If you have recently purchased a home or you are looking to upgrade your current home, determining where to start can be daunting. To help decide which room or space should be renovated first consider the following:
How Much Money Can I Invest Now?
As you start to make sense of your current renovation situation, figuring out your budget is the first place you want to start. Do you want to pay for your renovations with cash you have on hand or are you willing to take out a private, business or home equity loan to finance the renovations? While determining how you will you pay for the renovation, you should simultaneously put together a budget. Your budget should include not only the actual costs of the renovations but any additional costs you could encounter along the way including changes, problems you could run into, taxes and upgrades.
What Areas of the Home Have the Best Return on Investment?
According to bankrate.com, the best home renovations may not be as obvious to you as you think. Bankrate suggests that five out of the six big home renovations actually take place on the outside of your home. They are replacing your garage door, replacing vinyl siding with stone or a stone veneer, front door replacement, fixing, replacing or adding a deck, a minor kitchen remodel or replacing siding with newer siding. All of these remodels will recoup anywhere between 75-98% of the money that you sink into it. A great opportunity to add curb appeal while maintaining the ability to get your money’s worth should you decide to sell soon.
Before you begin any home remodel, be sure to hire a reputable contractor who is licensed and bonded. Ask for references that you can interview and see the quality of their work.