An outdated home can have many drawbacks. For one, it may be less energy-efficient than newer homes, costing homeowners more monthly energy bills. Additionally, outdated homes may have fewer safety features than newer homes, which could lead to accidents or injuries. Finally, an outdated home may be worth less than an updated one, meaning homeowners may get less money when they sell.
A study by the National Association of Realtors found that homeowners who updated their kitchens saw a return on investment of up to 80%. So, if you’re considering updating your home, you need to develop a plan to make the most of your investment.
Create a Budget
The first step in any home update is to create a home renovation budget. Try to determine how much you can afford to spend on the project and stick to it. It’s also important to factor in the cost of materials, labor, and permits when creating your budget.
You might have to take it room by room. A kitchen remodel project usually costs around $30,000, according to HomeAdvisor. A bathroom remodel is generally around half that price.
While cutting corners to save money is tempting, this could cost you more in the long run. For example, if you try to do electrical work yourself and don’t do it correctly, you could start a fire. It’s always best to hire a professional regarding electrical work, plumbing, and roofing.
Get the Most Out of Your Investment
Once you’ve created your budget, it’s time to start planning your home updates. But before you begin any work, it’s essential to do your research to get the most out of your investment.
First, take a look at your neighborhood. Are most of the homes updated or outdated? If most of the houses are updated, consider updating your home so that it doesn’t stick out like a sore thumb. On the other hand, if most of the homes in your neighborhood are outdated, you may be able to get away with not updating your home.
It’s also important to consider how long you plan to stay in your home. If you’re planning on selling soon, you’ll want to make sure that you update your home accordingly. For example, if you’re planning on selling in the next five years, you should focus on updates that will improve your home’s curb appeal. These could include things like painting the exterior and landscaping.
On the other hand, if you’re planning on staying in your home for the long haul, you should focus on updates that will improve your quality of life. These could include things like adding a bathroom or finishing your basement.
Of course, you’ll also want to consider your style when planning your home update. After all, this is your home, and you should love how it looks. So, don’t be afraid to express yourself and get creative with your project.
Keep Up with Maintenance and Repairs
While you’re updating your home, it’s essential to keep up with maintenance and repairs. This is especially true if you plan on selling soon.
For example, let’s say you decide to paint your home’s exterior. But while you’re painting, you notice that your gutters are falling apart. If you don’t repair them, potential buyers may be turned off by your home.
It’s also essential to stay up-to-date on general home maintenance. This includes things like changing your furnace filter and regularly checking for leaks. The repair will help keep your home in good condition and also prevent expensive repairs down the road.
Don’t forget about safety, either. Please check your smoke and carbon monoxide detectors, and make sure your home’s fire extinguishers are up-to-date.
Move to a Better Home
Sometimes, the best way to get the most out of your investment is to move to a better home. If your current home is too small, outdated, or needs too many repairs, it might be time to start fresh.
If you’re considering moving, now is a great time to do it. According to Redfin, the median home sale price has increased by 7.5% over the past year. So, if you sell now, you could profit significantly from your home.
Of course, moving isn’t suitable for everyone. Updating your home might be the best option if you love your neighborhood and don’t want to leave. It will be necessary to find a real estate agent to help you determine whether selling or updating is the best option for you. They can help you find real estate properties that suit your needs.
While there are many things to consider before updating your home, it’s essential to do what’s best for you and your family. By planning and budgeting for your project, you can ensure that your home update will be a success.