Owning your own home can be exciting, but taking on major renovation or home improvement projects can be a challenge even for experienced homeowners. Deciding what to prioritize and doing the work involved in home upgrades can be expensive and frustrating if you don’t know where to look, and without any help, it can be hard to predict how different projects will affect your home’s value if you should choose to sell one day. If you’re considering doing some work on your home this year, read on to learn more about some of the best renovations for you to invest in.
What are the best home renovation projects to prioritize?
The first thing to consider when making decisions about home improvement or renovations is how the cost stacks up to the projected value it will add to your home value. You don’t have to make every decision based solely on financial considerations, but you should always understand how your decisions are going to affect the value of your home. Any project has pros and cons that should be evaluated. To that end, it makes sense to start by researching the types of renovation projects that are the most attractive to prospective buyers.
Start your home improvement project by focusing on the rooms you use the most. A kitchen remodel is one of the smartest home renovations that you can do, provided you stick to your budget. You don’t need to completely overhaul the room to make a significant difference in how the space feels. Even adding a backsplash, refinishing your cabinets, or throwing a fresh coat of paint on the walls can create a lot of visual interest and depth, without breaking the bank. Your bathroom is also on the list of rooms you spend a lot of time in, and a reasonable bathroom remodel is often high on the list for homeowners making upgrades to their homes.
Landscaping is another investment that holds its value well, and has the benefit of improving the curb appeal of your property. It’s always smart to ensure that the exterior of your house is appealing. Improved landscaping can also provide additional security if you choose to install fencing, which is always a good idea for those with kids or pets. Finished basements are also great for bigger families, as it creates even more recreational space, and an additional bonus for any prospective buyers.
How do you pay for expensive renovations?
Since budgeting is so important when it comes to pulling off a successful renovation, you might be wondering what the best ways are to ensure that you aren’t being overcharged. When it comes to a home upgrade, you should always comparison shop and get price quotes from multiple contractors before committing to one. Getting a general idea of the price range that you should expect will help you avoid low-quality work and unscrupulous actors looking to make money off you.
If you’re considering purchasing a new home, try to think about what changes you might want to make before you purchase it. One of the top questions you need to ask before getting a home loan is how many renovation projects you can expect to do. Setting a budget for purchasing a new home should include any expenses you expect to incur renovating, your closing costs, and repairs for anything that will need to be addressed before you move in. A good real estate agent can help you navigate budgeting for all of these costs. Your real estate agent can also connect you with lenders who can handle your mortgage loan or refinancing and help you find a favorable interest rate and the best type of loan for you, no matter what your credit score is. Especially if this is your first mortgage, getting advice from a real estate agent about how to talk to lenders is a good idea. Getting a good deal on your home with a reasonable mortgage payment is another good way to leave room in your budget for future upgrades.
With any renovation, it’s important to balance the importance of a positive return on investment with creating an environment that provides for a high quality of life that you enjoy living in. When it comes to home improvement, sticking to your budget is one of the biggest factors in determining whether or not you’ll lose money on your upgrades in the future, so talk to a financial advisor if you have concerns about being able to keep your costs down. Keep your expectations reasonable and be thoughtful about your decision-making as you plan your home remodel and you’ll be living in the space of your dreams sooner than you think.
