Renovations are a great way to infuse new life into old spaces in the home, and there are a number of ways you can ensure that your renovation dollars are maximized.
If done correctly, a renovation can tap into the present potential in your home to avoid the stresses and financial strain that might accompany the renovation process. Below we’ll run through some ways for you to get the most out of renovating your home!
Tapping into your home’s current potential
One of the first things to do when considering a renovation is to look at what you already have. Often there are areas that can be improved with minimal expense. For example, something as simple as removing an interior wall can do wonders by opening it up and making better use of light. And, in older homes – check under the carpeting, as you might be pleasantly surprised to find hardwood floors below the carpeting that you can refinish for a beautiful look.
Investing in your home
If undertaking renovations as an investment as opposed to personal choice, it is important to weigh your options and determine the best place to spend. This might be something that is specific to your home and your real estate market – for example, in some areas a rear deck will add more value than the amount it costs; however, in most it will not. Typically, however, the best renovation areas to invest in for the maximum return are kitchens and bathrooms. These renovations typically return 60-80% of the investment and are the first place you should consider upgrading.
Keep in mind that you don’t have to add financial stress or expend a lot of energy to get renovations accomplished. Consider tackling renovations in stages so as to not place a financial strain on yourself. If this is the route you decide to take, planning is the key in order to determine the right scheduling of tasks to ensure that you aren’t without a functional kitchen for six months!
Small renovations can equal big improvements
Another important thing to remember is that a little can go a long way. Replacing cabinetry or applying a fresh coat of paint can exponentially improve the overall look and feel of a room. An added benefit of these smaller and more cosmetic renovations is that you can often do these tasks yourself with the host of resources now available. As a caveat, an amateur should not attempt more complicated renovations like structural work as hiring a professional will be well worth it for the quality of the work completed. Renovations that look shoddily done, or ones that require redoing, will cost you more in the long run.
The best thing to do when you decide to renovate is to improve your home to your liking and add the features that you want. Renovating for the sole purpose of increased value on resale can ultimately be a futile task, as often you will not increase the overall market value of your home. However, when it is time to sell, making basic renovations to modernize your home or doing outdoor renovations that add curb appeal can go a long way.
Be sure to keep these things in mind before you attempt your next renovation and improving your space likely won’t be a huge burden.