So as a first time homeowner, I have been learning how much things really cost. When I bought my home just a couple of months ago, I had this grandiose plan to gut the 
kitchen and put in granite countertops and all new appliances. I also planned to eventually put in new windows throughout the house. I had a lot of great plans, until I started to really put pen to paper and realize the real cost of my plans. When buying your first home it’s important to understand what the real, long term cost of your project is. For me, living in the house for a period of time, I’ve really begun to understand the nature of my neighborhood. Most of the homes in my neighborhood are not owner occupied, so to sink thousands into my kitchen would be a moot point. It’s always possible to overdo it with the renovations. Realistically, I should stick to mostly minor cosmetic changes in order to make the maximum profit when I sell later on.
So now my plans have changed to simply refacing the kitchen cabinets and installing new countertops and tile. It’s about 25% of the price of installing completely new cabinets: a price that’s appropriate for my neighborhood, and my house. So, in keeping with my newly laid out plan I’ve stuck to minor changes. For example, I’ve skim coated all the walls with joint compound for a fresh texture and then added a new coat of paint on all the walls, ceilings, trim and doors. I’ve also changed out not only light fixtures, but light switches and electrical outlets. All of these changes come at a very minor cost and I can usually do an entire room in a weekend. I do plan on some more major things, such as changing out the porch columns for some heftier round ones to give the entry a little more presence. I’m also going to have the exterior painted a more muted color with white trim. This is a big undertaking, but a huge payoff. Curb appeal is key, as long as the house is updated within the context of the neighborhood and it’s demographic.
Although I’ve had to scale back my plans, I’m excited to see the outcome. If you’re about to buy your first home, take into account if all the dreaming you’re doing is worth the price. If it’s not, keep dreaming, and wait for the next place. Remember, statistics show that most homeowners sell their homes and upgrade within 5 years. So before you begin planning to make all those dreams a reality, consider how much real benefit they’ll bring you. If it’s your first home, keep in mind that it’s probably not going to be your last. Refrain from allowing your first home to become a money pit and allow it to work for you to be your greatest asset.
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