Unless you know for sure that your current house is your last house (meaning, “I’m-not-ever-moving-again-and-they’re-going-to-carry-me-out-of-here-in-a-box!”), when it comes to home renovations, you should always consider re-sale.
Thinking of converting that single garage to a second living room? That may solve a short-term space issue for you now, but create an even bigger challenge down the road (it’s hard to sell a house without a garage, especially in Nebraska!) What about knocking down a wall to create a large master bedroom from two smaller bedrooms? Depending on your neighborhood and your home’s value, it might be more difficult to sell a 2-bedroom home.
Conversely, if you’ve been stalling on whether or not to replace the disintegrating driveway, that’s probably a good investment. (It’ll help your efforts when you’re ready to sell, and you may as well enjoy the new driveway yourself!) That’s also likely true when considering a new deck, patio, fence or storage shed. All of those improvements add value, and are popular with buyers. You may not recoup all of your investment when it’s time to sell, but the trick is to not ‘over-improve’ for your neighborhood.
Re-sale is especially important to consider when buying your first house. Chances are super-slim that you’re going to live there forever, so make sure your house is ‘re-saleable.’ Yes, you want to buy a house that fits your budget and lifestyle now, but you also need to keep the next owner in mind. Buy a home with a good floor plan, in a good or decent neighborhood, with a yard and a garage, and acclainsetscasino preferably out of the flood plain. Those are the biggies for many buyers, and for most of them, they’re non-negotiable. They should be for you, as well.
Paint is the obvious exception to this rule – if you like hot pink or purple or bright yellow, but you know you’re not moving for a while, grab the brush and get busy! Might as well enjoy the house while you’re living in it, right? Just know that when it’s time to put the house on the market, those wild colors will have to go. The good news is that paint is cheap, and it covers all kinds of questionable choices!
It’s true that a house is yours, especially when you compare it to renting. Just keep in mind that the house isn’t likely to be yours forever, and you should plan accordingly. The decisions you make today could have a big impact on re-sale down the road.