Millennials spend an average of $26,000 on upgrading their homes. While changing your home’s interior can be a great way to spruce up your living space, sometimes you want to go bigger, such as by remodeling your house. But is remodeling your home worth it? Here’s what you need to know about renovations and how to make the most money from them.
There are benefits to remodeling your home. A big one is increasing your creature comforts. There’s no doubt that renovating your home will make it much more comfortable and suited to your personal style. For instance, if you update your bathroom you could create your own in-home spa. If you break down walls to make your kitchen bigger, it can become a beautiful place to prepare healthy meals with your best friends. Increased sense of comfort is essential when remodeling. This is especially the case if you’re building the home of your dreams because your renovations are really an investment in your lifestyle. But will they be a good enough investment to boost your property value?
Smaller Renovations Are Better.
You can increase your property value by making renovations, but some renovations will make more of a difference than others. It’s interesting to note that focusing on details in a room can give you more value than making larger changes to them, according to a study that spanned 30 years by US magazine, Remodeling. The added benefit of making smaller changes is that you can finance them easily by taking out a personal loan. This can be a great option if your renovations will be up to $35,000 and you can pay off the loan within five years. You’ll get the loan money within a week, but make sure you shop around for personal loan rates. Examples of smaller renovations that make a world of difference would be painting the exterior and interior of your home, updating your radiator to be more modern, and changing the carpets to beautiful tile floors.
Target These Two Rooms.
The renovations that make the most value to your home involve the kitchen and bathroom. That’s because people spend a lot of time in these rooms and potential buyers want to see that they’re well-maintained. Some changes you can make include replacing faucets and cabinets, repainting the walls, updating the lighting fixtures, and upgrading your kitchen appliances. Buyers want energy-efficient homes, and part of this involves making sure your appliances are eco-friendly.
What About Renovating An Older Home?
If you’ve bought a home that’s old and needs some work, renovations are essential to keeping it looking good. For instance, it might need a lick of paint or its floors changed into something more modern. But making renovations to update an old house is also a great opportunity to change its whole look and feel by adjusting its space.
Old homes tend to have a strange use of space – think narrow, long hallways or rooms. By creating more space, you can make your home more functional. The bonus is that adding more space to your home can boost your home value. According to the National Association of Realtors, every 1,000 square feet that you add to your house increases its sale price by 30 percent or more.
Making renovations to your home is exciting and can help you build the home you’ve always wanted. It can also be a great way to boost your property value and give you high returns if you want to sell your home in future.