Making upgrades to your home is a good way to maximize your personal enjoyment now and set yourself up for financial success in the resell market later. However, every renovation project comes with a price tag and a timeline. If home renovation is on your mind this year, use this article as a guide to help you prioritize the right projects for best return on investment.
Choose Easy Home Upgrades for Quick Wins
Simplicity is key when it comes to affordable home improvements. The more involved a project, the more likely it will drag on, resulting in higher costs. Keeping your project simple can make the difference between a budget buster and a successful investment. Not sure what qualifies as easy? Consider two factors: how long will it take, and what will the end benefit be?
Minimum Effort, Maximum Impact
Making your home improvement projects affordable is equal part budget balancing and ROI forecasting. One of the best ways to get the most bang for your buck is to choose projects with a disproportionate return on investment.
Almost all minor remodels have better ROI than complete overhauls. A minor bathroom remodel can deliver a substantial ROI, typically returning 102% of what’s put in. Similarly, investments in landscaping return, on average, 100%. Minor kitchen remodels return an average of 98.5%. If you’re looking to add additional usable space in your home, converting an attic to an additional bedroom offers an average return 93.5%.
Make it Move-In Ready
Potential buyers are less and less interested in flipping homes or taking on a fixer upper and more interested in homes they can settle into quickly.
While making a home move-in ready may sound daunting, it doesn’t necessarily require a complete overhaul. For example, a fresh coat of paint, adding or replacing windows and updating appliances are all projects that can completely transform a space.
However, before you start making lists and researching professionals, it’s important to take a step back and look at the current economic climate. Keeping your home improvement projects affordable in 2022 requires a little more finesse than in years past.
Know the Home Remodel Landscape
Like most industries, the home improvement and remodeling sector has faced new and evolving challenges in the wake of the COVID-19 pandemic. Understanding how these challenges might impact your projects will help you keep your cool while avoiding snowballing expenses.
Expect Continuing Supply Chain Shortages
Today, the words “supply shortage” have become a regular part of our vocabularies. For many industries in the home improvement and renovation sector, supply shortages continue into 2022. While this shouldn’t stop you from planning and starting your home improvement projects, it’s important to know that some projects may take longer than others and longer than originally anticipated.
Plan Well With Flexibility
Keeping your projects affordable is all about remaining flexible. While you can be particular about what you want to accomplish, having flexibility when it comes to the timeline can save you big in the long run. Flexible timelines allow for shopping around and getting to know your professionals. It also provides wiggle room for unexpected project hiccups, supply delays, and the inevitable mid-project surprise.
Trust the Experts
As with any home improvement endeavor, you want to balance affordability with dependability. Find companies with proven expertise who are invested in your project. The help of experts can take a lot of pressure off your shoulders. If your list of projects includes window or door replacement, the experts at Pella are here to help.
Home Update Ideas For Increasing Resale Value
If you are undertaking renovations with an eye for putting your home up for sale in the next few years, the following improvements can provide some of the best bang for your buck while maximizing both your resale value and current enjoyment.
Window Updates for Your Home
Updating your home’s windows can make a major difference in curb appeal and energy efficiency. If your current windows are outdated or were poorly installed, swapping a few can be a budget-friendly way to attract future buyers while saving you money now.
Spa Bathroom Upgrades
As mentioned previously, minor remodels of bathroom spaces can provide incredible ROI. A current trend in bathroom renovations is creating a spa-like environment. This look can be easily achieved by adding skylights or replacing windows to admit more natural light. You can also incorporate houseplants, and diffused lighting fixtures or lighting with dimmer switches. Add some soothing, neutral-colored decor to bring it all together.
One easy home upgrade is to focus on making your home a little more “green.” Choose products with greater energy efficiency, and do business with companies that focus on sustainable practices. Many buyers are prioritizing sustainable features during their home search, so choosing upgrades that boost the energy efficiency of your living space can pay dividends on the resale market.
Consult With Window Experts for Your Home Improvement Needs
When your home update ideas include upgrading, replacing or installing new windows, the experts at Pella can help. Schedule a consultation today to get started renovating your home with affordable improvements.