Use these five tips to invest in your home, stay within your budget, and leave no project unfinished!
1. Start small and keep it simple. So you are ready to start updating and upgrading your house, that's great! But there's just one little issue… you don't have an unlimited source of funds to start diving into your home improvement projects. That doesn't mean that you have to wait until you can afford to complete your house from top to bottom in one go. Instead, start off by budgeting out one small project to complete. It could be as simple as updating all of the handles on your doors, changing the backsplash in one bathroom, or repainting your front door. Just make sure both you and your wallet are ready to take it on.
2. To DIY, or to not DIY, that is the question. “Doing-it-yourself” is a great way to save money depending on the situation. That being said, before you put on the work gloves and pull up Pinterest, ask yourself: “Can I truly do this myself?” There are some home improvement projects that will be above your skill level. In this case it is better to hire a professional rather than attempt to DIY it and make the situation worse from where you started. But if it's something you know you can do with a little hard work, DIY away!
3. Prioritize your projects. When reviewing your home improvement to-do list, it's understandable to want to jump on projects that are more fun to complete. While giving your living space a new look can improve your home's value, focus on the projects that will give you more bang for your buck. So when it comes time to decide between adding a deck to your new home, or installing the new furnace you need, make the necessary choice over the purely aesthetic option.
4. Use what's available. It's easy to get in the mindset of needing all new, when updating your home with a new look. While starting with a blank slate can be fun, it is also a very expensive endeavor. Before you gut your whole house, look around with a critical eye for things you can repurpose. It can be as simple as giving an old set of cabinets a coat of new paint, steam cleaning your carpet to make it look brand new again, or even replacing the hinges and knocker on your front door to make it look contemporary. Just remember to utilize what you have before going out to buy brand new.
5. Consistency is key. Owning a house leaves you with a lot of renovations on the to-do-list, which can very easily become overwhelming. You might be tempted to start one project here, another over there, and by the end of it have multiple improvements started - but none finished. Weigh how much time you have available against how long a project will realistically take, and then decide if you are ready to start, and finish, that renovation. Having a series of unfinished projects is only going to add to your stress, so be sure to take on each project one at a time.
Completing renovations is a great way to build equity and value into your home, just make sure you pace out your projects and ensure you will earn back as much as you put in.
Ready to start renovating? Take advantage of the equity in your home.