Part of being a homeowner includes not only taking care of your home, but increasing its value over time. Repairs and replacements will happen whether your want them to or not. Then other times you’ll want to make some major changes to improve the look, feel, and way of life in your home. Whatever the reason for embarking on a renovation the fact remains; it will be expensive.
Due to their costly nature, you want to ensure you’re getting the best bang for your buck. In order to do that, you’ll want to pick the right renovation project for the right situation bringing back the best return for your investment. How do you know when, where, and what to tackle? That’s where we come in.
Starter Or Forever
It matters a lot whether you’re in your starter home or your forever home. Some projects are a waste of money in a starter home as you’re planning to move eventually. You might grow as a family and grow out of the house, you may plan to move around for your career. Situations vary, but your plans to stay there don’t. Because you have a move on the horizon, you’ll need to consider this in many of the decisions you’ll be making throughout the process.
In your forever home, however, you can personalize more things to your liking. The way you use your space as well as what it looks like as a whole can all be made as unique as you are. This is where you can indulge in a little more luxury to make your life easier and more enjoyable. By the time the house goes back on the market, it will be outdated and need a little makeover to bring it into the present.
So What Goes Where?
For starter homes, the focus should be on the kitchen or bathroom. These two rooms get the most use, have the most appliances, features, and function out of all the rooms in your house. Yes, the bedroom is where you sleep and go to get away, but it just needs to be large enough for all your personal items to be stored without clutter. Opting to upgrade your kitchen or bathroom will rake in 85% – 89% of what you initially spent.
In your forever home, though, you can do whatever you can afford. Combine your laundry and spare bathroom into a charming and functional en suite. Convert your garage into a home gym. Create a master bedroom suite with walk-in closets and a spa-level bathroom. They may not appeal to all buyers, but they’re most assuredly adding value to the house and your quality of life. Besides, you won’t need the same capitol later to purchase another home. If anything, from here you’ll probably downsize.
Both situations are perfectly suited for a landscaping update if things are starting to look a little shabby out front or back. Not only will you receive a full return on your investment, it will be a beautiful view to come home to each day.
One thing to bear in mind no matter when you plan to move; don’t make so many improvements that it prices your house out of the market. Granted, in a forever home by the time it gets there trends and times will change. But it is something to bear in mind. If you want to install a home theatre in your basement and a pool and a home gym, etc, etc and that’s par for the course in your area, have at thee, fiend! If not, maybe reconsider to something more practical. You can fix parts of your home as you’re able to make life all around better. Being mindful of your situation and using that as a guideline will help you focus your efforts in the best direction so you can reap the rewards in full.