Refreshing an outdated family home or renovating a property for resale offers an exciting opportunity to personalize your living space. The real test comes from managing a remodel without letting stress or needless expenses take over.

It’s important to identify which parts of your home need urgent updates and which ones can wait to ensure you take on a renovation project that’s both economical and adds value to your home long-term.

Making Achievable Goals for Your Renovation Project

Setting clear and attainable objectives for your remodel is essential before you start breaking down walls or ripping up outdated flooring. Knowing your main focus not only influences your renovation choices but also helps with effective budget management and minimizes wasted spending.

First, consider the core motivation behind your remodel. Whether it’s to expand the living area you use daily, increase the property’s resale value, or update an old-fashioned design to a more modern aesthetic, having a clear purpose will direct your future renovation decisions.

Adopting a more calculated approach is important, though, if you’re looking to increase your property’s market value. Many expert real estate professionals have pointed out that not all renovations will attract buyers equally. This is why it’s important to really think about how and why you’re renovating your home, especially if you want to maximize your return on investment.

Renovation Projects That Are Usually a Good Idea

Making the right decisions when you’re beginning a home renovation can greatly impact its perceived value. Where most people run into issues is by only prioritizing what “they” think would be a good renovation choice. However, if you have a goal of eventually selling your home to another buyer, it’s important to choose the right renovation projects to take on.

Below are some renovation ideas that are known to bring more significant returns:

Reinventing Your Kitchen Space

A kitchen isn’t just where you go to cook. It’s also often the centerpiece of most homes and can be a great place to entertain. A renovation that combines both functionality and modern design elements for your kitchen can be a great way to add more value to your home.

Depending on your budget, you should consider making more strategic improvements to the space, such as new appliances or additional counter space. You can also freshen up the aesthetics by giving it a fresh coat of paint or by choosing a more premium countertop option like granite or quartz.

Improving Bathroom Aesthetics and Functionality

A bathroom is one of those rooms in your house that is the perfect balance of function and visual appeal. Depending on how old your home is, your bathroom may be a perfect option for a home renovation project. Whether you’re putting in new flooring and updating fixtures, modern bathroom designs can add significant value to your home.

You can also think about adding an en-suite bathroom to the primary bedroom or installing an additional bathroom in a house that currently has just one.

Expanding Your Home’s Living Area

Everybody appreciates more living space in their home, and there are a number of different ways this can be achieved – attic conversions, basement remodelings, or even opening up non-supporting walls. This will often give you broader list of potential buyers interested in your property down the line, especially those with growing families.

That being said, it’s important to think carefully about the potential costs against returns for these types of remodels. Living area expansions can be quite costly if not managed carefully, and your budget might start getting stretched more quickly than you think.

Elevating Curb Appeal

The first look a buyer has at your home matters., and upgrading your property’s curb appeal is a great way to get them interested in exploring the property. Think about potential landscaping improvements you can make like installing a new patio deck or setting up a barbecue zone. This renovation can help you to substantially improve its appeal to future buyers while also helping to increase its value.

Lower Value Renovation Projects You May Want to Leave

While it might be tempting to prioritize renovation projects that you feel most passionate about, if your goal is to sell your home in the future, the projects you choose may need a bit more consideration.

Here are some renovation projects that may not give you the best return on investment when looking to attract new buyers:

Avoiding Highly Customized Projects

Everyone has their own likes and dislikes, and this is usually expressed in how we design our homes. But you should remember that even though wild color choices and highly customized home designs may appeal to you personally, there is a good choice that won’t resonate the same way with other home owners.

Since this is the case, you’ll want to avoid making home improvements that are too far outside of the box for someone else to live with. This is, of course, if your goal is to see a good return on your investments down the road.

Rethinking High-End Luxury Additions

The area that your home is in will generally limit the type of home buyers you’re able to attract. This means you’ll want to make sure that your home will appeal to the right demographics, including how the home will likely be used and the optimal budget range you’ll want it to stay within.

If you invest too much into adding high-end luxury items or lavish design choices, chances are you’ll significantly limit the amount of offers you receive. This is especially the case if you’re located in a more budget-friendly area of town or in areas where the housing market is in decline.

The Real Cost of Installing a Pool

The idea of owning a swimming pool on your property may sound enticing, but the increase in property value it brings could be lower than you might expect.

Besides the large upfront costs of installing a pool, the maintenance it will require in the long term may not be an attractive option for buyers. Also, you should consider that certain buyers, particularly those with young children, might look at a pool on their property as a safety hazard, which will also affect how the home’s value is perceived.

Consider the Implications of Garage Transformations

Transforming a garage into additional living space may seem attractive, but many homebuyers place a larger premium on having indoor parking, particularly in areas that are prone to harsh weather conditions.

Garages can actually bring a lot of value to a home on their own, and removing this amenity might dissuade potential buyers who appreciate the practicality and convenience of having the additional enclosed storage space.

Launching a Profitable Home Renovation Project

Your home is a very valuable investment, and the desire to personalize it for your own comfort is only natural. However, to keep your home renovation practical and add value to your home, you’ll want to balance your needs with those of the market.

Author Information

Author Name: Michael Alladawi

Author Bio:

Michael Alladawi, CEO & Founder of Revive Real Estate, is a Southern California real estate veteran with a proven track record as a builder, investor, and respected home flipper. Michael created Revive Real Estate to share his industry knowledge and help homeowners maximize their profits when selling their homes. Michael’s passion for his work is as big as his desire to create lasting partnerships. For Michael, it all comes down to how much value one offers, both in business and life relationships.