Stop WASTING 36826$ on Home Improvements!!! – (5 Key Concepts)

Looking to Buy or Sell in Coastal Virginia? Let’s Chat →

Looking to make improvements on your home you want to make sure you get the most out of it when you sell and you don’t want to waste dollars more than maybe wagyu beef on a toddler who can barely appreciate dino nuggies let’s talk about it welcome to the living in cova channel my name is dan inman your host and local realtor where we cover everything the live work

Play of the coastal virginia area that’s norfolk virginia beach and chesapeake and the surrounding cities today we’re going to cover five key concepts about how to best spend those dollars improving your home to make sure they don’t go to waste like bag of beef on a toddler who can barely appreciate dino nuggies concept number one is that your labor is probably

Always going to go a little bit further than a professional’s meaning sweat equity right that term comes from somewhere and it comes literally from the sweat of your brow your labor poured into your home you’re sitting doing a huge savings over uh what potentially would be the professional because they have profit they’ve got overhead they’ve got aero and emissions

Insurance right and they may even have a big workload so they’re charging more because they don’t want to take that quirk libre accounts from anywhere between 40 to 65 of every project one of the key things you want to make sure that you’re doing though or accomplishing when you’re doing it yourself is you want the work not to look diy i can’t tell you how many

Homes i’ve walked into with you know doing showings and you can just tell that the homeowner did it and didn’t do a great job so take your time pace yourself pick up a good diy book find a great link on a youtube video and make sure that you do it right and it looks like a professional did it concept number two is you don’t want to over improve for the neighborhood

Average every neighborhood is a little bit different right houses between 250 and 350 000 are going to look a little bit different and over improving for that neighborhood is going to look different than 450 to 650 and from 650 to a million and 2 million to four million right and so each one of those neighborhoods is going to have averages the bottom of the market

See also  UML Use Case Diagram Tutorial

In the top of the market that you want to pay attention to one of the unique tools that i’ll have available is a chart where i can plug every sale in for the last two years and show you this specific top of the market in the bottom of the market and what we would do is we would draw a circle around all of those comps for the last two years you can ask your local

Realtor for those comps super easy to do and that way you can look through the pictures and see what’s normal for the area if you want your realtor’s opinion they could also just give you their thoughts on it as well hey if you’re finding this content helpful do me a huge favor hit that little like button consider subscribing as we drop new content every single

Week and if we can help you with your real estate needs that’s what my wife and i do on a daily basis i run the real estate side my wife runs the mortgage side and we help people just like you move in and out of the area nice and smooth and easy every single week concept number three is go for the highest return now one of my favorite resources comes from a builder

Magazine now these are larger organizations that are putting forth this data so it tends to be the bigger construction projects i’ll have a link down below for the actual pdf at the very top it breaks down which projects um are considered what so you have high-end and you have mid-grade kitchen remodels and bathroom remodels you know garage doors front door siding

And the like down at the very bottom it’s going to be broken down into national regional and actually localized data to show exactly what the cost versus value returns are some of these are as low as 30 percent some of them are as high as like 90 percent you want to make sure that you’re getting the highest possible roi as you possibly can now remember if you’re

See also  When should I Pay My Credit Card bill? Due Date or Statement Date to increase my credit score

Doing some of this work yourself with that sweat equity that’s going to go a little bit further the second resource i really like is hgtv you know this is one of the famous popular tv channels that has like flips and you know transform this room and i don’t really watch tv so i’m not sure what actually the channels are i watch everything on youtube myself but the

Top four projects are going to be the minor bathroom remodel which has an average return of about 102 landscaping which is almost 100 all the time important to remember here this is your first impression so if you’re looking at getting a really high return and you’re about to go on market your first impression is someone drives up to the house very very important

I highly recommend doing some minor landscaping if you’re prepping for sale three here is gonna be the minor kitchen remodel average return of about 98.5 in the attic bedroom conversion average is about 93.5 hey you have space why not put it to good use you know if you can transfer stuff into the garage convert that attic for the fifth bedroom concept number four

Here for me is it’s okay to do something for yourself not everything in life needs to have a perfect roi you know maybe you go in there and you put in a steam shower and you realize that maybe you’re only going to get 20 or 30 or 40 percent return on that resale value but you want one so go ahead do a little something for yourself enjoy it sometimes it’s not always

About getting a perfect return on that investment you want to enjoy where you live you just may have to think about this that you might get less than a 50 return on whatever it is that you’re improving on your home one way to think about this might be uh buying a luxury car or a brand new car right you get to enjoy that new technology the the new leather the luxury

See also  Google Stock: BIG BREAK UP! SELL or BUY GOOG stock?

Car feel the person coming after you may just not value it as much as you do now concept number five is understanding the difference between cleaning repairs and improvements these are different washing the car or shampooing the carpets in your car is like scraping off old caulking and resealing things or power washing the house it’s important to do period because

It shows that you’ve actually cared for the home tires like roofs need to be replaced they wear out over time hvc’s like timing belts and water pumps have a usable lifetime and eventually have to be replaced improvements however are upgrades like moving from laminate to ground granite countertops or vinyl flooring to hardwood floors or going through and completely

Redoing the landscaping in your front yard much like on a car you know just cleaning it up is different but if you go and put in a new sound system uh add some accessories a lift kit you know actual improvements you’re actually improving the overall value so again the difference between cleaning repair and replacement and actual improvements i hope those concepts

Help you decide where to put money and where it could have the highest ri how to understand sweat equity what the difference between repairs replacement and improvements are until next time stay classy cova and thanks for stopping by but mainly stay classy thanks for stopping by stay classy i’m rob berkey thanks for stopping by salesmanship and charisma out the

Wazoo two two fast energy’s good john my energy is for you buddy

Transcribed from video
Stop WASTING $$$ on Home Improvements!!! – (5 Key Concepts) By Living In Coastal Virginia