Best and Worst Renovation InvestmentsNovember 5, 2011 // Posted in:
Last Updated on November 5, 2011
Many homeowners want to add value to their homes and aren’t sure of what makes for the best renovation investments. Whether you want to enjoy the renovations in the here and now or just get them done to make the house more marketable or valuable, you can invest in options that will benefit you. It’s important to consider what your budget is, what you want out of the renovation, and how sound of an investment it is sure to be for you now and in the future. Knowing which home renovations actually add appeal and value is the best way to maximize the value of your property.
Top Renovation Investments
One of the best renovation investments you can make is in updating flooring. Floors account for some of the largest and most visible square footage in a home, and are one of the first to be noticed, especially if they are in disrepair.
Hardwood floors make for a good sound investment as they add value to the home. Not only do you have plenty of choices with the type of wood that you use, but also the color and the texture. You should start by determining where in your home you want the hardwood floors to be as this can really help you to determine what makes for a good investment or not. Utilizing hardwood floors in a high traffic area of your home can always pay off. If you are going to invest in hardwood floors in a small or remote area, that may not be your wisest investment possible. There is no one typical cost for hardwood floor installation that works for everyone, as many factors affect the price, but it is definitely worth exploring, even if you only do one or two rooms for accent.
If perhaps the cost of hardwood floors is more than you can invest, then you may want to look at installing new carpeting. Carpeting is inexpensive and yet it can add a whole new depth to a room in need of some renovation. If you combine new carpeting and a fresh coat of paint you will get the illusion of a whole new room. This doesn’t cost much and therefore can work tremendously well as an investment. You can enjoy it while you live there and it will make your home far more marketable when it’s time to sell.
Another wise investment is to renovate a kitchen. This is where many families spend the bulk of their time and it therefore works out to be a centerpiece of the home. Adding new countertops, new cabinets, and even purchasing new appliances can really make your kitchen an amazing focal point! You may even find that the cost of hard wood floor installation is worth investing in for the kitchen directly as it offers a whole new look and makes for a lucrative investment.
Renovations That Just Don’t Pay
Many a homeowner has tried to renovate other areas of the home that don’t add up in the end.
For example, unless you plan on spending much time in your home then finishing a basement doesn’t often balance out in the end. There is a good chance that you will have to put up drywall, add flooring, paint, add carpeting, and fix anything that is out of place. By the time you try to turn this unlivable area into a true living space you have spent a lot of money—the bad news is that you often won’t recuperate that cost in a sale. This is something you do for your comfort and use, but not as a way to add value to the home.
Another unwise investment when it comes to home renovations is the bedroom. The reason for this is that people tend to make this a personal choice and add their own flair to it. Whether it’s creating a perfect living space for a child or trying to add their own finesse to their current bedroom, in the end the money spent doesn’t equal out to the money you will get out of it.
One other renovations expense you really have to weigh is bathroom renovation. Unless you are a plumber this type of renovation can be difficult. Not only that but the sort of things that you do to spruce up a bathroom often results in a full tear down and rebuild. Unless you have the money to do this and don’t mind losing out a bit in the end, then this never usually turns into a wise investment.
There are plenty of ways to add value to your home, but it’s important to be sure that you are focusing on the right ones. Go for neutral color choices and universal fixes or renovations that are sure to be appreciated by everyone. Think about what will add value to the home and get you the most out of your investment.