Is upgrading an old-looking kitchen with marble countertops worth it? What about digging up your backyard to put in a pool? Will installing a high-tech music system in your home improve its value?
If you intend to increase the value of your home, you might be asking these questions. But, the answer isn’t always a resounding yes.
It’s advisable to invest in projects that will enhance your home’s aesthetic value. For instance, an old wooden staircase with stairs with steel stringers can boost the value of your property.
1. Plan your property remodel
Whether you have lived in your current home for some time or you bought it recently, it’s wise to plan your renovation activities. Planned renovations work better than impulse renovation.
Create a list of all projects that can boost the property’s value, put these projects in different categories, and prioritise them. Now you have a home remodel plan. Talk to a property expert to determine the expected return those renovations might bring. Some improvement ideas might add more value to your home than others.
2. Handle one project at a time
Commit to one renovation project at a time. If you plan to repaint your home, handle one room at a time. That keeps the tasks small and manageable. Create a list of all the things you want to do and prioritise them based on your resources (time, necessary materials, and money) available.
3. Weigh your options
Are you torn between upgrading your home and selling it? First, determine the cost of acquiring a new home and the current value of your home. Estimate the cost of upgrading your home and compare an upgrade and sell options. If upgrade projects are too expensive, then, it’s wise to sell the property.
Simple renovation projects such as upgrading the kitchen, bathrooms, repainting the entire home, landscaping, and more, can pull up the value of your home. However, you must plan and handle each project at a time.