Navigating Home Renovations

March 2nd, 2016 By Kristi Fox Satsky in Blogs.

Have you been thinking about renovating your home, but unsure of how or where to spend your money? Typically, homeowners will tackle a home renovation project for any number of reasons, but one of the most common is to increase their resale value. Not only will remodeling improve the style or function of your home, but it can also make it more appealing to potential buyers in the future.

Around 58% of homeowners renovated their homes in 2014, according to a Houzz.com survey, while 47% only made minor repairs. Among the top five interior renovation projects listed, kitchen held the number one spot with a guest/other bathroom as the second most popular project choice.

When it comes to deciding on where to spend your money, it’s important to look at where you (and your guests) spend their time. There’s a reason why a kitchen or bathroom is listed among the top popular areas to remodel. These areas are where you and your family will spend the most time. You’ll entertain, you’ll make memories, and you’ll relax. And so will any person who may buy your home in the future.

Let’s take a look at the numbers.

The kitchen is the heart of any home. Not only will a kitchen remodel improve your home’s functionality, but it could also become a major selling point should you decide you’re ready to sell. On average, a major kitchen remodel will cost between $30,000 to $40,000 while minor upgrades will run between $11,000 and $18,000. While a major kitchen update may sound like the perfect way to add value to your current home, we know that not every homeowner has that kind of money to spend. If you’re still thinking about listing your home, but find that your kitchen is in generally good shape, a minor upgrade or simple coat of paint could be all you need to simply freshen up the space!

Now, let’s look at the numbers for a bathroom remodel.

We know that the bathroom is where you get ready to take on the world each day. Maybe you only need small updates like fixtures or better lighting? If that’s the case, a minor remodel will be between $3,000 and $5,000. But if your goal is to create a spa-like getaway that requires a major overhaul, you could be looking at $11,000 to $19,000. That’s a pretty big jump in price! So, it’s important to do the research and really find what’s best for you.

If your goal is more about improving the energy efficiency of your home and less about making updates to the interior, upgrading your home with energy-efficient features will absolutely make any home more attractive to potential buyers. Thinking it’s time to upgrade your appliances? What about your windows or other energy impacting areas of your home? Not only will you save money on your monthly utility bill, but you may find your home more attractive to younger, environmentally conscious buyers!

With energy and water costs on the rise in many areas of the country, these simple home improvements can help keep money in your wallet each month!

Whether you live in an area that’s facing a water crisis or drought or just want to see how much money you can save on your water bill, here are some simple tips to help you be more efficient with your water usage.

  • Low Flow – According to the EPA, showerheads and faucets account for more than 32% of household water usage. A low flow faucet or showerhead can reduce your consumption by as much as 50% and could save you up to $150/year.
  • Fix Those Leaks – 13.7% of compromised household water use comes from leaks. A leaky faucet or pipes increase your water bill and could require extensive and expensive repairs if ignored. Inspect your faucets every six months for rear and tear and fix a leak immediately if you find one!
  • Try Tankless – Thinking it’s time to upgrade your water heater? Consider going tankless and save up to 20% on your water bill. And, as an added bonus, you’ll never run out of hot water again!

According to the U.S. Department of Energy, heating and cooling makes up more than half of the energy used in an average home. Obviously, regulating your home’s temperature can save energy and improve comfort, but here are a few more ways you can reduce your heating and cooling costs!

  • Insulation – Reduce your heating and cooling costs by up to 20% by replacing bad insulation!
  • Managing Temperature – Try a programmable thermostat! Come home to the perfect temperature without the cost of running your heating unit or A/C all day long and reduce your costs by up to $150/year
  • Seal Drafts – Drafty windows can cause 30-40% of heating and cooling loss. Apply weather stripping, patch leaks and save some money!

Following these quick and easy guidelines can help you not only prepare to your home to sell, but also bring enthusiastic buyers to the table when you’re ready!

If you think you’re ready to jump into the home buying or selling process, give me a call! I’m here for you day or night and ready to help you unlock your dreams, one key at a time! And don’t forget, I’m never too busy for your referrals!

*all information used with permission from ©2016 Buffini & Company. 

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