If your home needs updates and you’re considering a renovation, it can be hard to know where to start! These questions will help provide a good starting point to an often-overwhelming question:
What is your budget?
This is not only a question of how much you can spend, but how much you should. As a starting point, consider the overall value of your home. According to Home Advisor, homeowners shouldn’t spend more than 10-15% of the home’s value on a single room, otherwise you likely won’t recoup your investment.
On average, renovations cost between $10-$60/square foot with kitchens and bathrooms costing the most. Other factors that determine overall cost are the age of your home, where in the country you live, and the materials you use.
Also, remember to approach all remodeling projects with the neighborhood in mind. Don’t outspend what the other homes nearby dictate.
What project comes first?
Prioritizing home projects is important because if things are not done in the correct order, you may have to undo your work! If you are working with a contractor and completing a major overhaul, they’ll be able to offer advice to avoid this type of costly mistake.
In general, put structural repairs at the top of the list when it comes to home improvement. Then focus of drywall, paint and other small carpentry projects. Flooring should be completed last!
When deciding which room to renovate first, focus first on structural repairs. Then, choose the room that will recoup remodeling costs and create equity! This typically means focusing your attention on the kitchen and bathrooms first.
According to HGTV, the home improvement likely to return the most at resale was a minor kitchen remodel (around $15,000), which returned 92.9%. Replacing the roof and windows were also high on the list, returning around 80% at resale. Adding an addition pays off most if you’re able to add a bedroom which often puts you into a different price bracket.
Most other rooms in the house can be updated with simple construction and paint!
Where to splurge? Where to save?
When considering where to spend money vs. where to save, consider how you live! If you love to cook, a top-of-line range might be where you put your dollars. Or, if you have busy children, splurge on sturdy porcelain tile instead of ceramic which isn’t nearly as durable.
Countertops and cabinets are a good place to spend a little more since they’re the cornerstone of the kitchen. Save money on backsplash, cabinet hardware, and light fixtures.
Finally, keeping the original footprint of the kitchen and avoiding big structural changes will help save money and are often just as appealing to buyers.