Before you get carried away with ordering swatches and browsing interior design ideas on Houzz to make over your home with your Sandy repair money, make sure you consider the following…
According to the latest from Newsday Long Island Sandy victims are to find the process a little easier with new interim payments to help cover home repairs. However, regardless of whether Long Island property owners are getting federal funds, or are using property tax rebate checks, income tax refunds, or homeowners’ insurance money to fix up and improve their homes, there are some important things to think about before getting to in love with any specific makeover ideas or picking up a hammer.
The first is deciding whether you really want to stay in this home. Do you want to weather another major storm and have to go through the whole fiasco from scratch again? If not are one of Long Island’s new affordable rental apartment complexes the right move for you? If you are thinking of moving any repairs you do may be substantially different than if you were going to stay and keep on living in the home. You don’t want to make it harder to sell.
If you are staying are you sure the home improvements you are planning will actually add tangible value to your home? You might be surprised at how few really do. If that is not something you are concerned about, are you at least alert to avoiding improvements or additions which could increase your monthly and annual housing expenses? Might you have to re-do it all if your home needs to be raised? Will recovering or adding additional square feet or bedrooms actually lead to dramatically higher property tax bills, versus other options which may reduce them and your energy costs?
If you aren’t sure how home repairs may impact your Long Island property value or tax bills, then a smart first step is to consult a local property tax expert or appraiser and find out before you might make some very costly mistakes. Even if you are considering selling your home finding out how to lower your property taxes could be a big plus for helping your property sell faster and for more money!