Remodeling your home is an exciting part of being a homeowner, but renovation projects are also quite expensive. While you may be overjoyed to update your kitchen or add a new one to your home, there are a few rules you should follow to protect your rather costly investment.
Read on to learn 5 rules you will want to follow when remodeling your home. These rules apply to projects of all sizes and costs!
- Think of the big picture first
Before investing the money, time, and effort into a home project, you must first consider the bigger picture. Think about where you want to be in the next 5-7 years.
If you think you still live in the same house, you can be confident that you will get a good chunk of your money back when it is time to sell. For homeowners looking to sell their home in the near future, putting tens of thousands of dollars into a home project may not be cost effective.
Remodeling is not prohibited for homeowners who want to sell sooner rather than later. However, it is best to make any necessary repairs to the home first and then tackle smaller renovation projects that will add value to the home without the high cost of a large business remodel.
- Location matters
Outside of the bigger picture, the location of your home should also determine what type of renovation you are doing, including the materials and equipment used.
For example, if you live in an upscale neighborhood where granite and wood floors are the norm, you don’t want to install laminate slabs or cheap flooring. Put simply, installing items that do not meet the standards of your local area means that you will not add value to your home.
At the same time, it doesn’t make sense to install new granite surfaces and expensive floors in a less expensive neighborhood. In this situation, you can add more value to your home, but buyers may not be willing to pay the higher price.
When upgrading your home, make sure that the price level of your home and the level of investment match or you will not get the expected return on investment.
- Select the correct areas to upgrade
While you may be itchy to renovate your master bedroom, or if you really want to refinish the fireplace in the family room, it’s not always worth upgrading certain rooms. Knowing which rooms in your home are really worth upgrading can help ensure that you are getting the best return on investment, especially when it comes to sales.
Two of the best rooms to upgrade in your home are the kitchen and bathrooms. This is because these two rooms are the most commonly used rooms. When it comes to sales, potential buyers want to be greeted by updated and modern bathrooms and kitchens. Obsolete spaces can be switched off immediately.
As a rule, kitchens and bathrooms are dated every five years. If you are looking to remodel and sell your home in a few years’ time, now is a good time to start renovating those popular rooms in your home. Make sure your projects include:
- New or refurbished cabinets
- Worktops updated
- A new vanity
- Modern devices
When you make these changes, your home will not only look fresher, but it will also add good value.
- Smaller projects are worthwhile
Remodeling your home doesn’t have to break the bank. There are all sorts of smaller projects worth doing. For example, new windows and doors add value to your home while keeping energy costs down. Old windows and doors are prone to drafts, making it much more difficult for your HVAC system to control the internal temperature of your home.
To Find replacement windows For a reasonable price, find a local wholesaler or browse online retailers. If you have a small budget, you can gradually replace windows and doors. The important thing is that you remove glass objects at the end of their life and secure your home with newer options.
- Consider adding more storage space
If your kitchen and bathroom are already up to date but you want to do a renovation project, the next best option is to add more living space to your home. Convert the attic into another bedroom. Add a deck or back patio, or finish off the basement.
The more living space a house has to offer, the more it is worth.
The conversion is fun and yet expensive. So, be sure to follow these 5 rules before starting your next home renovation project. This is all about converting your home into your dream home while increasing its value when it’s time to sell!