Home Renovation 101: 3 Things You Should Consider

Tired of seeing the same old interior design for decades? Want to give your old house an extra oomph before you put it up for renting/sale? Moving companies can help you settle where your furniture and belongings will go, but after that, you can put on your creative caps to redesign your house. There are several advantages to renovating your home for your own use, namely your house will exude light and warmth, old, worn-out places will be refurbished and functional again and it will be a pleasant change for the whole family.

If you’re planning to move out or sell, renovating your house as the owner guarantees you a higher return, and as a tenant, it guarantees that you will receive your deposit back in full and maybe cut out a sum from your rent. You’d be surprised to know how much the value of your house can go up after some renovations and upgrades. Buyers/renters will immediately be willing to pay premium prices for newer-looking, modernized property compares to those that haven’t undergone remodeling in recent years.

The Costs

The cost of your renovation will depend on several factors starting from the nature and scale of your plans. Having a set budget helps you to plan the renovations accordingly, and prevent overspending, indecisiveness, and last-minute stresses. Some average prices of renovations that completely transform your house may be anywhere from $40,000 to $60,000. However, this doesn’t mean that you cannot rejuvenate your house effectively with a lower price point. These changes will be mostly cosmetic and external and therefore cost you less. If you are the type to be hesitant to replace older plumbing and structures, smaller-level changes might be the better options for you and also not cause you to break the bank! Renovating some aspects of your house such as floor plans, staircases, removing/building walls and electrical/plumbing systems may be the ones costing you a pretty penny, so knowing the alternative really helps. Most people choose temporary fixtures as a major element in their house to be renovated, and that is a very effective strategy to giving a new look at a lower cost to your house before putting it up for rent. It is best to consult your contractors for a comprehensive price plan prior to committing to any work around your house.

Related: Key Factors to consider when renting your First Home

Best Bang for Your Buck

Where’s the fun (and returns) in investing a pretty penny into renovations and that not having the least effect on the price of your house? Any person working in real estate will tell you of the recurring benefits of remodeling frequented structures like kitchens and bathrooms and modernizing places in the house that immediately catch the eye like landscapes and living rooms. Choosing a renovation project for your kitchen, for example, maybe more noticeable and bring you a higher profit in selling/renting out your house than some work done in the living area. Considering returns on investment also involves knowing whether you will carry on living in the house, thus choosing comfort in refurbishing fixtures, plumbing, and electricity routinely. If you are planning on selling the house in the near future, investing in aesthetic renovations like landscaping, installing permanent fixtures like newer staircases and walls may be the better option for increasing the worth of your house.

The Time It Will Take

Be ready to have your house be smack dab in the center of tools, machines, plasters, and workmen for weeks and sometimes even months based on the scale of your project. Making arrangements to live somewhere else in the interim is wise, since nobody wants to listen to heavy-duty drills poke holes in their walls and floors! A big part of strategizing when renovating is discussing the timeline of the project with your contractor. If you’re moving out of said home, consult a moving company to relocate your furniture far from the hullabaloo that will ensue in your house.