Performing long-term repairs on your home is often a costly prospect. Depending on the scope of the projects, it can be easy to question whether it’s worth the time and effort involved. Fortunately, there are ways to improve your chances of getting a solid return on your investment.
Keep Costs Down
The best way to save money is to not spend as much in the first place. One cost-cutting method is to do the work yourself—or at least, as much as you feel comfortable doing. While you should enlist the aid of a professional for jobs that require licensing (such as electrical work), you might be surprised at the amount of work you’re able to pull off on your own. You can also save money by repurposing existing materials, scouring the market for sales, and reselling any appliances that are being upgraded.
Look at Similar Houses
There are different sources you can turn to in order to find out what kind of home renovations will actually add value to your home. Look at real estate websites, such as Zillow, to find properties that share certain similarities with your own (square footage, location, year the house was built, et cetera). Find out how much the homes sold for and how recently, how long they sat on the market, and whether there were any recent updates. Your findings will help you determine which areas you should focus on in order to boost your home’s value.
Focus On the Kitchen
Most investors agree that the kitchen should be a priority when considering home improvement projects. Why? There are a couple of reasons. For one, the kitchen is often the first room that prospective buyers look at. It’s also considered the heart of the home in many ways, with families gathering there to prepare and bond over shared meals. Plus, because the kitchen contains many major appliances, it shows signs of wear and tear more easily than rooms that are mostly just walls and floors.
Before splurging on a full-scale renovation, consider which aspects are most in need of updates. Perhaps the cabinets are still in good shape and can be spruced up with a simple stain or paint job. If you do need to replace the appliances, make sure they match as closely as possible to boost eye appeal.
Above all, choose the projects that are likely to give you the most personal satisfaction. While you might be preparing the property for an eventual sale, you’re still living there in the meantime. Invest in the improvements that will make you proud to call the place home.
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