Renovating your home can be exciting, and yes, knowing your budget is a huge consideration but one of the first things you need to determine is exactly why you want to renovate.
For example, are you staying put in your current home for 10+ years so you can enjoy your updates, or are you looking to add instant value because you plan on moving soon?
Or are you perhaps looking to make your older home more energy efficient? Whatever the reason, here are a few points to consider if you’re thinking about renovating your home:
Your ‘Hood – The key to generating a decent return on your investment is to renovate in line with the other homes in your area so that it’s not over-improved.
Buying Time – Building an addition may make sense if you plan on staying put for a while but it’s not usually a wise investment if you’re thinking of selling in the near future.
Heart of the Home – It’s important to renovate the right areas of your home. The kitchen, for instance, will often yield the greatest return on investment.
Royal Flush – The bathroom is another worthwhile area of the home to invest in. A few simple cosmetic upgrades and a new coat of paint can help create a spa-like atmosphere.
Go Green – An eco-friendly home is a healthy home, so use paints that have zero VOC’s and if you’re thinking about replacing the floors, consider environmentally friendly materials such as bamboo or cork.
Window of Opportunity – Energy-efficient windows, especially on an older home, are an attractive feature to buyers. On the other hand, they’ll significantly reduce your utility bills if you plan on staying in your home.
Think Outside the Box – Investing in landscaping will usually drive up your home’s value considerably. Some well-placed trees and shrubs will also reduce your utility costs by providing shade and shelter from the wind.
If you’re considering putting your home on the market soon, there are lots of small, inexpensive upgrades you can do that will add value to your home. If you have any questions about which renovations will positively affect the value of your home, please don’t hesitate to get in touch!