits.
- If you can’t do it right don’t do it at all, or you will see a negative effect on resale value
- Do you have a realistic budget? When it comes to renovation budgets, it’s way better to overestimate than under. You will likely run into many unforeseen costs.
- Don’t over renovate for the area you are in. If you put a lot of money into a property, surrounded by properties valued at much less, your value will not increase the way you want it to.
- And lastly, you must ask yourself if you really want to live in a home that is under construction.
Sweat equity can be rewarding, but consider the consequences before you jump into such a massive project! More info at Gordpiper.com