Best Home Improvement Investments
For most homeowners making large scale home improvements can be one of the most stressful aspects of owning a home. Making home improvements not only takes a large financial investment but can also take weeks, or even months, to accomplish. Due to the large investments, knowing how to prioritize which home improvements to pursue is quite important.
When deciding how to prioritize potential home improvements, it is best to place the improvement in one of three categories. The three categories of improvements are improvements that are necessary to keep your home livable, improvements that are used to improve the value of your home, and improvements that will be used for your family’s pure enjoyment. Most home improvements will fall into one of these three categories, although some may fall into more than one of them.
When prioritizing home improvements, the improvements you need to make first are those capital improvements which are required to keep your home in livable condition. These improvements include getting a new roof, replacing a water heater, having your air conditioner serviced, or replacing your windows. Since homes tend to wear away over time, a homeowner should expect to have plenty of these repairs over time. Because of this, it is best to save up each month for potential capital repairs. Every homeowner should save between 1% and 2% of their home’s value each year for future repairs or replacements.
After completing all necessary repairs to keep a home livable, the next home improvement decision to make is to decide whether or not you want to make an improvement that would improve the value of your home, or make your home more enjoyable for your family. If you are not planning on selling you home within the next few years then making improvements to improve the value of your home may not be necessary. However, if you are looking to sell, then there are several home improvements you should look into.
When looking to sell your home, you should first consider your home’s curb appeal and exterior. If your home looks old, then giving your home a facelift could be a great investment. Some of the best improvements to improve curb appeal would be to get new siding for your home, repaint the trim, or improve your landscaping. On the interior of your home, improving your kitchen and bathrooms would be a great investment. While modernizing a kitchen is expensive, it will increase value and improve your chances of selling your home. Some of the investments include installing new cabinetry, granite countertops, hardwood flooring, and stainless steel appliances. In the bathroom getting a new modernized sink and bathtub could help give your entire home a modern feel.
If you are not concerned with increasing your home’s value, or giving it a modernized feel, then the next home improvements to consider are those that could make your home more enjoyable for your family. These improvements should be selected carefully based on your family’s needs and desires. If you have a growing family, then the best selection for your investment may be to add square footage to your home. While building an additional bedroom or living space can be expensive, you could save money and increase usable square footage by finishing out either your basement or attic space. Another great option for a home improvement would be to build a swimming pool. If your lot has enough room, building an in ground swimming pool would give your children a safe place to swim and play all summer long. However, beyond the cost of installation, maintaining a swimming pool will come with plenty of additional cost and time requirements.