When it comes to home renovations, it can be difficult to know what is worth the investment. While some home upgrades are worth it for the comfort or quality of life they provide, most smart homeowners know that when you’re planning to renovate, you need to understand just how much value your plans will add to your home’s equity.
It’s easy to get caught up and break your budget or say yes to ideas you love that just won’t provide a positive return on investment. There are some upgrades that are worth their price for the comfort and quality of living boost they provide, but when you make your home improvement plan, you should always understand exactly how everything on your list is going to affect the price if you choose to sell one day. If you’re not sure where to start, read on for four of the best home renovations you can invest in to increase the value of your home.
1. Partial Kitchen Remodel
When doing a kitchen remodel, the most important thing you can do is to keep it focused and targeted and learn how to renovate a kitchen on a budget. Large kitchen renovations have the tendency to become money pits, and most interior design experts say a miniature kitchen remodel is more beneficial for your home’s value than overhauling the entire room. There is a lot you can do to change the look of your kitchen without breaking the bank.
Changing out fixtures like lights and ceramic tiles can make a big difference, as can refinishing your cabinets or even building new cabinetry entirely. Granite and quartz countertops are also always popular. It’s generally a good idea to enlist an expert, you’ll want someone who can tell you why you should choose a standard backsplash or explain the pros and cons of upgrading to smart appliances like a smart stove or refrigerator. When it comes to kitchen design, it ultimately comes down to what you prefer and how those preferences work with your budget.
It’s easy to overlook landscaping as a home improvement project, but landscaping ranks as one of the top renovations for increasing a home’s value. Remember that the more you improve the exterior of your home, the more curb appeal your property will have. Landscaping doesn’t require a huge initial investment, you can make big and noticeable changes for just a few thousand dollars, which makes it more accessible for homeowners who aren’t looking to spend a lot of money. Try to plant a mixture of trees, flowers, and shrubs to give your garden some texture. Natural stone can also be an attractive addition.
The majority of home buyers expect a modern and updated bathroom, so if yours is on the older side, it’s definitely a good idea to move remodeling it to the top of your list. As with kitchens, bathroom renovations can get out of hand and inordinately expensive quickly, so make sure you set a reasonable budget and stay within it.
There are plenty of ways to finance upgrades like this, but one option to explore is looking into how reverse mortgages work, which can provide the borrower with a monthly payment from a loan based on their home’s equity. Once you know how much you have to spend, talk to a professional realtor and a contractor to get an idea of how you can allocate that money most effectively to appeal to potential buyers when you put your home on the market. Don’t forget to ensure that your grout is clean and freshly redone.
4. Attic Conversion
Adding an attic bedroom to a two or three-bedroom home can be a huge plus for buyers. If you add attic insulation when you do your renovation, you’ll be able to lower your utility bills as well, as the insulation will help manage the temperature without requiring energy consumption. Depending on the condition of your attic, it may need everything from carpet to wallpaper to plumbing, so the cost can vary. One thing to look into before you add another bedroom is whether or not your HVAC system can handle the load of another room, you may need to look into getting a second system if it can’t. Attic bedrooms have their highest value on the West Coast, while in the Midwest they tend to be less desirable.
Another thing to consider when upgrading your home is how you’ll prepare for the renovation process itself. Often, that means finding somewhere to live temporarily or removing some of your belongings from your home. A storage facility can help solve a lot of those problems, by offering you a temporary place to store anything you need to remove.
Location does matter. If you live in Littleton, Colorado, for example, you’ll want to look for storage facilities in Littleton. Proximity is key so that you’ll have a simple time moving your things back home when your renovation is complete. Certain renovations that affect things like your ability to run water or use basic appliances might require a hotel stay or a stay with friends or family, so make sure you talk to your contractor about whether or not you’ll be able to live at home throughout the process.
While it can be enjoyable to create the home of your dreams, understanding exactly how to renovate your property in a way that best maintains its value is a little more complex. If you’re planning to renovate or upgrade your home in the near future, it’s important that you strike a balance between what you want and what will give you a significant return on your investment when it comes time to sell. Take your time and don’t rush the process. Talk to experts, sit down with your family, and create a plan for your home that makes everyone happy. With some patience and a lot of hard work, you’ll be able to create an incredible home that holds its value for years to come.