5 Tips For a Profitable Home, According to Marcus Lemonis
Marcus Lemonis of The Profit stars in HGTV's newest home reno series, The Renovator. The business expert sat down with with us to dish his top tips on maintaining a profitable home.
Marcus Lemonis wants to help.
He’s a people-person-businessman-turned-philanthropist with a flair for … well, almost everything. As the new host of HGTV’s The Renovator, Marcus mends the rocky relationships of his homeowner clients with interior design and renovation — and gives them enough financial knowledge to maintain the peace, both within their homes and their relationships.
“The home is the single biggest asset that passes on from generation to generation, even if the address changes,” says Marcus. “It’s important to show homeowners the value that does or doesn't exist [in their home] and how to rebirth that.”
We get to see Marcus in a whole new light in The Renovator (as in, he designs all the houses himself!), but his bread and butter has always been financial literacy. “I want people to understand they're in control of their own destiny [financially]. I want to help them become smarter,” he says.
In effort to do this, he shared his top five tips for maintaining a profitable home, which — much like a business — requires some thought, planning and care.
Know Your Money In and Your Money Out
“You need to keep a business mindset when running your home. You can do this on a computer or apps, but I like to suggest a simple notebook to keep track of everything.”
Think of Home Ownership Like Having a Child
“There’s an obligation that goes with it. Consider it a privilege, not a right, and you'll be more apt to take care of your home and maintain or increase its value.”
When It Comes to Renovating, Plan Ahead
“Home renovations can be a huge investment and can often cause stress,” says Marcus. His advice: Before undertaking one, make a plan. Talk to each member of your family about what their specific needs are and how the renovation can meet those needs. Taking this step will ultimately make the home more functional, and eventually, more profitable.
Follow the 3 P’s of Design
“Practical, Purposeful, Profitable: The key to practical home design is finding simple and affordable ways to make your home feel warmer and brighter for all,” says Marucus. “All purposeful renovations should improve not only the living space but the comfort of those living in them. To be profitable, the design items you spend your money on should be things that will get you a large return on your investment.”
Maintain Your Home
“Deferred maintenance can be very expensive and may undermine your home,” says Marcus. He recommends keeping tabs on potentially costly expenses like roofing and HVAC systems. “Be proactive about addressing them,” he says. “Be sure to book maintenance before something bad happens.”
Catch The Renovator Tuesdays at 8/7c on HGTV.