When done right, home renovations can increase the value of your home and change your lifestyle for the better.
As housing prices continue to increase, now is the perfect time to invest in your home’s infrastructure. But when upgrading your home, there are many things to consider.
1. Why You Should Renovate Your Home
If you feel reluctant on making upgrades, here are a few reasons you should forget the excuses and renovate your home.
You can make your home more enjoyable
The moment you set foot in your house, you should feel the ‘there’s no place like home’ bliss. That feeling will be difficult to attain if all you see is what needs fixing.
It can increase its resale value
Even if you don’t plan on selling your home in the future, you might do it someday so it’s always a good increase in its resale value.
It can lower costs
Modern homes are more energy-efficient. Materials are more durable, less toxic, and do a better job at insulating your household. Home automation and smart devices can smart can significantly lower your monthly Oncor Energy expenses.
It can improve your quality of life
An old household is more than just visually unappealing, it’s inefficient. With modern solutions, you will gain more functionality, saving you time and energy.
It can be fun
The process that so many people dread can actually be fun as you get to turn your dreams into reality essentially. It’s immensely satisfying to pick out exactly how you want your home to look and then watch it manifest right before your eyes.
Your home deserves a refreshment
There’s never going to be a time where your schedule and your finances are “perfect” for a home renovation project. But the longer you put it off, the more time passes and each house as its components have its lifespan. Remodeling will give it a fresh look and help it last longer.
2. Home Renovation Projects With The Best ROI
Not all home renovations are created equal. Turning your bathroom into a spa may sound appealing, but the cost may not pay for itself when it comes time to sell. However, something as simple as replacing gutters or fixing a leaky roof is more likely to increase a home’s value, despite not being as luxurious.
A minor bathroom remodel will provide you with an average return of 102%. All you have to do is update its look, for example, by replacing the showerhead with a rain shower that is more energy-efficient along with lighting that will make it brighter.
Curb appeal adds 10% to a home’s value and new landscaping can be all that it takes to make your home’s exterior beautiful. Landscaping brings an average return of 100%. It doesn’t have to be any extravagant as the simplest design will do if the “lines” are be trimmed and clean. It should look nice, but without making it seem a great deal of work has to be done to maintain it. If you can take it up a notch, adding a deck, patio or porch will add a lot of perceived value to a home with an average return of 90.3%. Besides increasing livable space, it can be the selling point.
A minor kitchen remodel will provide you with an average return of 98.5%. Kitchens sell houses and you don’t have to tear down walls to make a difference. Freshly painted cabinets or new hardware can entirely change the feel of the room.
If you want an entirely clean slate, major bathroom and kitchen remodels have an average return between 91% and 93.2%
One of the best ways to increase a home’s value is to increase the number of rooms. You can do it by converting your attic, bringing you an average return of 93.5%.
An upgrade can be as simple as replacing a door or a window as these energy-efficient upgrades result in an average return of 90%.
3. Home Renovation Tips and Mistakes
In order to enjoy the benefits after the renovation, you need the right upgrade and you need it to be done right.
The upgrade needs to be coherent with the overall style
Very often we see something in a magazine or on Pinterest, but it doesn’t complement the original architectural style. Additions don’t need to be in the same style, but they need to fit in.
Set a realistic budget
Renovations often end up costing us more than anticipated so make sure you build an extra 20% in your budget.
Do not sacrifice functionality
As pretty as a look might be, if it’s not functional, is it really worth it? It’s like buying a beautiful pair of shoes that are so uncomfortable that not only will they be excruciatingly painful to wear, but they will make it impossible for you to dance and enjoy the party. Trends are short-lived but good style lasts forever.
Skimping on quality
High-quality windows will make your home feel more comfortable and lower your utility bills as they will do a better job of maintaining indoor temperature. But you will lose these benefits if you go for a cheaper alternative.
Takeaway
The right upgrade will improve your living quality while simultaneously increasing your home’s resale value.