Hello, everyone! I’m Scott Himelstein with the Scott Himelstein Group, your Los Angeles Realtor. Today, we’re diving into a topic that’s crucial for anyone considering purchasing a home in Southern California: home upgrades. Buying a home can be overwhelming, especially when you start thinking about potential repairs and upgrades. In today’s video, I’ll highlight three common repairs that are generally cost-effective and three significant repairs that might make you reconsider your purchase.
Let’s get started with the three repairs that are usually not deal-breakers:
1. Carpet
Carpet is one of those things that can look pretty worn out, especially in a home with kids and pets. You might walk into a house and see stains, wear and tear, and think, “This is going to be expensive to fix.” But the good news is, replacing carpet is relatively affordable. Typically, you can carpet a room for a few hundred dollars. Even if you need to replace the carpet throughout an entire house, it might cost between $7,000 and $9,000, depending on the size of the home. Plus, carpet installation is quick, usually taking only one to two days. This small investment can make a huge difference in the look and feel of your new home.
2. Paint
Next up is paint. Over time, paint gets scuffed, chipped, and faded. Sometimes, you might encounter some unique color choices like bright orange or baby blue that aren’t to your taste. Repainting the interior of a house is another cost-effective upgrade. For a few thousand dollars, you can have the entire house painted, often within one to two days. This is another upgrade that has a significant visual impact with a relatively small investment.
3. Garage Door
A worn-out or outdated garage door can detract from a home’s curb appeal. Replacing a garage door with a modern one can cost between $2,500 and $5,000. This upgrade not only enhances the appearance of your home but also provides better security and insulation. It’s a straightforward job that can be completed in a day, making it a worthwhile investment.
Now, let’s discuss three major repairs that require careful consideration:
1. Roofing
Roofing is one of the most expensive home repairs. The cost can vary significantly depending on the type of roofing material and the extent of the work needed. A new roof can cost anywhere from $12,000 to $50,000. If you’re buying a home with a roof that needs replacement, it’s essential to get multiple bids from roofing contractors to understand the costs involved. This way, you can negotiate with the seller or budget appropriately for this significant expense.
2. HVAC System
Your heating and cooling system, or HVAC, is another critical component. Replacing an HVAC system can be costly, ranging from $10,000 to $20,000, depending on the size and complexity of the system. If the home you’re considering has an outdated or non-functional HVAC system, it’s important to factor this into your budget. Make sure to have a professional inspect the system and provide an estimate for any necessary repairs or replacements.
3. Kitchen and Bathroom Renovations
Finally, kitchen and bathroom renovations can be some of the most expensive home upgrades. Remodeling a kitchen can start at $35,000 and easily exceed $100,000, depending on your finishes and appliances. Bathrooms can cost between $15,000 and $20,000 each to remodel. These renovations can significantly increase the value of your home, but they require a substantial investment. Always plan for about 20% over your budget to account for unexpected costs.
Financing Options
If you’re buying a home that needs significant repairs, we work with lenders who can finance these improvements. For instance, if you’re purchasing a home for $1 million that needs $200,000 worth of work, you can get a $1.2 million loan to cover both the purchase and the renovations. On the flip side, if you’re selling a home, our Concierge Plus program allows you to invest in upgrades without any out-of-pocket expenses. The costs are deducted from your net proceeds at closing, ensuring your home looks its best when it hits the market.
If you have any questions about these programs or need advice on buying or selling a home, feel free to leave a comment or send us a message. I’m Scott Himelstein with the Scott Himelstein Group. Thanks for watching, and I hope you found this video helpful!
