5 Renovation ideas that make financial sense in the recession, so you can manage the plans and budget needed.
When money is tight, the saying “If it ain’t broke, don’t fix it” rings truer than ever. Actually, though, “If it’s slightly broken, fix it now”.
Could be more appropriate when it comes to home improvements.
“If it’s working fine, but it’s costing you plenty to operate, get a better model” might apply in many cases too.
Although you always run the risk of going over budget when remodeling, some measures will undoubtedly increase the attractiveness of your house, in addition to cutting its running costs in the long term.
In today’s difficult economy, you might feel cautious about spending money on big projects when you don’t know what your financial situation will look like next year or even next month.
Your home still needs regular maintenance, however, especially if you’re putting it on the market.
5 Renovation Ideas that Make Financial Sense in the Recession
Here are five renovation projects that do pay off, in addition to making your home more livable:
Siding updates
One of the best ways to invest in the condition of your home is to upgrade the siding. Even when the economy is struggling, you should try to keep the exterior of your home in good condition.
This not only makes it look more attractive but also protects the materials behind it. If you buy good quality siding, your building materials will last longer, and you’ll save money in the long run.
Remodeling Magazine’s 2007 Cost vs. Value report showed that you can get more than 88% of your outlay back when you sell your home if you opt for fiber-cement siding.
In other words, if you upgrade your siding from aluminum or vinyl to fiber-cement, you can greatly improve the resale value of your home, and get most of your investment back when you sell.
Bathroom renovations
Even though it’s usually the smallest room in the house, it’s important to have a practical and pleasant bathroom.
If you’re trying to sell your home, the condition of your bathrooms can determine whether it’s a quick sale or sits on your realtor’s books for many months or even years.
A recent survey found that most people spend less than $10,000 on remodeling a bathroom.
Of the 3,000 homeowners surveyed, 9 out of 10 were so happy with their bathroom renovations that they would advise others to have their bathrooms remodeled too.
Once your “smallest room” is updated, you won’t have to waste money on leaking pipes and faucets, ancient toilets, or clogged shower heads.
You’ll also be able to enjoy hot water whenever you want it, excellent water pressure, and mirrors that don’t steam up. No wonder a new bathroom brings joy to so many people!
Inspections
Although a home inspection isn’t really a renovation, it is an excellent investment, particularly when the economy is down.
An inspection can save you a lot of cash – and hassle – by identifying a potentially bad situation before it gets out of hand.
If you get your chimney inspected and cleaned, for example, you’ll pay between $100 and $200, whereas a chimney fire would set you back thousands in damage to your home and possessions.
You can have any part of your house (roof, foundation, electrical system, plumbing, etc.) inspected.
Depending on the outcome, you can then get the necessary repairs done, or rest assured that your house is in good condition.
Flooring upgrades
An attractive floor can give a room a whole new lease on life. A floor makeover is also a great investment in your home.
If you switch to longer-lasting flooring material, you can get a lot of value for your dollars.
Did you know that while carpeting is a cheap floor covering, it only lasts for 8-10 years with normal wear and tear and maintenance?
In contrast, a hardwood floor has a life expectancy of at least 100 years, although it is admittedly more expensive to install.
Even so, the extra upfront cost more than makes up for the fact that your wood floor will be around a lot longer than you will!
Minor kitchen renovations
Just as it almost always pays to get your bathroom fixed up, you usually come out on top with small-scale kitchen improvements as well.
A lot of people spend far more than they had planned when undertaking a complete revamp of their kitchens.
It’s better, and cheaper, to tackle specific kitchen areas that need attention, and leave other parts alone.
According to Remodeling Magazine, people spend an average of $55,503 redoing the whole of their kitchens, but only $21,185 on “minor” kitchen remodeling projects.
What’s more, a smaller kitchen renovation should allow you to recoup 5% more of the building costs than a major renovation would.
