There’s no doubt that renovating your home is a great idea—particularly if you plan to sell your property any time down the line.
The right home renovations can add value to your property, make it easier to market and sell and, most importantly, transform your house into a more comfortable, more beautiful haven for you, your loved ones and any future owners.
But if you want to enjoy all these benefits, any old renovation won’t do. You’ll need to choose your projects wisely—and strategically. How do you do that? Read on.
Choosing Your Home Renovations
Certain home renovations add more value to your home than others. Things like kitchen and bathroom remodels, bedroom additions, basement makeovers and outdoor landscaping or entertaining spaces are where the real money’s at.
Though these tend to be bigger, fairly costly projects, they can offer you a serious ROI as long as you:
- Do your research first – Talk to real estate agents in your area, and see what home features are hot with local buyers. Are they looking for pools or backyard decks? Do they prefer spacious master suites and top-of-the-line kitchen gear? Know what’s going to bring the most value before you start a project.
- Work with a professional designer and contractor – Unless you’re an experienced builder or interior designer, avoid DIYing your renovations. Bringing in a pro will give your project an edge, both value-wise and aesthetically.
- Take your time – Great home renovations take time—time to design, to find the right materials, to hire the right contractors and, finally, to complete the work. Make sure you have a decent-sized window for your projects—ideally a few months before you plan on listing your home.
As for paying for your home renovation projects, you have a few options: first, you can funnel away cash from your paychecks, save funds over a few months or years, and use those dollars toward your upgrades. It might take some time, but as long as you’re diligent about saving—and have a budget in mind—this option is totally doable for most homeowners.
If you’ve owned your home for quite a while, you could also leverage your equity and take out a HELOC (home equity line of credit) or apply for a cash-out refinance. Both would give you a quick infusion of cash that you can use toward your projects. Want help paying for your home renovations? Contact Embrace Home Loans to discuss your options today.