Remodeling magazine reports the real test when investing in home improvements is choosing the right project. You will want to make sure your home improvement adds value to your home and nets the best return for your money. For instance, a major kitchen or bath remodel typically will not give you the return on investment as would new siding. A recent study reports that new siding recoups more than 92.8 percent of its cost.
Home improvements are essential, especially when you are attempting to maintain and increase your property’s value for resale purposes. However, rather than taking out a second mortgage or line of credit against your current mortgage, here are some tips for saving money when investing in improvements.
Choose to remodel things that will deliver the best return. Some projects are better choices than others. For instance, updating or replacing the garage door, investing in a manufactured stone veneer, adding a deck, or taking on a minor kitchen remodel are all better choices than some larger, more expensive projects such as a major kitchen remodel.
One top (and common) home update that pays off, is the minor bathroom remodel. Here are some tips to accomplish one for less. Get to know a handyman or re-caulk your tub yourself. If you can pipe icing on a cake, you’re qualified to caulk your tub– be sure to fill the tub afterward to make sure the caulk is stretched as it dries. Reglaze your old tub if it is too costly to replace it and take care of old wallpaper removing it, and damaged walls by adding a fresh coat of paint or spray-on texture. You can remove the doors of dated shower stalls or remove them to give the illusion of more space.
Consider your curb appeal. Landscaping adds a splash of color while adding to your home’s curb appeal. A unique focal point like a fountain or a walkway will also add major value to your property. Don’t overwhelm your door or front yard with greenery, but use mixed heights and colors of flowering
plants to add drama to your yard. For maximum effect, use a single color and keep the varying heights.
When your kitchen needs a minor cosmetic update versus a major floor plan change, by all means, do the minor remodel yourself, or hire a well-respected handyman to do the job. Some kitchen project ideas include: installing recessed lighting, resurfacing cabinets, and replacing the countertops. Your floors can be covered with vinyl over concrete floors and add decorator details like drapes and window molding.
Exterior improvements, including vinyl siding, updated front entry, or paint, will bring an average return at resale of 95.5 percent. Investing in projects like removing the old awnings from windows and doors will give your home an updated look. If you add a pergola and columns, you will be amazed at the dramatic makeover effect.
Staging and real estate brokers are great resources when you’re looking to enjoy home improvements for less. Small changes and updates can make a world of difference in this pursuit. For instance, you might want to change the outlet and light plate covers or paint your kitchen cabinets.
Have fun and enjoy your home updates even if you aren’t planning to sell!