Embracing Homeownership in San Diego
You just bought a home in San Diego and are super excited and nervous at the same time. There is a lot of responsibility that comes with owning a home. There is also a lot of satisfaction and freedom that comes with doing so as well.
First, you can remodel the home however way you would like to. Meaning, if you want red walls, purple, blue or any color walls for that matter; guess what, you can paint them any color you want and not have to ask the landlord permission. If you are planning on living there for a while, then doing whatever makes you happy is great. However, if at some point you are planning on selling, I would recommend losing the personal colors and toning it down a bit.
Planning Smart Home Improvements
If your home needs some remodeling, be smart about it. Don’t just start ripping things out with not have a plan about what you are going to do. Sit down and think about it. If you have a significant other, make sure that you are both on the same page. Go to Houzz.com or sites like Pinterest to get some ideas. Once you figured out what you would like to do, figure out if you will be doing the work yourself or you will be hiring it out. A good source of referrals is your Realtor. They should know several different tradespeople that you can get estimates from. As for referrals from friends and co-workers as well. Just from this group of people, you will have a gold mine of great tradespeople.
Once you figure out what you are going to do and who you are going to use, I would recommend creating a budget for your projects. Be realistic about the numbers and whatever that number you think it will be, add another 20% to it. Believe me, you will reach it and you don’t want to feel strapped and have to cut corners. With this being said, avoid being too cheap. This can cost you big bucks in the long. You may think that by doing something yourself you may be able to save money but then once you figure out that you are not able to, you will have to hire a professional to come to fix what you started, hence, costing you more than had you just hired that person from the beginning.
Another pointer is to not overspend on materials needed for the projects. If you plan things out properly, you will be able to find certain things that go on sale, or you may be able to shop around and compare, and not have to buy last minute which will save a good amount of money. If you plan out your projects, you will avoid last-minute changes and add on’s which can be very costly.
Staying Organized and Maximizing Tax Benefits
If you just bought a home in San Diego and are doing all of the things mentioned above, remember to save all receipts for work completed on your home. You will be able to write off certain home improvements so make sure to be very organized so that you can share this with your accountant when it is time to do your taxes. Other tax write-offs include such things as mortgage interest, points that were paid when taking out a loan, Real Estate Taxes, Energy Credits, Home Equity Loans and several other things that your accountant can go over with you. These are write-offs that homeowners can benefit from when tax time comes around.
If you would like a second opinion before you start your project, contact the McT Real Estate Group. We will be able to share with you what types of things will be a great return on your investment when it is time to sell your home.