Your home represents one of the most costly investments you’ll make during your lifetime, so caring for your biggest asset is as important as managing other personal financial matters. Whenever possible, you want your investment to appreciate and gain value over the course of your ownership.
Major market corrections, like that which followed the financial crisis in 2008, are beyond your control, despite the negative impact felt on your appraisal. But barring unexpected economic peril, there are many things you can do to add value to your home.
As you contemplate home repairs and improvements, it makes sense to look ahead and identify your priorities. Will you be selling your home? Or do plan to keep it for many years? Are you making modifications to accommodate a change, like a new baby or in-law’s needs? Or is the project aimed at comfort and quality of life? Will you fund the work as you go? Or are outside resources needed to pay for supplies and services? Answers to these and other questions guide your best approach, quickly getting your project off the ground.
Even with a modest budget, it is possible to transform your home with DIY improvements and reasonably priced upgrades. Use these tips to stir-up creative ideas for projects that add value, functionality, and comfort to your home.
Affordable Upgrades Can Transform Your Home
Building an addition or conducting major renovations can be a costly undertaking. If you are in the market for a major overhaul, finance your home improvements using reasonably priced credit. To get the best possible rates, compare terms online, turning to payday loans or guarantor loans, if necessary. For drastic transformations, without substantial investment, use pay-as-you-go DIY projects to make a difference.
With so many things to care for indoors, we sometimes forget the importance of curb appeal. Especially if you are preparing to sell your home, spend time and money improving its exterior. After all, first impressions are made from the curbside. Creating inviting landscapes and exterior appeal are relatively inexpensive projects, provided you are comfortable contributing most of the labor. If you don’t have a green thumb or would prefer not to get your hands dirty, spend your money on lasting plantings, rather than seasonal, annual gardens.
Like outdoor work, painting pays big dividends for homeowners willing to roll up their sleeves and get involved. Painting provides a lot of bang for your buck, because it drastically changes the appearance of a room, without substantial investment. Even recoating walls with fresh layers of the existing color have dramatic impacts, creating an as-new feel in your home’s familiar spaces. Preparation is the key to success, so be sure to wash surfaces and scuff glossy paint before top coating.
If yours is like most homes, the kitchen serves as a central meeting place. Not surprisingly, it is also one of the first rooms to show wear and tear. Fortunately, studies show money spent remodeling a kitchen is among the easiest investments to recover. Whether it is new paint, wallpaper, or light fixtures, relatively inexpensive upgrades go a long way. Even when plumbing and appliances are slated for replacement, a kitchen overhaul is money well spent.
Homeowners committed to making the most of their square footage turn unused space into livable areas. Adding a legitimate room to the attic or basement increases your total bedroom count and adds resale value. Like other home improvement projects, poorly executed upgrades are better left undone, risking your home’s value with shoddy workmanship. Budget permitting, finishing a room is also a good time to add a second bathroom to your home, further enhancing its value.
As one of your most valuable assets, your home deserves to be cared for and protected like any other investment. And home repairs and improvements need not drain your family budget. On the contrary, well-executed upgrades can substantially increase the value of your home.