Stay or Sell: Home Improvement Investments to Make on a Large Budget
Homes.com recently discussed investments you should make regarding home improvement projects for your home with a small budget or a medium budget. These home improvement projects included updates in electric, plumbing, furnace/HVAC, bathrooms, kitchen, and more.
If you have a large budget, then you have some room to play around with ideas. Keep in mind that the basics are still important to update such as electric and plumbing. The functionality of the home is more important than an updated room. With a larger budget you should also consider updating the kitchen and bathrooms as they are the most looked at rooms and need to properly function.
- Remodel the layout. A home with a convenient layout gives a more comfortable environment to live in, therefore if your kitchen is blocked off from the living room and dining area, be sure to create an open-concept layout. This would require breaking down walls if they won’t affect the stability and structure of the home. Changing the layout of the entire home will cost $20,000 at minimum. Depending on how many changes you plan to make as well as the size of your home, costs will vary.
- Renovate the attic and basement. If you have an attic and basement, unfinished or finished, consider updating these spaces. An unfinished attic and basement are essentially potential living spaces and this sort of home improvement project will increase the square footage of livable space in your home. A home with more livable square footage will help increase your home’s value as well as help you be prepared in case your family grows. On average, it could cost between $10,500 and $12,500 to renovate an attic. This also depends on whether or not you plan to renovate it yourself or hire help.
- Create a living space in your backyard. Updating the outdoor space will help also add livable square footage to your home. A nice desk or stone patio with a fire pit and lovely landscaping will create a peaceful environment that will pay off in the end. A patio that is approximately 12 feet by 16 feet could cost roughly $2,000 to $4,000. If you plan to build a patio yourself it will cost less.
- Landscape the front yard and add a front porch with a roof if you don’t have one. Curb appeal is what guests and potential homebuyers will see first, therefore, improving this space will help give visitors a great first impression. Although adding curb appeal can be done on a small budget, with a larger budget you can spruce up the façade of your home to another level. It could cost between $2,500 to $5,000 to landscape the yard. Costs will vary depending on size of the yard as well as whether or not you hire help.
If you don’t have plans to sell your home in the near future, it is still important to keep your home up to date. These updates in your home will not only increase your home’s value and help you sell your home once the time comes, but they will help you create a more comfortable environment that is tailored to your family. Even with a large budget, save on costs by tackling some projects on your own such as renovating the kitchen and bathrooms. Saving on costs by updating on your own will help make the return on investment greater.