Spending money on your home can be one of the best investments you will ever make. Putting money into your kitchen and bathroom upgrades has long been the ideology for adding the most value to your home. While this is a great general guideline, it fails to address other areas in the home in need of improvements.
A few considerations when making the decision to update should include: what is the average priced home in your neighborhood; is your home one of the largest or smallest on the street; what is your budget; how long do you intend to stay in the home. For example, you might not want to have solid granite counter tops installed in a starter home that you only plan to stay in until you find a larger one to suit your needs. An alternative might be a granite tile top- investing less money and increasing the probability of a larger return on the investment.
When deciding where to invest your money flooring can make the biggest visual impact. You may want to see what neighboring homes have used when updating for ideas of what materials to use and the price range of flooring you are willing to invest in. Chartreuse shag is an obvious material to update, but no rule says you have to replace carpet with carpet. Flooring professionals can be fabulous assets when sifting through the countless flooring options available. Don’t forget that flooring patterns are potentially as important as the material itself.
A couple of areas that may need attention, although sometimes overlooked, are hardware and lighting. Polished brass is a constant visual reminder of the home’s age. Selecting popular finishes such as brushed nickel and oil-rubbed bronze show appreciation for details. Energy efficient lighting, sensors, timers, and dimmers help to lower electricity bills. Lighting for specific activities or daylight conditions versus overall general lighting can also drastically reduce wasted wattage.
Built-ins such as fireplaces, cabinets, bookcases, shower rooms, etc. are other areas where upgrades can make a significant impact. My best suggestion for these areas is to focus on functionality while simultaneously addressing your personal taste. A tiled shower wall functions just as well as a glass divider but the wow factor of the glass is more memorable for buyers and might even make you feel more pampered in your own home. If privacy becomes an issue try a textured, etched, or frosted glass. This detailed approach to built-in renovations can be applied throughout the home to enhance it’s overall value.
Finally, regular maintenance is a great way to protect your financial investment. An elegant slate floor can quickly become a dusty mess without proper continual care. Ensure that all of your renovation budgets include any weekly, monthly, or annual allotments to maintain the integrity of materials and finishes. Even minor upkeep can sustain your home’s worth for years to come.