Every homeowner wants their property value as high as possible. Even if you aren’t thinking about selling, it is comforting to know you are sitting on a good amount of equity. Equity can be created by a significant down payment, the location of the property or by making upgrades and improvements. If you plan on owning your home for the foreseeable future, there are several updates you should consider that will not only add value but also increase your enjoyment of the property. Here are five tips to help plan and make the right home improvements.
Prioritize.There is always something you can do to your house. Just when you think everything is done, your washing machine will stop working or your dishwasher will give out. Instead of trying to tackle everything at once you should make a list of what you want to accomplish. Even if you do just one item a year you are still ahead of the game. With any work you do, you should think about the long-term ramifications. Don’t simply try to put a band-aid on an item that gets repeated usage. You will kick yourself that you didn’t do it right the first time. Before you do anything you should have a clear goal and plan of attack in place.
Budget.In a perfect world, you could make any improvements and updates without giving much thought to the price. In the real world, you have a mortgage and other bills you need to consider with any work you do. It is essential that you come up with a budget that works for you. Prior to making a budget you should research all the costs involved and see where you stand. You may need to save up to get the work you want done or downgrade your taste accordingly. The last thing you want to do is go into debt on a project that you aren’t in love with. Not knowing the costs beforehand will cause the budget to spiral out of control and leave you with a bill you regret for a long time.
Kitchens & Bathrooms.If you are on the fence as to where to start, your best bet are your kitchens and bathrooms. Without question the best repair bang for your buck is associated in these two rooms. In most houses, kitchens and bathrooms get the most foot traffic and usage. Upgrading these can be as simple as changing the light fixtures or as complex as knocking down walls. It is not a stretch to say that you can change the entire complexion of the property by upgrading these two rooms alone. Wholesale kitchen upgrades won’t come cheap but it will give your property value an instant, and long term, boost.
Big Ticket Items.There are times when you need to suck it up and look at big ticket property upgrades. These are the items that are essential to the property but don’t have the same appeal as a new kitchen or bathroom. However, they often have a significant impact on the value and appeal of the property. If you are like most homeowners you probably don’t give too much thought to your windows. They are just something you only think about when there is a problem. Depending on the number of windows the replacement cost can quickly add up but you will reap the long and short-term benefits. The same is the case when updating the roof or HVAC unit. These updates are boring but they keep your home functioning and do wonders to the value.
Minor Updates. You don’t need to spend thousands to increase the value of your home. Something as minor as painting the deck or adding shelves to the garage also has an impact. You should look to tackle one home improvement project every quarter. This can be as small as power washing the exterior or getting your furnace cleaned. The longer you let minor repairs and updates go the harder, and most costly, they become.
You shouldn’t rely on your market to add value to your home. There are several things you can do that have just as big of a bigger impact. Which home improvement project is next on your list?