MoneyMoments | MidFirst Bank
Woman selecting a color to paint her walls

Home Improvement Fever?

Does binge-watching home renovation shows make you want to grab a hammer and give your home a facelift? Home renovations can be both thrilling and stressful. Making good renovation decisions not only improves the aesthetic of your home but can also improve the value. Take these steps to help ease the stress on both you and your wallet.

Make a wish list of home improvement desires and prioritize them.

Your wish list may range from a fresh coat of paint in the bedroom to updating the bathroom tile to completely gutting your kitchen. Home renovations can be costly, even if you are a do-it-yourselfer, so start by making a list of all of your ideas. Evaluating your needs versus wants should help you prioritize your home renovation list. For example, if your shower pan is leaking, the bathroom tile renovation should probably be first on the list.

Choose improvements that will add value to your home.

Certain renovations add more value to your home than others do. Homeowners are usually able to recoup the costs of bathroom and kitchen remodels, especially if the current décor is outdated. However, keep in mind that trendy updates like quirky tiles and loud design elements could actually detract from your home’s value. Styles change about every decade, so what may be in style now could change. If you choose elaborate features or bright colors in materials like tile or wood, you will narrow your audience when it comes time to resell your home. Your favorite color may be teal, but not everyone wants their kitchen backsplash that color. Keep your material upgrades fairly neutral and add pops of color with a bright wall, shower curtains, bedding and pillows that can easily be replaced or repainted.

Research expected costs.

Prices on flooring, tile, backsplash, lighting, etc. can vary greatly, so do some research to assess what is doable within your budget. If you are going to outsource your renovation, research companies and contractors before using their services and choose a contractor with a good reputation in the community. Get bids from a few contractors so you have a comparison of the costs involved, but remember—a contractor cannot finalize a bid until you have chosen the specific products you would like installed.

Find ways to spend less money.

Finding deals and shopping sales are great ways to save renovation dollars. Is that sleek wood floor you have your eye on beyond your budget? Go bargain hunting! Various brands and product lines have different price points for similar products, so you might be able to achieve the style you desire by shopping around for a similar product that fits in your budget.

If you’re handy with tools, you may consider doing some or all of the labor yourself. Watching how-to videos and speaking with experts can help you learn some skills to save money during the remodel. There are abundant resources to help homeowners install hardwood floors or lay tile. Just be sure you understand what you’re getting into before swinging that first demolition hammer.

Home renovations can be both personal and emotional. Treating your home renovation as a business decision and making a solid renovation plan before beginning will help decrease stress and increase the value of your home.

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