Lee Morof's Real Estate Blog

There are many people who are thinking about listing their homes, but they need to make sure they get as much money for their homes as possible. This could mean making a few upgrades and repairs around the home. There are some situations where it might be possible to DIY these projects, but there are other situations where it is better to call a professional, or CAP. When should homeowners take which path? Learn more below.

Painting And Light Work Could Be DIY

First, anything that is simple or easy around the home needs to be a DIY project. For example, if there are a few spots that need to be touched up with a fresh coat of paint, then this could probably be a DIY project. If there are easy plumbing fixes around the house, such as swapping out a toilet flapper, this could probably be a DIY project as well. It might even be easy to swap out some handles or drawer pulls. Ultimately, everyone has a different comfort level, but these are a few examples of easy DIY projects around the home.

CAP For Issues Of Safety, Time, And Money

There are larger projects that should require a professional. For example, anything that has to do with the electrical system needs to be handled by a professional. It is possible for someone to shock or electrocute themselves, which is something that needs to be avoided. Furthermore, any major carpentry projects need to be handled by someone with the right tools and training. Finally, if there is a major leak in the home somewhere, then this is something that requires the attention of a trained plumbing professional. If these projects go wrong, they can go very wrong, so they need to be fixed correctly on the first attempt.

Cosmetic Is DIY, Structural Is CAP

In the end, everyone has their own comfort level, but a great rule of thumb is that anything cosmetic should be DIY, well anything structural should be CAP. Remember that everyone has to put safety first. When in doubt, call a professional for help. That way, everyone can maximize the value of their home when they go to list it.

There’s almost a guarantee that at some point in the future you’re going to face an emergency. Like most things in life, that emergency is going to require money to solve. You can’t assume that you’ll have the funds to face the emergency when it happens. You can’t even assume that you’ll have enough on your credit cards to pay for it. The only safe way to plan is to have an emergency fund.

What Is An Emergency Fund?

An emergency fund is a reserve of cash set aside for emergencies only. It’s not a savings account, because you’re not saving up for anything in particular like a new sofa or a dining set. It’s strictly money on hand to be used in an emergency.

What Constitutes An Emergency

As a homeowner, you could face any number of emergencies regarding your property. An emergency is something unexpected and urgent. In other words, you couldn’t foresee it happening, yet it needs to be taken care of right away. Examples of homeownership emergencies are:

• Basement floods and needs to be drained and contents cleaned
• Tree falls on roof, and you can’t wait for insurance check
• Furnace dies in the middle of winter
• Central air system dies and there’s a high deductible on your insurance policy
• Water tank gives out a week before your big family holiday

How To Manage an Emergency Fund

The key thing about an emergency fund is that it needs to be instantly accessible. Instantly accessible means you should only have to use your debit card or write a check to use it. You shouldn’t have to sell stock or transfer money out of your retirement IRA. It should also be kept separate from other funds, so it doesn’t get confused with the Christmas gift fund or the college fund.

Why Have An Emergency Fund?

Emergencies shouldn’t cause catastrophic damage to your finances. With consistent, small saving habits, you can build up an emergency fund so you can easily and readily take care of maintaining and repairing your home. This is part of good homeownership. When you have an emergency fund, you know that you can always keep your home in tip-top shape.