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Know when to save and when to splurge on home improvement projects

Know when to save and when to splurge on home improvement projects

When planning to remodel your home, you have to prioritize which projects are most important to you and plan how you’ll allocate your remodeling budget to the different projects. When doing this, it’s important to keep in mind ROI. Unless there’s zero chance you’re going to sell your home down the road, you have to consider those projects that will make it easier to sell your home and will help add value to your home. Here’s a look at some of the more common remodeling projects, and some advice as to whether you should save or splurge on them.

Bathroom upgrade: save

The bathroom is one of the most important rooms in the home for prospective buyers. Bathroom remodels can be quite expensive; the average cost is around $9,000. When upgrading the bathroom, you have to be careful not to overdo it. A too-luxurious bathroom remodel won’t recoup very much of the cost when you sell your home and it can actually make it difficult to sell your home if you’re trying to price your home what it’s worth and it’s more than every other home in the neighborhood. Fortunately, there are many inexpensive updates you can do in the bathroom that will give it a new look without breaking the bank.

Kitchen remodel: splurge

While the bathroom is one of the most important rooms in the home, the kitchen is the most important for prospective buyers. It’s also the most expensive room to remodel since so much goes into it. There’s simply no way to remodel the kitchen without spending considerable money. That said, the same advice for bathrooms applies to kitchens: don’t overdo it.

Entry doors: save

Replacing or repainting your front door is one of the safest investments you can make into your home. This tends to be an inexpensive project anyways though you can spend quite a lot on a door that makes use of premium materials. That’s probably overdoing it though. A fresh coat of paint or a new door is an inexpensive way to add value to your home and help it sell easier.

Wood flooring: splurge

Prospective buyers aren’t as wild about floor-to-floor carpeting as they used to be. Now most prefer wood flooring throughout the home except perhaps in the bedrooms. Solid wood flooring for your home will cost about $5,500 on average which is quite an investment. However, wood floors will add significant value to your home and you can recoup about 90% of that investment. Don’t cut corners and do it yourself. Hire a professional installer so the finished product is perfectly aligned.

Source: Huffington Post




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