The Most Important Home Improvements
So you are ready to start improving your home. Maybe you are preparing it for sale, or maybe you just want to invest in your property for the long term. But, what are the best improvements you can make on your property? This depends on the general condition of your home and also the age.
Improvements for Newer Homes
If you have a home that was built in the past 5-10 years, there likely isn’t a ton of mechanical work or structural modification needed. For these homes, you can focus more on the “cosmetic” side of things, or the not-so-boring part of remodeling. This is where you can go crazy! Add in a custom electric fireplace feature, add an accent wall in the living room, finish your basement, or convert some unused space into a bedroom or bathroom.
The best value-add improvements you can add to a newer home is adding square footage to your house, or adding in a bedroom or bathroom (sometimes). These improvements will not only add square footage and usability to your house, they will also give you the most bang for your buck when it comes to resale value. Many homeowners prefer to keep their current homes instead of upgrading to larger ones as their families grow. Adding square footage can be a great way to keep your low interest rate, add value to your house, and keep up with the need to provide for your family.
Older Homes Need More Work
Older homes tend to be a lot more work! The reason for this is that as a home ages, the weather eats at it, settling occurs, and the mechanical components begin to fail after prolonged use. This is where you might need to focus more on the mechanical and structural side of renovations.
As much as it would be great to update your kitchen cabinets and redo the flooring, it is important to first consider the structural and mechanical stability of your house.
Getting a home inspection can tell you exactly what you will need to fix or update, and when. But, if you are seasoned in home remodeling, you might know what to look for. In real estate, we call these big ticket items capital expenditures, and it is best practice to plan for them far in advance.
Capital Expenditures in a Home:
Lifespan and Maintenance
Roof
- Life Span: 20 to 30 years (varies by material)
- Maintenance: Regular inspections and repairs, periodic re-roofing
HVAC (Heating, Ventilation, and Air Conditioning) System
- Life Span: 15 to 25 years
- Maintenance: Regular servicing, filter replacements, and occasional component repairs or replacement
Water Heater
- Life Span: 7 to 15 years (varies by type)
- Maintenance: Flushing the tank, anode rod replacement, and regular inspections
Windows
- Life Span: 15 to 30 years (varies by material and quality)
- Maintenance: Caulking, weatherstripping, and occasional replacement of seals or glass
Plumbing
- Life Span: Up to 50 years (varies by material)
- Maintenance: Periodic pipe inspections and repairs, especially in older homes
Electrical System
- Life Span: 25 to 40 years (varies by components)
- Maintenance: Upgrading wiring as needed, replacing outlets and switches, and ensuring safety
Appliances
- Life Span: Varies by appliance (e.g., 10-15 years for refrigerators, 15-20 years for stoves)
- Maintenance: Routine cleaning and occasional repairs
Foundation
- Life Span: The foundation can last the lifetime of the house, but may require occasional repairs due to settling or damage.
- Maintenance: Regular inspections and addressing any cracks or structural issues promptly
Exterior Siding
- Life Span: Varies by material (e.g., 20-40 years for vinyl, 50+ years for brick)
- Maintenance: Regular cleaning, painting, or maintenance specific to the siding type
Insulation
- Life Span: Can last the lifetime of the house but may need to be upgraded for better energy efficiency.
- Maintenance: Adding insulation or upgrading when necessary for energy efficiency improvements.
Garage Door
- Life Span: 15 to 30 years (varies by material and use)
- Maintenance: Regular lubrication and inspection, occasional component replacement
Driveway and Walkways
- Life Span: Varies by material and use (e.g., 20-40 years for concrete, 10-25 years for asphalt)
- Maintenance: Sealing and repairs as needed, full replacement when severely damaged
Landscaping
- Life Span: Varies by plant type and care
- Maintenance: Regular upkeep, replacement of plants as they age or become diseased
There is a lot of variability in homes, and no exact way to determine exactly what your home needs without an inspection or walkthrough from an experienced home remodeler.
Making sure you keep up with the maintenance and repair of all your home’s major components will ensure that your house withstands the test of time. What we advise at Scout Peak Home Buyers, is to make a list of each of the remodeling projects you want to do in your house, but put any mechanical or structural concerns first.
Budgeting for Home Repairs
You can find out how much you need to budget for these items by determining the age and lifespan of your major components. Then, add in the cost of the repair and divide it by the number of months remaining. You can find some great estimates for these repairs from thumbtack.com or on Angi. Here is a quick example of how you would budget monthly for a roof:
- Roof lifespan: 5 years remaining before replacement
- Cost to replace roof: $15,000
- 5 years is 60 months
- $15,000 divided by 60 is $250 per month
- Set aside $250 per month for 5 years to prepare for the roof replacement
By properly planning, you can avoid having a large bill for any capital expenditure and just have the money set aside to pull from. These repairs will not only keep your property in excellent condition, but they will also add to the value of your home should you decide to sell or refinance.
Houses can be a lot of work, and take a lot of maintenance to keep up to date. The mechanical and structural repairs are not the most fun, and no one likes to talk about them much in the remodeling world, but they are absolutely crucial to your peace of mind and long term home ownership.