Home Repairs or College Tuition – Which Is The Better Investment
Many families are struggling to figure out how they will afford the cost of a college education. With some tuition cost being well over $100,000 for a four-year degree, homeowners are putting off needed repairs and renovations in an effort to get their children a solid education. But the potential for much higher lifetime earnings, over three-quarters of a million dollars more for college graduates on average, is worth ignoring much-needed home repairs for most parents.
On the other side of the question lies the home repairs, which are also expensive. The average home renovation is estimated to be around $54,000 but the return on that investment is far from the large number a college degree offers. Minor remodels to bathrooms and the kitchen offer some of the best returns at anywhere from 98% to a full 100% return on investment. Landscaping and exterior improvements also return over 95% of the initial investment. But updates and renovations to actual living spaces such as the family room, living room or bedrooms offer only a 40% to 70% return when it comes time to sell your home.
Looking at these numbers as an empty nester or soon to be empty nester, clearly, spending money on home renovations is not necessarily a great investment. As you begin to notice that the family home is too large with the children gone off to college, you also notice areas that need some work. Should you invest the time and money to make the repairs or is your money better allocated to tuition as you begin your search for a smaller home?
As you consider selling your home, the first thoughts are often of the to-do list and then the hassle and cost of actually moving. You will be paying for repairs, upgrades and then a realtor. All of these costs can begin to add up very quickly. But what if you could save all of that money and find a smaller home at the same time? The solution is a real estate investment company like Higher Offer.
Higher Offer will make you an offer on your home as it sits today, no need to make repairs or get ready to host an open house. The all-cash offer form Higher Offer will come directly to you without any percentage going to a realtor as the company is licensed to complete the purchase process anywhere in the United States. So you will be saving time and money as well as eliminating a great deal of stress from your life. All you will need to do is decide where you would like to move and how you would like to spend the money that you receive from the sale of your house.