At Home Projects That Bring the Most Value to Your Property
With most of society being at home right now I wanted to talk about what at home projects can bring the most value back to your property. Below I have broken these projects into three categories; renovation projects,cosmetic changes and decluttering. All three of which you can do while in quarantine mode.
Renovation projects:
A renovation project can consist of anything from a master bath remodel to full kitchen gut job. Start the planning now! Planning the job of choice can actually be longer than the actual construction! You will want to start with what is your budget? From this number work backwards and allocate what money is spent where. This will also help you determine what materials you can and can not use for your renovation. Many people will start a remodel and think “ I don’t really have a budget”....lies! Everyone has a number in their mind that they “think” the project should or will cost..so start there! For example, if your number is $15,000 for a master bath renovation project, create a spreadsheet with this number at the top with sub categories on the side; material cost, labor, rough plumbing and finished plumbing fixtures. This strategy will help you stay on track with your designer and contractor throughout the project.
So the question now becomes how does a bath renovation or kitchen renovation bring me more money? Well they’re a couple different answers to this question. One is that everyone wants a turn key property. So when you go to either rent your home or sell that $15,000 you spent will actually turn into a $30,000 profit. Two, most people don’t want to deal with renovation projects. They either don’t have the time or the patience, which is why when you go to rent or sell you reap the benefits of the profit.
Cosmetic Changes:
Cosmetic changes include anything from repainting a bedroom to changing out your old kitchen sink to the barn style one you’ve always wanted! Cosmetic changes are one of the simplest items you can do to your home on a budget that still brings value back to your pocket. Consulting with a designer is always your best option since this is their field of expertise! Because cosmetic changes are “easy” many people try and venture out on their own by changing the paint color from a plain white wall to that happy yellow they always wanted. Issue here is while you may love the color yellow many potential renters or buyers do not. Always stick to neutral warm tones when bringing value back to your property. You want to pick finishes and color that will stand the test of time. This will also help you not have to re paint your home every year!
Decluttering:
Last but not least, declutter your property! With most people stuck at home this side project is one that many can accomplish on their own! If you need professional help they’re actually professional organization companies that can do it for you! First when I say I use the term “declutter” I don’t only mean the interior side of your property. I also am referring to your front and backyard areas! Make it fun for you and your kids by creating a friendly competition who can pull the most weeds from the yard the fastest! By cleaning up the exterior of your property this will help create a nice curb appeal which will bring money back to your bank account! Start getting bids now for repainting the outside of your home or re-landscaping your front yard! If you are feeling brave tackle these projects yourself! No matter if you choose to hire a professional or do it on your own these simple but effective projects bring a nice return on investment when it comes time to sell or rent!