There’s always something that needs to be fixed up around the house. But, what does it cost to turn your old home into a modern getaway? We’re breaking down some of the key areas of your home to improve, as well as what you can expend to spend on renovating each space.
One thing to note is that every project is going to break down at a different price point, as some homes need more renovation than others. For example, one home might need new cabinets, while another home might only need a fresh coat of paint over the current kitchen cabinets.
Fixing Up Your House as an Investment
If you’re looking to move and want to improve the resale value of your home or simply want to update your home to be more modern, fixing up your house is a great way to add value to the long term investment that you’ve made.
Common Updates to Homes
Whether you end up renovating your home by yourself or with the help of a contractor, there are several common areas that you can update to add more value to your investment. Here is a breakdown of some of those areas.
The kitchen is one of the most common areas to update in a home, as it’s a place in the home where people often spend a significant amount of time. For this reason, any home with an updated kitchen is going to have a better chance to sell for the amount you want.
One of the most significant setbacks in remodeling a kitchen is the price point. Depending on the condition of the kitchen before the remodeling, you could spend anywhere from ten to fifty thousand or more dollars on this project. Although these projects are costly, kitchen remodels offer some of the highest returns on investment. Here are areas of a kitchen to consider updating:
Another common place to remodel is the master bathroom. Luxury and relaxation is the name of the game with this one. Whether it’s adding a second sink to the vanity, replacing the vanity completely, or a makeover entirely, the master bath is a great place to remodel.
One setback that you may experience is not having enough space to accomplish everything you’d like to. If that’s the case, you can work with a designer to utilize the space as best you can.
Basements are often one of the most undervalued and underused spaces in a home. There are so many ways that you can use a basement to add value to your living space. When remodeling a basement, you may need to inspect for mold and water damage first. If you have either of these, it can be a costly repair, but it is essential to the value and health of your home in the long term.
Here are some basement remodel ideas for inspiration!
Flooring is a great thing to renew in a home. Whether you have carpet, hardwood, or laminate, there’s probably something you could do to refresh it and help it feel new. Even getting all of your carpets professionally cleaned isn’t a bad idea.
Buying a Fixer-Upper
Real estate investors will often purchase homes that are outdated and that need a significant amount of work to bring up to date. Fixer-uppers are often later being used as rental properties or sold by the real estate investor for a profit. It’s not too often that individuals will buy homes that need a significant amount of work before they’re able to move in.
Buying an old home with the intention to restore it is never a bad idea. It can actually be a great way to get the most bang for your buck. Here are the things you need to look for if you want to buy and restore an old home:
- Is the roof in good condition, and is there water damage?
- Does the house provide enough space?
- Is the location good for you and for resale?
If you’re looking to undergo a larger remodel project, we would recommend working with a contractor on the project. There are a lot of things that you can do yourself these days, but the quality of the project isn’t always the same when you do everything on your own. It can also be challenging to bring a contractor into a project that you’ve already started.
Thomas Buckborough & Associates would love to work with you on your next remodeling project. Reach out to us today to learn more about our remodeling and renovation process. We’ll help you create the home of your dreams!