Remodeling your home can be a great way to improve its value and build home equity. While many people are concerned that they will go over budget during the remodel, there are five ways that you can improve your home’s value without going over budget.
Negotiate
The first way that you can improve the value of your home without going over budget is by negotiating all of the costs. In the majority of cases, you will be able to negotiate with contractors and suppliers for discounts on labor, materials, and parts. By negotiating and seeking out multiple bids, you will be able to save money on the project, which will help you to avoid going over budget.
Improve Curb Appeal
The second way that you can improve the value of your home is by improving your home’s curb appeal. The way that your home appears from the street is a major determining factor as to whether someone will want to buy your home or not, which the directly affects your home’s value. By simply maintaining your home’s landscaping and ensuring that the exterior of the home is clean and well maintained, you can greatly enhance the curb appeal of your home without having to spend too much money.
Remodel Estimate
The third way that you can improve the value of your home is by getting a remodel estimate completed. One of the biggest challenges that people face when remodeling their home is going over budget. The reason that many people go over budget is that they do not have a professional provide an estimate for all costs associated with the remodel. Having a professional provide a quote will give you a great idea of what the costs are. You should then factor in a contingency reserve of at least ten percent of the total project costs to get a total estimate of what the remodel will cost in full.
Cosmetic Improvements
The fourth way that you can improve the value of your home is by concentrating only on cosmetic improvements. When people go well over budget, it is because they are completing major renovations or expansions to your home. The higher expenses occur as problems arise, which cost money to fix. If you complete only cosmetic improvements or installations, the costs will be much more predictable and you will likely stay on budget and still improve the value of your home.
Complete Work Yourself
If you would like to make a home repair that increases your home value and stay under budget, the fifth tip to follow is to complete some, or all, of the work yourself. One of the biggest parts of the remodel budget is labor. If you handy and have the time to do so, it would be wise to complete some of the work yourself. This can cut back on labor costs considerably. However, if you make mistakes, repairing the problems could end up costing more money than you saved.
In conclusion, remodeling your home can be a great way to increase the value of your home. While there is always the risk that you can go over budget with your remodeling expenses, there are five ways to increase the value of your home without going over budget.