How to Invest in Your Own Home

Photo by Pixabay from Pexels

Investing in real estate doesn’t require buying new property. If you already own a home, improving it is one of the best long-term investments you can make. You can increase your home’s value and make life more comfortable for yourself at the same time.

Here are some of the best ways to invest in your own home:

Replace Old Flooring

Real or engineered hardwood flooring might seem costly up front, but it’s an excellent way to add value to your house. This counts especially if you are also removing carpet in the same step. Hardwood floors are durable, versatile and timeless and there are a variety of stains and finishes available to increase their longevity and keep them looking their best. Both real wood and engineered wood floors can go decades without maintenance, which saves you money in the long-term and adds a highly sought-after feature for potential homebuyers in the future.

Refresh Your Bathrooms

For bathroom remodels, a little can go a long way. Even just a fresh coat of paint or new light fixtures can make an enormous difference in the aesthetic and overall feel of a bathroom. For a bigger investment, replace dated fixtures and flooring. You can save money on utilities and help the environment by adding efficient features like low-flow toilets. If you’re handy, you can DIY most bathroom projects. You can invest your time and effort into making the upgrades yourself rather than paying a contractor.

Finish Your Unfinished Spaces

If you have an unfinished attic or basement, now might be the time to finish it. The great news is that you don’t have to decorate these spaces fully for the project to be an excellent investment. Adding insulation, flooring and finished drywall can be enough to make the space useful and therefore valuable. One thing to keep in mind with finishing basements and attic spaces is local building code requirements. There may be certain steps to take in order to count the square footage of the space as “livable” in a home appraisal or sale, so it’s a good idea to consult an expert to make sure you’re investing the right way.

Update Your Plumbing

New plumbing is always a good investment. Like electricity, the quality of your plumbing affects quality of life in almost every part of the house. Old pipes are prone to corrosion, which over time can affect drainage or even cause more serious issues like leaks. You can increase energy efficiency and home value if you opt to replace old pipes with new ones that are better insulated. While some plumbing projects are doable from a DIY standpoint, if you’re doing a full-home upgrade of the entire system, hire a professional to help. You want to make sure that everything is installed perfectly to make the most out of a potentially pricey upgrade.

These are just a few ways to invest in your home, but don’t forget that any minor changes add up. Start small if you don’t feel ready to take on an extensive project. You’ll be investing both time and money and see the benefits both in quality of life and in eventual home resale value.

Renovating a Home: How Much Will My Remodel Cost?

Many hopeful homebuyers seek to save money by buying a fixer-upper and doing most of the renovations themselves. This is a proven method for those who have a knack for home improvement and aren’t afraid to get their hands dirty.

However, estimating the cost of a remodel can be difficult. There are many costs you may not be aware of, and others that are easy to go over budget on.

In this article, we’re going to talk about the cost of an average remodel, and some lesser-known costs that you might be forgetting to factor into your budget.

Average remodeling costs

As you might guess, the cost of a remodel can vary greatly. Things like the size of the home, the number of rooms you’re remodeling, and the type of repairs you’ll be making all factor into the equation.

Some repairs can be quite costly. Septic system replacements can cost several thousands of dollars depending on the type of system you need. And, if you’re buying an old home, you’ll need to look out for expensive fixes like asbestos removal and foundation damage.

According to one report, most Americans spent between $17,000 and $61,000 on their remodel, with the average renovation cost being around $37,000.

If you’re hiring a contractor for the bulk of your remodel, expect them to charge between 10% and 15% of the total cost.

Lesser known costs of a home renovation

Remodeling a home isn’t as simple as looking up a contractor and telling them to give you the bill once it’s finished, and that’s probably a good thing because odds are you would be shocked by the cost.

First, you’ll pay a contractor to do a walkthrough and estimate costs. Next, you’ll need to get any permits that are required for your renovations.

If you plan on doing the renovations yourself, there are a few costs you’ll need to consider. First, understand that you likely won’t be able to take advantage of all of the discounts that contractors can, meaning your building materials may be more expensive than expected. Similarly, the cost of tools for the project adds up quickly. And, when you make mistakes–we all do, we’re only human–you’ll be paying for it out of pocket.

Knowing your long term goals

An important consideration for a remodel is to look toward the future. Do you want to sell your home within the next few years? If so, you might consider going with less expensive materials–such as generic kitchen cabinets rather than custom-built–to save money while still increasing the value of the home.

However, if you plan on being in this home for decades or more, it may be worth the extra money now to make sure you are happy with your home for years to come.

Remodeling a home can be a memorable and rewarding endeavor. You get the chance to take a house that you see potential in and make it truly your own. Now that you know the costs, you’ll be better prepared for planning your home renovation.

Top reasons for home renovations before you sell

Two individuals and a dog

Before listing a home on the real estate market, you may be considering making renovations. Home renovations can be
costly and depending on the home upgrade being done, can be time-consuming. 

With these things in mind, you may be wondering if pursuing a home upgrade before selling your property is worth the
extra work. 

Increase property value 

Both interior and exterior home upgrades can increase the value of your property. For example, let’s say you decide
to replace your garage door –  it’s estimated, this replacement cost can be recouped over 106 percent once the
home is sold. Not only do you recover the cost of the project, you also gain money in return. 

Working with a real estate professional can help you decide if home improvements are worth your time and money. Some
markets may offer the opportunity for great profit from upgrades, while others not so much. 

Attract more potential homebuyers

Home upgrades polish up and beautify your property, which in turn can make it more attractive to potential
homebuyers. 

Exterior upgrades to your property can help to boost your home’s curb appeal. For example, on average, it costs $300
to 3,000 to upgrade a concrete driveway. This single upgrade can increase your properties value anywhere from 5 to
10 percent, which in turn makes you quite a profit. 

Starting home improvement projects requires a deal of research and work, so take your time along the way. Working
with a real estate professional can help you decide if your project is worth it and where to get started.