A home is probably going to be the biggest investment you make in your lifetime and many homeowners rightfully spend a majority of their lives making sure that investment stays valuated at a higher price than they paid for it (or currently owe on it). But helping a home maintain value means more than just paying your mortgage each month—it’s also about putting money into it, to make it better than it previously was. Because of this, it only makes sense that home remodeling is one of the biggest ways to add value to your home.
But simply making changes isn’t going to be enough to tack on a few dollars to the value of your home—you’re going to need to carefully consider the changes you’re making and what the true value of those changes are. Take a look at a few of the variables to consider before you get started on home remodeling in Tupelo, MS and how considering these factors can truly play into capitalizing on your choice to putt money back into your home:
- Materials: Material upgrades are going to be some of the easiest values to incorporate into your home because they’re lasting and immediate. Ripping out the linoleum in your bathroom and replacing it with tile or swapping out Corian countertops for stone materials will go a long way towards instilling value in your home for the long haul. People can see and touch this value and there’s absolutely a price tag that comes with it—which will directly lend itself to your home’s value.
- Areas of focus: Some areas of the home are more prized than others, which means it’s no surprise when you consider that some aspects of home remodeling in Tupelo, MS are going to be more beneficial than others. Refinishing your kitchen, bathroom or basement is going to lend much more value to your home than redoing the guest room or the dining area, simply because we place more emphasis on the former spaces. There are also more ways to utilize materials and stylized designs in some areas versus others.
- Authenticity: If you’re a fan of home remodeling shows, you know that sometimes, one of the biggest features of a home is that it has the “original X.” Whether this is hardwood floors, cabinets or some other aspect of infrastructure, sometimes authenticity is prized above all else. If you own an older home, take stock of where the original value is and make sure that you’re not accidently eliminating that value from your home!
- Money in versus money out: Renovating your home or upgrading parts of it may be an easy way to add value in your mind, but it’s important to consider that adding value has a cost of its own. Be prepared to budget out your renovations accordingly and measure the added wealth you’re getting from those renovations—often, you’re likely going to take a hit upfront for value that will come around in the long run. Don’t let this deter you from remodeling your home, but at the same time, be aware of what you’re putting in versus what you’re getting out. It’s about remodeling smarter, not just for the sake of remodeling.
Keep these things in mind when you’re itching to remodel part of your home and you’re certain to plan better for the value that’s to come. Taking into account the above is going to put you on the right path to adding sustainable value to your home and tangible improvements to your quality of life.