A: Unless your home is relatively new, at some point you’re going to have to invest in renovations and home improvements. Before you do, you may stop and ask yourself, “Should I invest time and money fixing up this house, or just put it on the market and start looking for a newer one?”
When you drive around town and see shiny, newly constructed homes, the answer may seem simple: It would be so much easier to sell your house and move. Well, it may be easier but it probably won’t be less expensive.
Selling your home can cost up to 10% of the sale price1, so if you have a $400,000 home, you’d have to spend about $40,000 to get out of your house.
With that in mind, you may start thinking, “I really love this house and I might as well just stay.” Once you make that decision, look on the bright side.
Treat yourself to an inexpensive home renovation project that you have been wanting to do – one that will restore your pride of ownership.
Even though these renovations rarely increase the value of your home, they can yield some really valuable benefits. Not least, they can serve as a great example to your children and reinforce the notion that you should appreciate what you have and take good care of it. To make pride of ownership feel like more than just a concept, make renovations a family project.
Have family members provide sweat equity on renovations. Not only can it instill some important values in your kids, it can also yield sizable savings.
Instead of hiring someone to do your renovations for you, visit online bookmarking sites where you’ll find all kinds of do-it-yourself ideas. Then, leverage your family’s pride of ownership by asking them to contribute some sweat equity.
Get the kids around the table, explain how their contribution can help you save and hand out the assignments. You’ll not only save on renovation costs, but you’ll also teach your kids some really valuable lessons.
All of which can help make you more comfortable with your home, your kids and your decision not to move.
Create a visual reminder to rally the troops and get them ready to roll up their sleeves. Put a picture of the home improvement end-goal on the screen of everyone’s computer and cell phone. The pictures will serve as constant reminders of how great your house will look after the work is done.
1Source: Bloomberg.com, The Real Cost of Selling Your Home, June 12, 2013