Renovating your home can often be a stressful journey, but can be made significantly easier if you have just a few things to focus on. Whether you’re renovating for the first time or the fifth, there are always decisions, unknowns, and financial considerations that need to be addressed to ensure you’re getting the most value back from your investment.
Depending on what renovations you complete, the cost can vary. While some upgrades can be expensive, remember that these changes will increase the overall value of your home and are positive investments. Since you’re already a homeowner with a mortgage amongst many other expenses, you may want to consider tapping into your home’s equity to help finance your remodel. Taking out this type of loan allows you to borrow against the equity you’ve built up in your home and use it for your benefit, whichever way you choose! Home equity loans always have a fixed interest rate, so you won’t have to worry about payments increasing on you out of nowhere.
If you decide to use the money toward home improvement projects, luckily you’re able to deduct interest from your total loan payment, further proving the benefit taking this route has on your home’s value and pocket. If you don’t have a ton of extra funds lying around for a home remodel, consider setting a budget for your project so you can avoid pulling money from your savings. If this sounds like your case, planning your funds and spending may be the saving grace to completing your home projects without overspending.
If you’re approaching the point where you want to invest more into your property, here are five different options for renovations that will boost your home’s value.
Adding a Walk-In Closet
Walk-in closets are becoming all the rage and many homeowners are starting to add them into their homes. This is one thing that people love to see in homes and comes across as a huge asset. The benefits of walk-in closets are simple. You’re able to maximize your space without a messy, extensive renovation, and it allows for “hidden storage,” so you can keep your items out of sight. It’s the perfect expansion that you can customize to your preferences with fun paint, a makeup vanity, or a cozy seating area. Renovating a walk-in closet is a simple, cost-effective way to add tons of space and storage that keeps your valuable items safe and private. It’s a great solution if you’re not looking to expand your home with an addition, but are in need of more storage and want a luxurious space in your bedroom to store all of your belongings.
Your closet should have a place for everything, which is why walk-in closets often have built-in organizers for clothing, shoes, and jewelry. It’s also common, if your space is big enough, to add an island in your closet for accessories and purses, giving your home closet the feel of shopping in a high-end store. One super important step you shouldn’t skip before beautifying your closet is to get rid of things you no longer use. Check out this list of 60 things you should get rid of now, so that your closet space is freed up and ready to be renovated. This goes for the rest of your house as well. Wherever you decide to renovate, be sure to first spend time decluttering that space. By getting rid of things you no longer use, you’re freeing up room to add organized spaces for more of what you love.
Updating an Outdated Bathroom
Another popular update sweeping homeowners is to get rid of your old, stand-alone sink and counter, and turn it into a double sink and vanity mirror that spans the wall. This is a big incentive for buyers who cherish their time getting ready for the day. The bathroom is a sacred space that deserves to be clean, open, and inviting. Many homeowners opt for granite, cultured marble, quartz, composite, or corian for a fresh look and easy maintenance of their countertops. Adding a backsplash behind the sinks can also bring a pop of color and texture to your space. A double sink and vanity is an ideal addition for couples, families, and even single individuals because it makes the bathroom space feel royal and serene with its size and splendor.
To pair nicely with your double sink vanity, consider adding a rain shower head to your shower space. They typically hang directly overhead and simulate the sensation of being washed away by the rain. There are other non-conventional shower heads that can be installed on the sides of the shower wall, and pour over like a fountain. With additions like these, it adds a sense of luxury to your home and bathroom. To pair well with your deluxe shower heads, you’ll want to install glass doors to add another aspect increasing the size and feel of your bathroom.
Expanding Your Kitchen
Opening up and expanding your kitchen can increase the value of your home. Open floor plans are a popular concept, and for good reason. It makes your home feel and look more spacious, allows you and your guests to move around freely, and converse while being in different spaces. To accomplish this in your home, you may need to knock down a wall or two to allow your rooms to flow together seamlessly.
Islands are also a hot commodity in kitchens, and really tie the space together, which is why they’ve been consistently popular in recent years. You can choose between installing a permanent island, which is great if your floor plan includes your island in the concept, to provide space and feng shui. If you’re looking for a not-so-permanent location for your island, consider a portable one.
This way, you can shift it around to where it best serves purpose in your home. If you’re having guests over, maybe move the island to the dining room and use it as a bar cart. If you’re preparing an extravagant dinner, you may decide to utilize its extra counter space near you in the kitchen. The options are endless, and it’s up to you to decide which island style is right for your space. Regardless of the style, an island in your kitchen is one renovation that you shouldn’t glance over.
Another common option for adding space and opening up your kitchen is to add large windows or french doors that open up to your deck or backyard. The addition of windows allows light and fresh air to come in, making your home feel more spacious and open without diving into an extensive renovation. French doors can add a classic and elegant feel to your home, giving your house that countryside feel with easy access to the outdoors to let nature flow in.
Building a Deck
Adding a deck to your home is something that will draw in buyers, and is considered a huge win when the home already has a deck. Installing a deck can be time-consuming and costly, which is why homeowners often find themselves putting it off to the point that it never gets done. This is why when homes come with a deck already, it’s a big proponent to that property’s value.
Depending on the style of your home, whether or not it has multiple floors, or is a unique style like a raised ranch, you have a few types of decks to consider choosing from. Many people opt for the most common raised deck, typically allowing you to walk out of your home right onto it. An extensive deck renovation can include knocking out a portion of a wall and installing a door leading out to your new raised deck with steps leading down into the backyard.
Alternatively, if your backdoor leads right out onto your yard, you can put in a ground-level deck or patio. You may not see the upside to this, but having a ground-level deck can transform your backyard, and is perfect for relaxing and hosting guests. Having a simple, outdoor deck can add great value to your home, and is cheaper than the supplies and installation costs of a raised deck.
Sprucing Up Curb Appeal
The exterior of your home is one of the first things that people see as they approach your house, so it often prepares guests for what they’re about to experience on the inside. You want to be sure the exterior of your home looks clean, up-to-date, and blemish-free. To achieve this prime, there are a few things you should do such as investing in landscaping, tending to your lawn and shrubbery, and modernizing your walkways and yard space with solid structures.
Landscaping is extremely important to the overall look of your property’s exterior. As we mentioned, you want the outside of your home to reflect the beauty inside. Don’t skimp out on your home’s landscaping, as it gives your property that put-together feel. Invest in bushes, shrubbery, trees, and flower beds to spruce up your outdoor area.
Maintenance of your landscaping is equally as important as having it in the first place. Be sure to keep up with your lawn so it doesn’t overgrow, and weed your plants regularly to keep them looking fresh. In addition to the natural side of your exterior, hardscaping such as driveways, walkways, carports, and decorative stones give your property that extra push. Most popularly, we see homeowners put their money towards stone retention walls, stone walkways, firepits, and gazebos. Retention walls serve to prevent runoff that would stunt garden growth, however, the modernization of this wall by using stone can actually turn this wall into an attraction rather than being solely functional.
Again, the more put-together your home appears on the outside, the more prospective buyers you’re going to end up bringing in. Renovating your home can feel a bit overwhelming as it’s often paired with figuring out how much you can actually afford to put into your property. Deciding where you want to spend your money, and which parts of your home you can update to bring your home the most value possible are your main obstacles in the home renovation process.
With so much to consider and the daily chaos that can be involved depending on the stage of life you’re in, getting around to making these renovations can seem impossible. Having a checklist that you can follow will help you keep track of which plans are in motion first, and what you need to prepare for the next project.