As your home ages, it’s only natural to want to make some updates or upgrades that will take your property into the present and beyond. Especially if you’re thinking about selling your home in the coming future, putting some money into your property now could prove to be a very wise financial investment. However, before you begin pouring money into your home, there are a few things you’re going to want to think about in order to ensure that you go about this the right way.
To help you with this, here are three things to consider before making updates or upgrades to your home.
The Best Return On Your Investment
If you’re making the decision to update or upgrade your home from a purely financial standpoint, the biggest thing you’ll want to consider is what projects will get you the best return on your investment.
In many situations, where you live will have a big impact on which renovations or improvements you should focus on. For example, if you live in a hot climate, installing sunscreens on your windows or putting in energy efficient appliances will make your property more appealing to buyers. With this in mind, Allegra Muzzillo and Lauren Phillips, contributors to Real Simple, recommend that you look at what costs you’re likely to recoup from your projects before you get started on them to know where you should focus your money for a big return on your investment.
Before you begin planning to make updates or upgrades to your home, you’ll also want to consider the timing of your projects and what your purpose for completing these renovations is.
According to Cathie Ericson, a contributor to Realtor.com, people usually update things in their home either to make their property more to their liking or to make their property more valuable when selling. If you’re thinking about the latter, you’ll want to be careful about how long you wait to sell your home once your project is finished. For things like landscaping or replacing your roof, you can wait quite a while to sell and still have a great outcome. But for things like painting or putting in new floors, you’ll want to sell your home quickly so you don’t hurt the integrity of the final product.
Taking on home updates and upgrades can take a lot of time and money. Knowing this, it’s wise to plan this inconvenience to take place during the right stage of your life.
To help you with this, Melina Gillies, a contributor to the Family Handyman, advises that you work backward from any event that you’re wanting to have your new home done for. Also, if you have kids, try to get the majority of the work done when they’ll be out of the house, be it for school or a trip.
If you’re wanting to do some renovations on your home, consider the information mentioned above before you get started on your updates or upgrades.