We recently hosted an event for our clients at a local kitchen design business. We invited people to come and learn more about renovating kitchens and bathrooms. The goal was to provide helpful steps and tips they could implement if they wanted to make some value-adding home improvements. In this article, we want to share some of these ideas to help fellow homeowners make the most of their home renovations.
The Benefits of Home Improvements
There are several reasons why you might consider making certain repairs, upgrades or renovations to your house. It may make it a more enjoyable place to live, or improve daily functionality for you and your family. Another good reason is to help increase the value of the property. Some home improvements and upgrades essentially pay for themselves over time by increasing the home equity. Whether you are selling soon or any time in the future, you can often earn back what you spent (and then some) with strategic home improvements.
Budgeting for Home Improvements
It is very smart to go into any home improvement project with a detailed budget and plan. Know exactly what work you will be doing, how long it should take and how much it will costs for materials and labor. Make sure you secure the proper building permits or HOA approvals if they are necessary for a particular renovation. Some renovations can end up costing more than expected, so good planning can help you avoid a bad financial situation.
If you want to make home improvements and need a little financial assistance, consider a home equity line of credit (HELOC). You can tap into your own home equity to establish a credit line, or get an all-cash home equity loan. This can help you fund your renovation project and let you pay it back over time. Just be careful not to take out more than you need. You are essentially borrowing from yourself. The more equity you can keep in your property, the better.
Unless you have experience with home renovations, you will want to seek advice from professionals. Consult with a designer and work with a reputable contractor. Research inspirational ideas online and plan out as much as you can before you get started. It never hurts to interview multiple contractors and find one who not only fits your budget, but also instills you with confidence. Few things can be as frustrating as dealing with a bad contractor. They can turn event the simplest home improvement projects into a nightmare!
A Focused Approach
Before you start knocking down walls and tearing up flooring, you will want to create a focused design plan and project outline. Home renovations that generally provide the most added value in return are kitchens and bathrooms. These are the most used rooms in most houses. Renovating a kitchen or bath with an updated design, modern fixtures and energy-efficient appliances can really make a positive difference in any home. Other ideas might be converting an extra room into a home office or gym, or finishing a basement, as those are desirable features in today’s real estate market.
Which renovations to consider may also depend on if and when you are planning to sell your house in the near future. Some upgrades and improvements can be considered with potential future owners (buyers) in mind. Understand which features will add the most value and will make the home more appealing on the open market. If you are not planning a move any time soon, then the renovations may be more to your immediate benefit and that may change your priorities.
Managing Your Home Improvement Project
Again, it’s okay to seek professional help here if you aren’t confident about overseeing the project yourself. If you are taking the lead, you may want to start smaller with one manageable project before taking on a major renovation. This is where having a well-thought-out plan and detailed budget will make a significant difference. Look before you leap!
If you are a homeowner getting ready to sell in the Southeastern Pennsylvania or Northern Delaware areas, contact The Cyr Team today. Let us help you plan for your move and consider some of these strategic home improvements to boost the resale value of your property. If you are buying a home, we can also help provide guidance if you are thinking about making improvements to any house you are considering purchasing. These are important details to consider before you start making offers.