As the cold weather begins to break, now could be the perfect time to begin home renovations. The Appraisal Institute encourages homeowners to choose their renovations wisely to maximize potential return on investment.
Home renovations can be very costly and time consuming. Learning which improvements can maximize a potential return on investment, and if the improvements adhere to community norms, can help avoid starting projects that might not be worthwhile. It’s better to know these things before starting a project, rather than later.
Here are four tips to make home renovations easy and budget-friendly for homeowners:
- Home renovation projects can be expensive. Set a budget that allows the improvements to be accomplished without breaking the bank. Remember that things may not go perfectly, so allow additional funds for mishaps.
- Invest in newer systems for the home. It’s best to make sure that the mechanical parts of the property remain up to code, whether that’s central air, water systems or an energy-efficient product.
- When remodeling a kitchen, be sure that the appliances are a standard-enough size. If something happens to the kitchen appliances, owners want to make sure that the replacement can be accommodated.
- Consult with an appraiser to make sure that the best decisions are being made. While they can’t make guarantees, appraisers can use their expertise and experience to help homeowners make wise decisions about which improvement projects to take on.
According to Remodeling magazine’s most recent Cost vs. Value report, projects with the highest expected return on investment when selling a home are:
- manufactured stone veneer;
- garage door replacement;
- minor kitchen remodel;
- siding replacement;
- window replacement; and
- deck addition.
Homeowners can learn more about home improvements on the Appraisal Institute’s website.