Where to Spend Money on Home Renovations
When doing renovations, you’ll have to make many decisions. One of which is concerning the budget. As you have seen on many home improvement channels, doing renovations can cost thousands. Unlike the shows on the TV, you don’t have to break your bank to make significant improvements to your home. As long as you know where to dedicate your funding, you can do a successful home makeover.
With many choices regarding renovations, many people find it hard to decide which one to prioritize. If you’re a homeowner, it can be a big dilemma as you want to maximize efficiency while minimizing the cost. So which one should you do first? As a rule of thumb, you’ll want to start with ones that increase value and ones that add comfort to you and your family.
Renovations That Add Value to Your House
One of the main reasons why people do renovations is to increase the value of their homes, primarily for higher resale value. What should you prioritize if you have this in mind? And how can you decide whether a project is worth it regarding adding value to your property?
When your goal is adding value to your home, you’ll have to prioritize projects that have higher recoup costs. In general, you’ll want improvements with low cost but high returns. Here are examples:
- Building a Wooden Deck – Houses and properties with suitable outdoor living spaces are becoming more and more popular. Because of this, building a deck is an excellent home improvement that can increase curb appeal, thus increasing resale value. One of the cheapest materials is wood. However, most common wood decks won’t last long. So it’s best for people who plan to sell their houses soon.
- Minor Kitchen Remodelling – Many consider the kitchen the center of the house. As such, many prospective buyers will pay much attention to the kitchen. However, you don’t want to overspend on kitchen remodeling. Small projects such as replacing appliances with cost-efficient ones, installing new countertops, repainting, and reflooring are some of the most cost-efficient ones.
- Bathroom Remodeling – For the same reason as the kitchen, the bathroom is another essential room where people will spend time on. As such, even minor renovations on your bathroom can mean a significant increase in value. Some worthwhile renovation projects include reflooring, replacing lights, bathtubs and toilets, and adding paint or wallpapers.
- Front Yard Remodelling – Minor remodeling the front of your home can significantly increase interests, which in turn can increase value. Some of the projects that you can work on are landscaping, garage door replacements, and adding or replacing light fixtures.
Renovations That Increase Comfort
While increasing value to your home is one reason for renovations, comfort is another one. And it’s as important as adding value to your home. In some cases, these types of renovations are worth it even if you don’t recoup as much cost as other projects.
- Home Improvements with Composite Decking – Composite decking boards are the fastest-growing decks in popularity besides wood. Even though they have a higher initial cost than wood, they can last longer. Many prefer composites as they are easier to maintain than wood, it means you don’t have to worry about maintaining it as much as you wooden decks. You can enjoy a suitable outdoor living space and increase value to your home at the same time. If you’re not planning to sell your house soon, this may be a better option than short-lived wood decks.
- Adding New Rooms – Another renovation that you may consider is adding a new bathroom, especially if you’re a big family in a house with a single bathroom. While it may not be as cost-efficient as minor bathroom renovations, it can increase your comfort levels. Adding a new room is also costly compared to other projects, but it can be worthwhile if it’s needed.
- Improving Technology – Technology makes life more comfortable. If you need to add comfort to your home, consider investing in technology improvements. It may not be the most cost-efficient, but doing so will make your life more comfortable. Some of the examples include installing Smart HVACs, home automation, or home security.
Choosing how to spend your money on renovations can be tricky. When doing renovations, go for the ones that will increase the value of your home. Projects that increase comfort are also worth it. If possible, go for both. That way, you can have the best value for your money.