How to Get the Most Value Out of Your Next Remodeling Project
Home renovations and remodels are exciting times. They offer you the opportunity to transform your current home into the home of your dreams, with the exact features you have always desired. Another consideration, though, to keep in mind when remodeling is what value is being added to your property. You always want your remodels and renovations to add property value to your home so that when you sell it one day it is worth as much as possible. Here are eight ways for you to get the most value out of your next remodeling project on your home.
Direct Your Budget Where It Counts
Every remodel should start with a budget, and then it is your responsibility to keep yourself within that budget. This can be a difficult endeavor no matter how large or small your budget is – there is always more that can be done. Since you will be dealing with a budget, you likely won’t be able to do every single thing you would like during your remodel. This means that you need to direct your budget towards the areas of your home that will give you the most added value. These areas are most typically the kitchen, bathroom, living room, and patio or deck areas. Directing your budget to these areas will help you find the most value in your home.
Go for Simple, High ROI Improvements
When renovating and remodeling, it is important to always consider the return on investment, or ROI, or your projects. One of the best ways to go about adding the most value to your home is going for small, simple, inexpensive improvements that give you huge returns on investment. For instance, replacing the windows in your home with new, high quality, efficient windows help you save tons of money on electricity bills by better insulating your home. Window replacements are not hugely expensive, and the average ROI for window replacements is 89.6%. Doing simple improvements like this with large ROI is a great way to add tons of value to your home.
Choose Bold Colors
When remodeling it is important to make your house stand out, not to make it blend in. When people are looking to update their home to add value, they often think making the space as generic as possible to appeal to the largest number of people is the best approach. This could not be further from the truth. Choosing bold colors for your home makes it stand out and feel unique, which makes buyers view your house as more valuable. Don’t shy away from being bold with your color choices when remodeling – your home value will thank you for choosing unique colors.
Avoid Stock Features
Stock features may be high quality and easy to install, and save you some time and effort, but they do not add as much value as customer features in a remodel or renovation. This is especially important for bathroom and kitchen remodels. A custom kitchen adds value that can’t be achieved with stock features. Custom solutions to your particular home’s needs is something that not every home can offer and spending the extra money on these custom features adds tons of value to your home. So, invest in a custom builder to work on your renovations and remodels, the value of your home will benefit greatly.
Upgrade the Appliances
Updated appliances add crazy amounts of value to your home. If your appliances are more than a few years old, then when remodeling and renovating you should prioritize upgrading those appliances first. Newer appliances are a signal to buyers that your home is new, updated, and valuable. New appliances also tend to be more energy efficient than older appliances which can help you save huge on electricity and water bills. If you are not upgrading your appliances when you remodel your home, then you are leaving money on the table in added value for your home.
Consider Changing Your Attic
If you have an attic that you hardly use, then you are sitting on the opportunity to add a whole new space to your home. Upgrading your attic to make it a loft bedroom, play area for kids, tv room, or office space to work from home can add crazy amounts of value to your home. Your attic as it stands is a liminal space that doesn’t have much utility besides storage. Turning that attic space into a brand-new room gives you basically a home addition for a fraction of the cost. If you are looking for an improvement that adds tons of value, then here it is.
Don’t Neglect the Outdoors
If you have a large front or backyard, but nothing in the space to take advantage of having such a wonderful yard, then you should seriously consider using some of your renovation budget to build a porch, deck, or gazebo. Adding livable, usable space to your outdoors areas can add tons of value to your home. People love having a backyard space to hangout, relax, and spend quality time in. Outdoors upgrades can also boost your curb appeal if it is located in the front of the home, which is another great way to increase home value.
Finish Your Basement
If you have an unfinished basement, then you have the same opportunity as described above for your attic. Finishing a basement can add tons of living space to your home at minor costs. For large basements, you can even add what amounts to two or more rooms of space. Finishing your basement is a great alternative to an addition, as you don’t have to deal with construction of a new room, simply updating and finishing an already built space. Finishing your basement is a great way to add tons of value to your home.
Remodeling and renovating your home is an opportunity to add value to your home. But not all home renovations are created equal when it comes to their return on investment in value added to your home. Consider these eight tips to get the most value out of your home remodel and get the home you have always dreamed of.
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