When it comes to home improvement, we’d all like to spend our money on the glamorous projects like transforming the master bath or remodeling the kitchen.
But chances are, you should be spending money on unglamorous maintenance projects. In this Angie’s List report, the home improvement projects that will keep strengthen your home's value.
Homeowner Robyn MUslin ion’t posting pictures of her latest home improvement project on social media. After discovering her home’s previous owner had done of lot of electrical work himself, she had to call in a professional.
“The basement was pretty much a nightmare. He had finished it himself so there were open electrical boxes down there, switches that din’t turn on and off, anything that we could figure out,” MUslin said.
As MUslin knows, home ownership is unpredictable.
“Unfortunately, there are projects that have to be done around your house that you are never going to talk to other people about – updating wiring, replacing your roof – these are the kind of things that are required to keep your house in good condition, but they are not fun and exciting, but if you don’t do these things it’s really going to hinder the value of your home and it’s resale value,” said Angie Hicks, founder of the consumer website Angie's List.
Here are three home projects you should never avoid.
First, repairing the foundation. It's a tough choice to spend hard-earned money to repair that slow-growing crack up the wall, but foundation issues are no joking matter. Have it checked out before it’s too late.
Second, removing mold. Failure to remove mold can cause health problems. Make sure to hire a remediation company that pinpoints the source of the mold.
Three, update electrical wiring. Rewiring a home or modernizing an aging electrical system is not cheap, but you’ll sleep better knowing there’s a decreased risk of fire.
“You can’t brag out it. ‘Hey, I got a new electrical panel! OOH!’ It’s more fun to pick out drapes or decide on colors or say let’s put hardwood floors throughout the house, but really if it all burns down what’s the point?” MUslin said.
Angie’s List says spending money on projects can be painful – especially when you don’t have an emergency fund. Financial planners recommend tucking away at least $5,000 for these types of situations. If you don’t have an emergency fund, start small. Have a portion of your paycheck automatically deposited into a savings account each month.