Regardless of what feels like Home to you, we’ve heard it said by numerous voices that your safe space is an extension of yourself; the same is true about your maintained space. There is something anthropological about cultivating spaces: it proves formative in our flourishing. Whether you’ve recently purchased a property and want to bring your vision to life or are ready to make minor changes to the Home you’ve lived in for years, Home improvement is well within your reach!
Wisely implemented projects add desirability to your space and serve as a manageable appreciation technique when done well. Tools at your disposal, like the Cost vs. Value Analysis Report, can offer helpful insight into the opportunity cost when choosing how to spend your budget. This website implements data specific to your area regarding the average cost of various renovation projects compared to their added value for resale. You’ll want to prioritize windows, kitchens, bathrooms, and major mechanical systems like HVAC, AC units, and water heaters. Not only are these the staple projects that transform a space, but they tend to add the most value in contrast with your investment.
Something must be said about the improvements you make for yourself. Although boosting property value is a large part of a renovation, your joy in the space is always the top priority. If you’re considering a project that would make you love your Home even more, the value of the investment is secondary. Bring in colors and patterns you love, but be wary of styles and additions that may effectively reduce your property value. If you’re debating a project and are unsure of its potential impact, get in touch with us! We can help you determine the most cost-effective way to execute your vision.
Before finalizing any renovations, calculate your budget. A good rule of thumb is to budget your yearly improvement costs around 1% of your property’s value. If you have already set aside funds for more extensive projects, you will begin following the 1% rule in the years following your renovation. Staying on top of things and actively looking for ways to maintain your property’s value will put you in a great position when you’re ready to refinance or sell.
If you’re considering improvements in excess of $1000, schedule a real estate review! We would love to work with you yearly to create your budget, connect you with the right people, and actualize your ideas. Inleit Properties has managed projects ranging from minor updates to complete flips for our clients. As professionals, we understand the importance of balancing value and lifestyle. We have learned from our mistakes, refined our list of contractors, and seen time and time again how small undertakings result in space transformation.