It’s a different feeling when you have a newly renovated or repaired part of your home. Somehow, it gives you a sense of accomplishment.
Aside from positive emotions, home projects can give you a better return of investment (ROI) on your home. It raises the value of your home in the real estate market, which can be beneficial should you choose to sell your home. On the other hand, even if you don’t sell your home, home projects can improve your own enjoyment of your living abode.
The key to using home projects as a tool to increase your home’s value is to choose the right ones to undertake. Not all projects can raise the value of your home. Others may even fail to give you a better ROI. Apart from this reason, home projects will cost you money. In fact, the State of Home Spending report released by Home Advisor revealed that homeowners spent an average of no more than $13,000 on home projects in 2020, even at the height of the current pandemic.
Are you ready to spend the same amount for your next home project? There are some ways to save money on creating a dream home, but it isn’t always necessarily cheap. It’s important to choose which parts of your home to spend on, especially if you want a decent ROI when you sell your home in the future.
Choosing the Right Home Project to Spend On
You must consider affordability, quality, and visual impact when choosing the right home projects to pursue. You can do this with the help of a home appraiser.
Do the math first. How are much you planning to spend? What is the cost of your estimation? Then ask an appraiser to estimate the cost of your house after a home project is done. If the major work isn’t going to raise your home’s value, stick to a smaller project.
Do some research, too. Check out the prices of homes in your area that have the same features your house has, including the new makeovers. Are they more costly compared to the total cost of your house? If the prices are still the same, maybe your project isn’t worth it.
To make it easier on your part, here is a guide on what home projects can be worth your money, considering they’ll give added value to your home.
Update your cabinets with soft-close hinges. Low-quality cabinets will look like high-end carpentry when you install them with this type of hinge. They keep cabinets from wearing down quickly. Plus, they prevent cabinet doors from being slammed, eliminating the accumulated cost of frequent door hardware repairs.
While you can get soft-close hinges cheap from a hardware store, they offer one of the best returns on your home. According to Home Advisor, you can expect an 80-100% ROI simply through upgrading your cabinets. And it doesn’t have to be just the cabinets in your kitchen. Cabinets in your laundry room, home office, living room, and even bedrooms can be upgraded.
If you have double-hung windows, replace them with insulated vinyl windows. They are energy-efficient and allow more light into any room. According to Home Advisor, upgrading windows can cost between is $300 and $2,100, but the average is $850. You can get a 70% return for this kind of project.
And while you can install new hinges on your cabinets, it’s better to hire professional window installers for this project. They can ensure that windows are properly installed, preventing leaks of any kind.
If you have granite or marble countertops in your kitchen, bathroom, or laundry room, it’s important to seal them to preserve their natural beauty. Sealing can also prevent stains and reduce scratches, especially in the kitchen. Sealed countertops are also easier to clean, boosting a room’s functionality and appearance.
Sealing countertops can cost you between $300 and $500. If you’re doubtful of this project, consider that you can get a 60-80% return for this kind of project, according to Home Advisor.
Replace Old Flooring
New flooring installations are the third most sought-after home project in 2020. It is often perceived as a costly project to pursue, which is not 100% true. It can cost you between $1,500 and $4,600 to update your old flooring, depending on the material you’ll choose. Hardwood, natural stone, porcelain, and ceramic flooring are typically the most expensive ones. Laminate, linoleum, vinyl, and carpet are more affordable.
Home projects are timely nowadays. It can make sheltering-in more comfortable. Just remember that you have to choose wisely what projects to do to get a better ROI for your home. Consider the projects here to help you get a good start.