When you have a list of home renovation projects a mile long, but a bank account that won’t accommodate that lengthy list, where should you put your money?
It’s important to keep two things in mind when making renovation decisions: What will add the most value to YOUR life, and what will add the most value to a future home buyer’s decision? It’s hard to quantify the value that a project will add to your own life, but we have a good idea on the projects that matter the most to most people. Find a happy marriage of the two factors, and you’ll make the best decisions on where to spend your money.
First things first, if you have any maintenance issues in your home — a leaky roof, a damp basement, etc. — these fixes need to be prioritized above everything else. Small issues can turn into huge issues over time, and staying on top of maintenance will make your home livable and functional for you. If you’re planning to sell your home, it won’t matter how fancy your kitchen is if potential home buyers see the dollar signs involved in fixing a leaky roof.
Curb appeal matters. It makes a difference on how you feel when you come home, and it makes a huge difference on whether or not a potential home buyer will even step inside your house to consider it.
Take a look at your landscaping. Can you improve it anywhere? Even fresh mulch and new plants can make a huge difference. An updated garage door can yield 98.3% in recouped costs and manufactured stone veneer can yield 97%.
A new door, or a freshly painted door, is an easy project that increases your home’s value and curb appeal.
The kitchen is the heart of the home, and its beauty and functionality is critical to your enjoyment of the space. It’s also one of the most valued rooms for potential home buyers. The good news is that you don’t have to do a major kitchen update to get the most out of your money. A minor kitchen upgrade (think: refreshing cabinets, adding a backsplash, upgrading countertops, etc.) can yield 81% in recouped costs while a major kitchen remodel sits lower, at 59%.
Well-done bathroom remodels allow you to relax and enjoy your space. Beautiful, functional bathrooms are also highly valued by home buyers. Like the kitchen, you don’t have to do a complete overhaul to reap benefits. Minor projects, like replacing mirrors and fixtures, replacing the toilet, and re-grouting tile, can immediately enhance the space.
New paint instantly revitalizes a space, making it feel more open, clean, new, and inviting. Choose colors that you love if you plan to stay for a while. If a move is in your possible future, choose neutral colors that appeal to a wide variety of people.