Remodeling your home is an exciting part of being a homeowner, but renovation projects are also quite expensive. While you may be over the moon with the idea of modernizing your kitchen or adding a new addition to your home, there are some rules you’ll want to follow in order to protect your rather costly investment.
Keep reading to learn 5 rules you’ll want to follow when remodeling your home. These rules apply for projects of all sizes and costs!
- Think Big Picture First
Before putting money, time, and effort towards any home project, the first thing you’ll need to do is consider the big picture. Think about where you plan to be in the next 5-7 years.
If you think you’ll still be living in the same home, you can expect to get a good amount of your money back when it comes time to sell. But, for homeowners looking to sell their home in the near future, it may not be cost effective to put tens of thousands of dollars into a home project.
For homeowners who are considering selling sooner rather than later, remodeling isn’t off-limits, but it’s best to first make necessary repairs to the home and then tackle minor renovation projects that improve the value of the home without the high cost of a major remodel.
- Location Matters
Outside of the big picture, the location of your home should also dictate what type of home renovations you make, to include the materials and appliances that are used.
For instance, if you live in an upscale neighborhood where granite countertops and wooden flooring are the norm, you don’t want to install laminate countertops or cheap flooring. Simply put, installing items that don’t meet your locale’s norms means that you aren’t going to enhance your home’s value.
At the same time, it also doesn’t make sense to install new granite countertops and expensive flooring in a lower-cost neighborhood. In this situation you may raise your home’s value but buyers may not be willing to pay the higher price.
When making upgrades to your home, make sure that the price level of your home and the investment level match, otherwise you won’t get the return on investment that you’re expecting.
- Pick the Right Spaces to Upgrade
While you may be itching to redo your master bedroom or would really like to refinish the family room fireplace, it doesn’t always pay to upgrade certain spaces. Knowing which rooms in your home are truly worth upgrading will help to ensure that you get the best return on investment, especially when it comes time to sell.
Two of the best rooms to upgrade in your home include the kitchen and the bathrooms. This is because these two spaces are the most commonly used rooms. When it comes time to sell, prospective buyers want to be greeted by updated and modern bathrooms and kitchen. Outdated spaces can be an immediate turn off.
Typically kitchens and bathrooms become dated every five years. If you’re looking to remodel and sell your home in a few years, now is a good time to renovate these popular rooms in your home. Be sure your projects include:
- New or refinished cabinets
- Updated countertops
- A new vanity
- Modern appliances
By making these changes, your home will experience not only a fresher look, it will also get a good boost in value.
- Smaller Projects Are Worthwhile
Remodeling your home doesn’t have to break the bank. There are all sorts of smaller projects that are worth accomplishing. For example, new windows and doors will increase the value of your home while also keeping energy costs low. Old windows and doors are prone to drafts which makes it much harder for your HVAC system to manage your home’s internal temperature.
To find replacement windows for a decent price, look for a local wholesaler or browse online dealers. If you have a small budget, you can replace windows and doors in phases. What’s important is that you’re getting rid of end-of-lifespan glass items and securing your home with newer options.
- Consider Adding More Space
If your kitchen and bathrooms are already up-to-date but you’re itching to do some sort of renovation project, the next best option is to extend your home’s living space. Turn the attic into another bedroom. Add a deck or backyard patio or finish the basement.
The more living space a home has to offer, the more its worth.
Remodeling is fun yet expensive, so before taking on your next home renovation project, be sure to follow these 5 rules. Here’s to turning your house into your dream home while also increasing its value when it’s time to sell!