Remodeling is stressful. Many homeowners prefer to sell their current, outdated residences and invest in new properties rather than undergo the expensive, ongoing home improvement process. Typically, homeowners who renovate receive a percentage of the remodeling costs upon resale, whereas individuals who jump from property to property without executing any upgrades don’t reap financial rewards.
Remodeling can be immensely rewarding, but preparation is the key to success. Use the following five tips to determine the best improvements for a home.
1. Make Lists
Create two separate lists for an upcoming home remodel – one for “dream” items unlikely within budget and one for reasonable additions to increase the value of a home. It’s best to plan big and then narrow down the most practical route, rather than playing it safe and regretting the moderate upgrades. Balance practical items, such as re-wiring or insulation, with aesthetic improvements, including new kitchen cabinets or flooring.
2. Set a Budget
Homeowners save up for years just to fund their dream remodels, and most surpass their initial spending caps. Always prepare for unforeseen circumstances, such as leaky water pipes or mold infestations requiring professional removal. These aren’t easy expenses to budget – the extent of even visible damage is still unknown until deconstruction begins. However, sticking to the original budget is the best way to avoid incurring huge debts during remodels. Don’t splurge on unnecessary amenities early because unavoidable incidentals could appear when least expected.
3. Get Inspired
source: Zillow Digs
Online design platforms are full of high-quality images, illustrating every category of interior design imaginable. At the same time, it’s important for homes to remain original. Take trends and spin them slightly so they become individualized. For instance, all-white kitchens are currently popular in the design industry. Instead of adhering to those strict guidelines, create a culinary space that combines stark white and another focal color, such as kelly green. Unless remodeling solely for resale, don’t invest in trendy features that may conflict with personal preferences.
4. Look at Other Homes
source: Zillow Digs
Find out which homes nearby have been recently renovated, and ask to take a tour. Most owners are proud of their upgrades and more than willing to showcase their modernized spaces. New construction for-sale listings in the neighborhood are likely outfitted with the latest materials and designs, especially those at higher price points.
5. Don’t Rush the Process
Redesigning a home is a highly-demanding project and mistakes cannot be easily remedied. Homeowners might feel they’ve settled on kitchen layouts or the perfect flooring, but it’s best to sleep on the idea. Review all other options before finalizing plans to reduce the chance of regret and reckless spending.
Sometimes, home improvements don’t succeed. Preparing adequately can help minimize the financial and emotional risks associated with rehabbing a home.
By Jennifer Riner of Zillow