Home renovations can be a great way to add value to your property and make your house feel like new again. However, it’s important to be strategic about your redesigns in order to maximize your return on investment (ROI). Whether you’re planning a complete overhaul or just a few cosmetic changes, here are six tips to keep in mind to get the most value for your money.
1. Prioritize the Most Important Changes First
Start by making a list of all the improvements you’d like to make, then rank them in order of importance. It’s likely that you won’t be able to tackle everything at once, so you’ll need to prioritize the most essential changes first. For example, if your roof is in bad shape, that should take precedence over cosmetic updates like painting or new flooring. Not only will addressing major issues make your home more livable, but it will also make it more appealing to potential buyers down the line.
2. Don’t Over-Improve Based on Your Neighborhood
When deciding which renovations to make, it’s important to be aware of the value of your home in relation to others in the area. Making upgrades that are out of line with the rest of the neighborhood can devalue your property and make it harder to sell in the future. For example, if you live in a modest bungalow, adding a luxurious master suite might not make sense from an ROI perspective. Stick to more moderate improvements that will fit in with the rest of the homes on your block. If you’re planning to sell your home in the near future, it’s also worth considering which updates will be most appealing to buyers in your area.
3. Seal Surfaces That Need It
One of the best ways to protect your investment and keep your home looking its best is to seal any surfaces susceptible to wear and tear. This includes things like countertops, floors, and even driveways. By sealing these surfaces, you’ll be able to extend their lifespan and avoid having to replace them prematurely. In fact, your driveway can last for more than 20 years with the proper care and sealant.
Sealing your surfaces is a relatively easy and low-cost way to protect your home, so it’s definitely worth doing if you’re planning any renovations. If you’re not sure how to seal a particular surface, there are plenty of DIY guides and videos available online.
4. Invest in Security Measures
In today’s world, security is more important than ever. If you’re planning any major home renovations, be sure to include some additional security measures in your budget. This might mean adding a security system, installing new locks, or even upgrading your front door. While this may seem like a small step, according to Remodeling Magazine, the return on investment for replacing your entry door is about 74.9%. So, if you’re looking for ways to maximize your ROI, this is one area to focus on.
5. Don’t Skimp on Quality
When it comes to home renovations, it’s important to use high-quality materials that will stand the test of time. Not only will this save you money in the long run, but it will also make your home more attractive to potential buyers. If you’re not sure where to start, consult with a professional contractor or designer who can help you choose the best materials for your needs. Remember, while about 85% of consumers regret their purchase, citing costs, fear, intimidation, and distrust, having a professional on your side can help alleviate some of these concerns.
6. Don’t Forget the Curb Appeal
While curb appeal may not be the first thing that comes to mind when you think of home renovations, it can actually be a very important factor in boosting your property value. First impressions matter and potential buyers will likely make up their minds about your home before they even step inside. Simple updates like painting the front door, power washing the siding, or planting some new flowers can go a long way in making your home more inviting.
There are several factors to consider when planning home renovations. By keeping these tips in mind, you can maximize your ROI and make sure that your home is appealing to both you and potential buyers.
