Renovating your house can make it work better for your family and increase its resale value. If you have a long wish list, you’ll have to prioritize. Here are some tips to help you decide how to spend your money.
Focus on Changes That Will Improve Your Quality of Life
Think about your family’s needs and pain points. Maybe you have young kids, and it’s hard to keep an eye on them when you’re in the kitchen and they’re playing in the living room. In that case, you might want to have a contractor remove one or more walls and create an open floor plan.
Finishing your basement can give you additional living space and make your house more comfortable and functional. You might want to turn your basement into a family room, a bedroom for one of your kids, a guest room or a home gym.
During the pandemic, many people began working from home and had to improvise because they didn’t have an extra room to use as an office. If you still work remotely but don’t have a dedicated home office, you can build an addition or convert an existing space.
If you’d like to spend more time outside, you can add a patio or deck or upgrade an outdoor space you already have. For instance, you might want to cover your deck or patio with a roof or awning or install a fire pit. Be realistic about how much you would utilize an outdoor living area so you don’t waste money.
Consider Upfront and Ongoing Costs
Request estimates from a few local contractors, but be prepared to pay significantly more. Workers often discover unforeseen problems, such as mold or building code violations, after they start a project.
Some home upgrades will increase your expenses in the future. If you build an addition or turn your unfinished basement into a living area, you’ll use more electricity, heat, and air conditioning, and your utility bills will rise. A new deck or patio will require routine maintenance and occasional repairs. A project that increases your property’s value can also make your taxes and homeowners insurance premiums go up.
Think About Resale Value
You’ll probably sell your house eventually. Changes that you make now can affect the price you’ll get in the future.
An open floor plan, a finished basement and an attractive outdoor living area appeal to buyers. Those sorts of upgrades will most likely have a high return on investment. Other changes, such as installing a pool or creating a home theater, could make it harder to sell your house. Many buyers don’t want the maintenance and insurance costs associated with a pool, and a room designed for a specific purpose can be a turnoff for buyers who don’t have the same need or interest.
