Whether you are looking to increase the value of your home to sell it or simply want to improve your living space, a well-planned and executed home renovation can yield impressive results. But it’s important to be aware of what factors will and won’t add value, how much time and money you can expect to spend, and any potential curveballs that might come up during the project.
To home renovation any major headaches down the road, Hanle and Hovnanian suggest establishing a budget before you start renovating. Be sure to include the cost of materials and labor, as well as any additional expenses that might pop up, such as unforeseen structural issues or a need to buy new appliances. Additionally, it’s a good idea to have 10-20% of your total budget set aside for unexpected expenses.
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Once you know how much your project will cost, prioritize the rooms that need the most work, such as the kitchen and bathroom. This will minimize the amount of duplicate labor and enable you to regain access to these areas sooner. It’s also a good idea to focus on functional improvements, like updating electrical systems or plumbing fixtures, before moving on to aesthetic upgrades.
It’s also a good idea to stick with classic design elements that won’t go out of style. It’s easy to get caught up in trendy color schemes and furniture, but these changes might not add value if you plan on selling your home in the future.
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