If you have just purchased a fixer-upper or have noticed that your home could use some upgrades, it isn’t a bad idea to renovate the kitchen or finish the basement. However, you want to make sure that you complete these upgrades within your budget. You also want to make sure that you are getting a good return on your investment.
Focus on the Kitchen and Bathroom
The kitchen and the bathroom are two of the most used spaces in a home. Therefore, spending your money on upgrading those parts of your home would be the best use of your money. A new shower may cut down on water usage while new appliances in the kitchen can cut down on energy usage. Heated floors in the bathroom can make it easier to get ready on a cold morning while new floors in the kitchen could be easier to clean.
Adding Living Space Can Increase the Value of Your Home
The best way to increase the value of your home is to increase the amount of living space inside the house. This may be done by finishing your basement or attic. It can also be done by putting an addition to the house that may be used as an office, extra bedroom or other valuable space. It is important to keep in mind that to list the extra square footage, it may be necessary to add escape routes or otherwise meet city codes.
A New Deck or Landscaping May Be Worth Your While
The improvements that you make to your home don’t need to be totally focused on the interior. Adding a deck or taking the time to add some curb appeal to your property can increase its value while making it a more pleasant place to be. New siding or a new roof can keep water at bay as well as reduce the odds of a pest infestation in your home. Removing dead trees or other sources of wood from your property may also reduce the odds of pests or animals migrating closer to your home.
How Can You Finance Your Renovations?
There are many options for property owners looking to finance their home renovation. One option may be to use a 203k rehab loan on top of an FHA mortgage. This may be most effective for first-time buyers who don’t necessarily have the money in their bank account to spend on home improvements. Other options may include loans from family members or a personal bank loan.
Updating your home can make it more valuable and more appealing on the open market. Focusing on upgrades that people want and need allows you to create a functional home that meets your needs today and the needs of buyers when it is time to sell.