Home improvement projects can elevate the value and comfort of your home. There’s just one catch…these renovations don’t come cheap. To avoid going into debt or overextending your budget, you need to choose home renovation ideas that balance both your personal preferences as well as your financial outlook. Some home renovation projects may be more cost-effective than others depending on your available budget, time frame, and skill set. Here are some considerations when selecting the best home improvement projects for your budget:
Assessing the state of your home
Before choosing which home improvement projects to pursue, it’s important to assess the state of your home and anticipate what needs to be done. There’s always a list of things that need fixing and sometimes there are more urgent necessities, like leaky windows or an aging roof. Certain improvements may be more urgent than others. After you identify the necessary fixes, you can move on to focusing on other home renovation ideas.
What you can expect to pay
As a general rule, you should plan to spend about 10% of the value of your home for any renovation project. This doesn’t mean that you have to spend $100,000 on renovations if your house is worth $200,000. If you want to renovate your kitchen and the cost will be around $30,000, then you should plan on spending about $30,000 in total.
The pros and cons of your options
-Fence installation: This is a durable and attractive addition to your property. The average cost is $3,500-$4,500 with a few extras like gates and decorative touches. -Roof replacement: Replacing the roof is an affordable project that can be planned over time. If you want to save even more money, you can skip expensive repairs and just replace the shingles on your current roof. The average cost of a new roof ranges from $10,000-$13,000 depending on the size of your home and the type of shingles used. -Replace windows: Windows are one of the most expensive home renovation projects because they have so many variations in costs and styles. Replacing old windows will make your home more energy efficient and increase its value. The range for this project is anywhere from $6,500-$20,000. -Laminate flooring: Laminate flooring offers an affordable alternative to traditional hardwood floors that don’t need to be refinished or stained at all! This project ranges in cost from $2-$6 per square foot installed with an average price of $3 per square foot installed.
Rebuilding vs. renovating: Which will save you more?
Which will save you more: rebuilding or renovating? This is a crucial question to ask before undertaking any major home improvement project. Rebuilding your home would be ideal if you want to recreate the house from the ground up. It’s cheaper, but it’s also a much longer process that may take years to complete. Renovations are less expensive and easier than rebuilding because they can be completed in a shorter amount of time. However, renovating an older home often requires tearing out old fixtures and systems that are no longer up-to-date with today’s standards.
Renovations that pay for themselves
Some home improvements can actually make your house more valuable. A few examples of these improvements are new roofing, insulation, and windows. These projects usually cost a bit more upfront, but they also make your home worth more. If you’re planning on selling soon, then this kind of renovation may be worth it.
Renovations that won’t pay off
Before deciding on a home renovation project, ask yourself these questions: * How much time do I have to save my budget? * What are my personal preferences in regard to the project? * What is my skill level with this type of project? In general, projects involving plumbing, electrical work or structural changes will be more expensive. For example, if you need new wiring or foundation repair, you can expect to pay at least $6,500-$13,000 per room. If you’re not sure about the cost for a certain project or your skill level with it, contact a professional for a quote. Rewynd Property Services specialize in helping homeowners make the best decision and lay out an affordable strategy to achieve their renovation goals! Get a Free Estimate at www.rewyndprojects.ca.
The bottom line is that you need to choose the best home improvement projects for your budget. There are two factors to consider when choosing home renovation ideas: the cost and the time frame. When it comes to projects with a large upfront cost, you may want to do a little research beforehand to get an idea of how much it will cost so you can have a general idea of what type of project you’re willing to invest in. In some cases, this could help you make up your mind about what project you want to tackle first. Do you want to start with the big-ticket item? Or do you want to start doing smaller projects but have a longer time frame? Some people prefer tackling larger projects because they know they’ll be able to see results faster, while others may not have the money available for large-scale renovations and would rather take their time. If you want a professional expertise book a FREE estimate with Rewynd Property Services at www.rewyndprojects.ca today!