Congratulations! You just purchased your first home. This is an exciting (possibly tiny bit scary) time in our life. Moving from a renter to a homeowner is a life altering decision. We doubt this was a decision you made lightly and we want to help you protect your biggest investment yet. There are a few ways you can maximize the value of your home and make sure that when you go to sell your home shows exactly what’s its worth!
1. Address Important Maintenance Issues
Now that you’re a homeowner, there’s no longer a maintenance person on call to come and fix a broken pipe or the air conditioning free of charge. You’ll want to make sure you stay on top of small problems as they arise–and before they become bigger, much more expensive problems. Be sure to have regular maintenance checks done on your big home systems - HVAC, Water Heater, Furnace, etc. Regular maintenance can help you avoid bigger, more costly issues later.
2. Don’t Overextend Yourself with New Furniture & Remodeling
So you’ve just purchased your first place and might be thinking how nice it would be to have all new furniture, paint all the rooms, and get some new appliances to go along with it. That’s all great, but make sure you’re not overextending yourself. Some homeowners, many of whom have already forked over a large portion of their savings for a downpayment, dig themselves into a hole by spending too much money outfitting the home and making major changes. Be mindful of what you can afford and always set a budget to tackle these projects as you can afford to do so.
3. Use Qualified Contractors & Remodelers
When you do choose to tackle a home improvement project, remember that while the DIY route may save you money, it’s not always your best option. Hire qualified professionals for jobs like electrical and plumbing work. Unless you really know your stuff you could end up injuring yourself or creating a hazard in your home down the road. even Let the professionals handle the tough stuff and take the easier tasks, like paint and picturing hanging, for yourself.
4. Keep Your Receipts
Be sure to keep all receipts for home improvement projects. Doing this can help you maximize all tax-free earnings on the home when it comes time to sell. You can earn up to a $250,000 tax exemption from the sale of your home if it was your or your spouse’s primary residence (if you owned the home with a spouse, each of you would be entitled to up to this amount).
What have you done to maximize the value of your home? Let us know below in the comments.