Purchasing a new home comes with many twists, turns, and stress. From providing the necessary documentation to meeting home loan requirements, the process can leave you feeling haggard.
If you’re a new homeowner, congrats! You’ve navigated a crucial step in securing a better future for your family. That said, you may be wondering what’s next.
Many new homeowners have repairs and renovations they’d like to make. Yet, homeownership brings with it new financial constraints. Although one of the beacons of financial achievement, it can also leave owners feeling insecure.
As many as 25 percent of new homeowners report feeling less financially stable after making a home purchase. Fortunately, you don’t have to go broke fixing up a home. Or, molder away in one that doesn’t meet your family’s needs.
Keep reading for the best ways to add on to your house as a means of increasing your property’s value.
The Home Renovation Necessity
After the dust has settled on your home purchase, the next step is turning this property into a real home. Of course, what you’d like to do must fit within your current budget.
That’s why you need to carefully consider how to add on to your house while bringing more value to your investment.
After all, when it comes to what adds value to a home appraisal, not all home renovations are created equal.
Fifty-eight percent of homeowners report that they will “definitely or “probably” undergo a home renovation within the next year. But whether or not those renovations will add value to their house is another matter entirely.
Are you asking yourself questions like, “What’s my house worth?” Or, “How do I make the right decisions when it comes to home upgrades?” If so, stop stressing and keep reading.
Tips for Prioritizing Home Renovations
Before committing to home renovations, find out what top home prices look like in your neighborhood. Then, compare these figures to the current value of your home.
For example, if homes in your neighborhood sell for a maximum of $375,000 and your home is already valued at $350,000, a renovation project that exceeds $25,000 may result in lost investment.
With this financial guideline in mind, the two smartest places to begin renovations are the kitchen and the bathrooms. Why? Because potential buyers focus on these areas as do appraisers.
Fortunately, there are many affordable improvements that ramp up the price tag on your home.
For example, new backsplashes and granite countertops can significantly enhance your home’s appeal. So can bathroom vanity, fixture, and toilet upgrades.
Besides kitchen and bathroom improvements, go for curb appeal with landscaping. What’s more, plant trees and shrubs strategically to cut down on energy costs during the summer months. And swap out annuals for perennials to economize.
Add On to Your House Strategies that Work
When you add on to your house and make investments that are strategic, you’ll ramp up the value of your home. You’ll also make it more livable for your family. It’s a win-win.
Besides kitchen updates, bathroom upgrades, and improved landscaping, another area for improvement is floor plan modification.
Consider changing your floor plan if you need to up your square footage to accommodate the needs of your family. Or, if you wish to remedy a floor plan that feels choppy or closed off.
With the tips above, increase your home’s value. Then, focus on other ways to make your house a home. Browse our home decor blog now for the tips you need to create a cozy abode.