Your property can appreciate or depreciate in value depending on when you buy & your level of maintenance. A property that’s in an excellent part of town will go down in value if pests are allowed to invade, renovation is avoided, and little repairs go undone.
Meanwhile, a piece of property in a less than ideal neighborhood can be more valuable when sold than bought, depending on the level of renovations done. That said, there’s a balance in renovating, and that is the total cost. If the total cost of renovation is greater than the increased value it brings to your home, then you’ll lose money.
That may be okay, especially if you’re doing the renovations without any desire to achieve monetary gain. Still, it may be more than you can afford if you don’t plan carefully. Following, we’ll examine a few home renovations worth following through on, and which have the propensity to deliver more than associated cost when effectively pursued.
Maximizing The Space Of Your Property
Oftentimes property isn’t fully maximized. For example, a staircase may be installed with the unused area beneath. A door could be installed to the outside, either making the area a “man cave” of sorts or turning it into exterior storage shed. If you’ve got an unfinished basement, finishing it adds utility and property value—provided you renovate in a budget-conscious way.
What about the attic of your property? Is it spacious? Does it have enough inhering structural support to be made into a room? If not, what would it cost to get that space up to code? You could have a new observatory, sitting room, or guest room. Many attics are used for storage, but even in storage capacity, there may be space left over which can be optimized or renovated for some other use.
Do you have back doors or large second story windows? You might look into a DIY deck. This can add to a home’s dimensionality. Installation of such a deck and the associated build are both somewhat straightforward, depending on what you’re trying to achieve. There is potential for a financially-balanced enhancement here.
Growing Your Property: Landscaping
There are long-term growth options worth considering. Planting the right kind of fruit trees around your property can yield healthy crops on an annual basis twenty years down the line. You’ll have to carefully husband the trees, getting rid of pests, pruning, and the like; but a house with an orchard is more valuable than one without. If you’re going to be there for decades, maximize your time.
If you do decide to plant an orchard or a garden, you may also want to look into a sprinkler system. This will increase property value, and make managing foliage easier. However, be sure you know how to contact sprinkler system repair experts in your area, as these systems do tend to have trouble over time.
Extensions And Additions
If you’re adding a shed, extending your driveway, or perhaps putting a pond in whose surface is at ground level, it’s essential to use the proper digging tools. You may need to make a trench, and for digging a trench box, you’ll want solutions like those in the link: professionally designed and proven.
That said, some renovations are best left to contractors; you’ll want to look into all the angles before you decide whether to approach this on your own.
Doing The Most With What You Have
Extensions, space maximization, and landscaping are all worthwhile renovations to consider as you decide how best to maximize what you’ve got to work with.
Even if you’re simply replacing interior components of the home when they wear out and ensuring that you upkeep the premises, your property is likely to retain value. The renovation will become necessary eventually, doing it sooner rather than later can be worthwhile if you’ve got the budget.
For more great family tips, check out the other blogs on Cyber Parent.