If you’ve been thinking about starting a new home renovation project, you likely already have a lot of great ideas in mind. Maybe you’re thinking about adding more space to your living room, finally finishing your basement remodel, or simply adding a fresh coat of paint throughout your home.
Regardless of how big or small your renovation ideas are, it’s also essential to consider the longer-term value these new changes can bring. This is especially the case if you’re considering selling your home soon.
As great as it can be to add some new life into your living spaces, you also want to ensure you get the proper return on your investment.
Ensuring You’re Getting the Right Returns on Your Investments
When you’re excited about making new improvements to your home, it can be difficult to limit the changes you make. Once you start making changes in one part of your house, it can be hard not to want to make as many changes as possible in other areas.
While you might have the best intentions, it’s important to remember that not all of the changes you make may help you get more functionality from your space. And when you’re looking at long-term value, while certain changes may be valuable to you, they often don’t have the same appeal to new home buyers.
To make sure you’re making more calculated decisions when starting a home renovation project, you’ll want to calculate your potential ROI (Return on Investment). This essentially means you’re calculating all the time and resources that go into the changes you’re making and comparing them against the total value increase they’re making on your home, specifically when it comes to the price you’d be able to list your property for on the market.
When doing some comparative research on properties in your area, you’ll often find that specific amenities may not be as valuable as you might think. So even though you may spend a certain amount of money on a significant home upgrade, in many cases, you may find that you’re not able to get a dollar-for-dollar return. This is why it’s essential to do some homework ahead of time before you start knocking down walls or redesigning various rooms.
Renewing Kitchen Spaces
If you’re wondering what types of home renovations are likely to give you a high return on your investment, a good place to start is your kitchen. A great-looking, functional kitchen is always high on a home buyer’s wishlist. Not only does nearly everyone use their kitchen every single day, but it’s often the center of your home, which means it can give off a great first impression when designed effectively.
To get started in this space, start thinking about some practical improvements you can make to the space within your budget. Even with a smaller budget, you can make some significant improvements, such as refinishing your cabinets, upgrading your storage shelves, or updating the countertops.
You should also consider upgrading any outdated appliances to newer models or changing out the kitchen tile and backsplash. All of these improvements can add a significant “wow” factor to your home and make the space more universal for a wide variety of homeowners.
Upgrading Your Bathrooms
If your bathroom looks outdated or has fixture issues, it can become a real eyesore not only for yourself but also for potential home buyers. The good news is that bathroom renovations can be a cost-effective and valuable project.
Similar to kitchens, bathrooms are regularly used by homeowners, and it’s important to keep them updated over time. Adding new wall decor, changing the color scheme, upgrading water fixtures, or installing additional storage are all great places to start when changing the look and feel of your bathrooms.
Another benefit of updating your fixtures, such as faucets, toilets, or showerheads, is that it gives you the opportunity to install more water-efficient models. This can help you see significant savings on your monthly utility bills and reduce your impact on the environment. These types of features can be highly sought after by new home buyers and add a lot more value to your home.
Maximizing Curb Appeal
While it may not always be on your list of top priorities,there is a wide range of improvements you can make outside of your home that not only help you to get more value out of your total yard space but can significantly improve your curb appeal. How your property looks—including your front yard, walkway, and backyard—can either attract or detract interest in your home.
Having great curb appeal helps to give visitors a positive first impression of your home. Even before they step through the front door, you have a lot of opportunity to add more form and function to your property.
For starters, planting a nice garden in the front of your house can let you express your creative side while giving your yard a clean, finished look. You could consider swapping out older siding and shutters, adding a fresh coat of paint, and making sure your lawn is neatly manicured.
Outside of these improvements, you could do a larger renovation project in your backyard, such as installing a gazebo or creating an outdoor kitchen space. These can add considerable value to your property, especially with home buyers who have families or are interested in outdoor entertaining.
Make Sure You’re Getting Full Value From Your Renovations
It can be really exciting when you’re thinking about renovating your home. The great thing is that there is a wide range of renovations you can do that not only look great, but can also improve the value of your home. By following the strategies discussed, you’ll make sure you’re able to add more form and function to your space while also seeing a positive return on your investments.
Author Information
Author Name: Michael Alladawi
Author Bio:
Michael Alladawi, CEO & Founder of Revive Real Estate, is a Southern California real estate veteran with a proven track record as a builder, investor, and respected home flipper. Michael created Revive Real Estate to share his industry knowledge and help homeowners maximize their profits when selling their homes. Michael’s passion for his work is as big as his desire to create lasting partnerships. For Michael, it all comes down to how much value one offers, both in business and life relationships.