Doing renovations whether it is on your own home or an investment property is a costly undertaking. Not every homeowner has an unlimited budget to fix everything they want all at once. Consider your options and decide what the priority is going to be.
Take some time and evaluate the property objectively, make a list of what repairs are needed. Now you need to triage that list to decide where you will spend most of your home improvement budget. Look at anything structural along with the roof, plumbing and electricity. Those need to be dealt with first, all other things you do to the property are largely cosmetic.
Where to Put Your Renovation Dollars
In most cases the bathroom or the kitchen are the best place to put your money, they offer the most return for the investment. If this is a property you’re going to sell any realtor will tell you “kitchens and bathrooms sell houses”. They don’t necessarily require the most work, have a look around and see what you can salvage and what will need to be replaced. You may not have to rip out all the cupboards when a new countertop will suffice.
Now have a look at the rest of your house to see which other areas need an upgrade, or would impress a potential buyer. Fresh paint is a quick and dirty way to improve the look of your home and if your budget doesn’t have room for a professional painting contractor then it’s a fairly easy project to do it yourself. Remember first impressions count for a lot when it comes to real estate.
Clean up your landscaping, you don’t have to break the bank doing it but you do need to make sure it looks good. If you don’t have the time or the know how to take care of it yourself then work with a landscape company to clean up the front yard. Don’t forget the backyard either, buyers will look there too. One of the best renovations you can do, and it’s really simple…get a new door. Doors have a 98% return on your investment, and it is far cheaper than gutting your kitchen.
Everybody loves hardwood floors, but not everybody loves the price. Laminate has gotten much better over the years and now you can get high quality laminate that looks exactly like high end hardwood. If you have your heart set on hardwood, do you need it in every room? Select where you will use it carefully and stretch your flooring dollars. Bear in mind that kitchens and bathrooms need tile or linoleum, because of the potential for water damage.
The only hard and fast rule of renovating is stick to the budget! Knowing the best places to spend your money is the easiest way to make that happen. Pick the areas that need the biggest portions of your budget. Save as much as you can on the areas that won’t affect the property value or affect you enjoying your home.