Now that you’ve found a new home, the next step is to make a few renovations. This may not seem logical when you haven’t even had a chance to plant your first spring flowers and set up the backyard swing set. However, when you consider factors such as property value, curb appeal, energy efficiency and potential resale value should you decide to move to another home at some point in the future, making a handful of key renovations to your new home makes perfect sense.
Before you make any cosmetic improvements, check your home’s essential systems to determine if some upgrades could save you money down the road. This generally includes plumbing, heating, electrical and sewer systems. An independent home inspector can provide a detailed assessment to get you started with this process.
Attics and Basements
According to Real Estate.com, you can expect to recoup about 70 percent return on your investment by transforming unused spaces in your home like the attic and the basement. The more usable square footage you have in your home, the more valuable your property becomes over time. Attic and basement projects can include everything from a guest bedroom or in-home office to a media room or family play area.
Kitchens and Bathrooms
Whether it’s adding a fresh coat of paint or updating fixtures, anything you do to your kitchen and bathroom is going to add value and function to your home. If it’s possible, consider adding a half-bath (what used to be called a powder room) or updating fixtures to more energy efficient variations if increasing your home’s value is a top priority.
Boost Curb Appeal
The term “curb appeal” generally applies to any space outside of your home that’s part of your property. This should, at the very least, include general lawn care, some fresh mulch and maybe a nice flowerbed. More extensive outdoor improvements such as garden walkways, stamped concrete driveways and patios and cost-effective vinyl siding can also do wonders for your home’s curb appeal.
If your new home is an older home, odds are good that you’re lacking in storage space. While it may not be practical to build new closets, you can still get more storage by expanding existing closets or adding shelves. Don’t be afraid to get creative and use unused spaces like the top of your kitchen cabinets for storage.
Aside from the obvious benefits of installing a home security system, you may be able to earn a discount on your homeowner’s insurance. Even adding some security cameras and setting up a surveillance system via your mobile devices or PC can give you some much-needed peace of mind without stretching your budget too much.
Anything that’s not really essential to your home is considered a luxury. The purpose of luxury additions such as whirlpool tub, a high-tech dishwasher, a home theater system or a built-in wine rack is primarily to enhance the comfort of the homeowner. A word of caution: choose your luxury additions carefully. A closet system with rotating shelves can be very appealing to future home buyers. However, the high upkeep costs of an in-ground swimming pool or an elaborate security system with all the bells and whistles could negate the added value of such improvements.
Fortunately, most of these improvements you can make to your new home aren’t all that urgent, with the only exception being your indoor systems. For the other renovations, you can take your time, prioritize and do what fits into your budget. When considering home renovations, think about your current needs and anticipate your future needs and goals as much as possible.