How to Fund Thoughtful Home Upgrades the Right Way
Thinking about selling your home and planning on moving, but haven’t made a definite decision yet? Even if you’re not yet sure whether you’ll stay or go, a good place to start is upgrading your home on a budget. If you choose to stay you’ll get to enjoy the renovations, but if you end up putting your house on the market, you’re one step ahead and you’ll be increasing your home value.
The Best Ways of Improving Resale Value
The smartest way to increase the value of your home is to remember that real estate is an investment. You don’t want to overspend and never get back what you put into it. For example, if all the homes on the block are one-story, adding a second story probably isn’t the best idea.
You want to make sure that you keep your home’s value within the price of the neighborhood. Having a gourmet kitchen in a modestly priced area wouldn’t make sense if it prices you out of the market.
Setting Your Home Upgrades Budget
Start with your budget. If you only want to spend $5,000 total, don’t decide to do an entire kitchen and bathroom remodel. Having a budget puts the project in perspective and keeps your spending under control. It’s fun to shop, but it’s also wise not to overspend. If you’re not sure how much renovating you want to do, start with a few smaller projects. You can always decide to do more later.
Once you’ve set your budget, make a list of possible projects that will make your home look more appealing within that budget. If you’re short on cash that’s OK, it’s amazing what you can do on a shoestring. Two important things to keep in mind are:
- Don’t over-extend yourself
- Don’t over-improve your home
Smart Funding Options
Once you’ve decided on your budget, there are ways to get extra cash if you need it. One of the simplest is to check out the latest 0% interest credit cards. These are much better deals than home improvement store financing.
If you’re thinking of downsizing, you might sell some items you don’t need anymore. For example, if you have an extra motorcycle or camper you don’t use, sell it for some fast home improvement cash.
When it comes to larger projects, you may need a home improvement loan. US News has an informative article on the Best Home Improvement Loans of 2018.
Fast and Fun Bang for Your Buck
One of the least expensive things to do is to improve the exterior of your home. Take a step back and look at the outside of your home. Make notes on what could be improved. Here are some inexpensive projects that make a big difference:
- Paint the exterior: Sometimes the entire outside needs a new coat of paint and other times just spiffing up the trim is all that’s necessary. If paint is a little to much, it is amazing what an exterior brick cleaning can do to amp up your curb appeal.
- Spruce up the porch: Get creative–this could mean a new roof or decking. By improving the entrance, the entire home looks more appealing.
- Introduce bright flowers: Who doesn’t love flowers? They make a visitor feel welcome with their cheerful colors. You can place them in pots on the porch, add flowering bushes against the house, and plant them along paths. Spring and summer are particularly good times to consider improving your landscaping designs.
A few of the more expensive projects are:
- Kitchen remodels can be expensive but follow these cost-saving tips to save money while you build equity. Painting the cabinets can transform the entire room. You can add stainless steel appliances, upgraded countertops and backsplashes to finish the look without breaking the bank.
- Bathroom remodels are similar to a kitchen renovation – it’s easy to overspend. Be on the lookout for deals at big box stores for cabinets and sinks. You can save hundreds of dollars on floor models with a slight ding. If your flooring is outdated, it’s worth having a new floor installed.
- Adding Manufactured Stone Veneer to about 1/3 of the front of your home will improve curb appeal and return most of your investment. And don’t think it’s the dated 1980’s stone – it’s definitely not. Affordable and easy to install, manufactured stone is a real winner.
Should You Stay or Should You Sell?
Once you’ve completed a few of your top home improvement projects, you might have a better idea whether you’d like to stay in your newly improved home, continue renovating, or start looking for a new home. If you’ve decided you’d like to sell and buy a new home, it might be fun to see what Pulte Homes can do for you.
Contributed to Your Home blog by Carol Youmans
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