Homeownership is one of life’s greatest joys and stresses. Your home is the most expensive thing you have ever owned, so much so that you plan on working to pay it off over the course of decades. Your home is where you keep the things most precious to you. Your home is the nest where your whole family comes to roost after their busy days. Your home is where your most passionate arguments are heard. Your home is where your deepest happiness is felt. Your home as you have built it will house your precious memories just as much as it houses your financial investment. So what are you doing to maintain and increase that investment?
Return on Investment (ROI) is a key measure of the value of any home renovation project. Undoubtedly, there are dozens of home improvement project ideas brewing in your mind. These desired alterations will tune your home to your vision for life within it. But not all add value to the property equally. In addition to the instinctive utilitarian and aesthetic values, your projects will add financial value to your home. Consider how much the project will cost financially compared to the financial value it will add to the property. Also, consider the mean value of homes in your neighborhood. If your home is currently valued at around $400,000 and the neighborhood average is around $425,000 then any major home improvement projects costing over $25,000 may not bring a meaningful return should you ever choose to sell the home. Let’s review what areas will give your home the best bang for your buck as you consider updates and remodels.
Kitchen improvements and renovations are where added value comes to life. Whether its something as small as replacing a microwave or as major as building on an island; your kitchen will give your home incredible added value. The highest value kitchens follow current design trends. Consider your surfaces, arrangement of space, appliances, flooring, and installations (sinks and other customizations). Which of these seem old or are difficult to maintain? Are your appliances mismatched, malfunctioning, or out of date? Could more energy efficient ones help reduce bills and effectively pay for themselves?
After kitchen updates, landscaping is one of the best ways to add value to your home. The front yard is the first impression your home makes when visited. Plan your landscaping carefully. The end design should be coherent and appropriate for the neighborhood. Make sure that the maintenance of the chosen plants and grass don’t exceed your budget. Look into the different varieties of grass and sod. Then, select the pairing that will grow best in your lawn. You don’t want to make a significant investment in updating your yard to only have to spend more money and time on maintaining it and keeping everything vibrant and green.
Does your home have any permanent installations, such as a treehouse, children’s play equipment, barbecue pit, or a pool? These extras can give your home an edge in value as unique offerings on the market. Out of all of these, the home in-ground pool offers the most value. This is especially true if you live somewhere with hot, potent summers. What should a pool cost? That depends heavily on the layout of the space it will occupy and the quality of its construction. Make sure to consult carefully with experts before breaking ground.
Your home is your sanctuary. When the world outside seems darker than ever, your home is a place that should abound in light and serenity. One of the ways you can promote that is by maintaining the value of your home and adding value to it. Put together some ideas. Work out meaningful budgets. Make the house you bought your home; unique, welcoming, and restful for all the family.