How do you determine the most important spaces to remodel in your home that will maximize the return on your investment?
Maybe you’re thinking of remodeling your kitchen. Perhaps renovate your bathroom or the master’s bedroom. Or maybe you’re planning to put your house on the market in the spring. You want to spruce up your place but need to be wise with your cash.
Well, most home improvement projects will add some value to your home. Remodels sometimes have a tendency to develop their own inertia, as decisions lead to new dilemmas, unintended consequences, and surprising outcomes. In some cases, these flights of fancy are perfectly acceptable, provided the design and completed execution truly align with the vision and budget.
But if your budget is a concern and the wise investment of limited home improvement dollars matters, then there are a few basic guidelines you should familiarize yourself with before planning to remodel. Today we review four important spaces to remodel in your home.
Updating a tired old kitchen is one of the wisest methods. It is a tried-and-true one of increasing the value of your home. When planning a kitchen remodel, and making design decisions and selections for plumbing fixtures, appliances, cabinets, and countertop materials, you should determine whether you are prioritizing your own design aesthetic or the return on your investment.
Either priority is perfectly acceptable, but you should understand which is your priority, or strike a balance between the two that you can feel good about.
For example, using the existing kitchen layout and affordable cosmetic materials is a sure way to keep the cost of your kitchen remodel manageable. When you start tearing out walls, bumping out the exterior home footprint to gain a few feet, and moving plumbing fixtures and appliances, the cost of the remodel will jump and your dollars will be less efficiently spent.
Adding living space
A straightforward addition of a new living room space is typically a very good investment. Newly added square footage generally increases your home’s value. There are certain costs that will be associated with your addition regardless of the size. New square footage will require the demolition of existing exterior walls, a new foundation, a new roof, new exterior siding and probably new windows.
If you are going to incur these expenses, it’s important to get value for money. It’s important that the added room is sized so that space can be efficiently produced.
Updating a master bedroom or remodeling and adding a new master suite is money well spent. A beautiful master’s suite will provide an impression to anyone as living in their private space and it’s of quantitative value when they like what they see.
The master bedroom suite layout can be rejiggered to provide for a more spacious bath area, with a bigger shower and updated layout. Big showers are really “in” and many people forgo a tub in the master bedroom. The real estate folks say that as long as you have one tub somewhere in the house, that the no-shower master bath is a great way to go.
Personally, my favorite room in the house is the bathroom. Although all the bathrooms are important, a priority should be placed on the powder room and master bath, followed by a guest bathroom and any other secondary baths.
The same rules apply to a bathroom remodel as to the kitchen. Cosmetic changes are safer from an investment standpoint than modifications involving changed layouts or minor additions, which can result in inefficient expenses.
When it comes to finding room in your house for an extra bathroom, take a look at any extra rooms or underutilized spaces. Consider other spaces, such as closets or areas under the stairs, too. If you want a half-bath you need at least 18 square feet. If you want a full bath, including a stand-up shower, you need at least 30 square feet. If you want a bathtub, make sure you have at least 35 square feet to work with for a bathroom addition.
Moreover, the basic updates add the most value to your home.
- Keep the paint fresh
- Fix the roof when it leaks
- Replace wood that rots,
- Get rid of any mold that you find.
These types of chores keep your home from deteriorating over time. We all want a healthy, solid, safe home, and looking carefully for signs of routine maintenance is a great habit to make your home a well-cared one.
When it comes to remodeling your home, the decision is yours to make. Regardless of which projects you choose to do, it is important to make your budget and design decisions in an informed manner with a full understanding of the investment value of the money spent. This will ensure that you are happy with both the finished project and the longer-term implications of your choices.