With most people\’s spaces mattering more than ever, it may be easy to justify spending big when it comes to a comfortable space.
But with everyone also thinking that way, it has caused a surge in demand for supplies and resources to accomplish an update or remodel.
With this surge in demand, it can be challenging to know what you should spend on specific areas of your home for a simple update or a complete overhaul.
Where Do I Begin?
If you are specifically looking at your home, you will first want to find out what the home is worth. Doing so may be more difficult in an inflationary environment than a year ago. Looking at comparable sales of homes within your neighborhood will be the first approach.
You can utilize a free service like Redfin, Zillow, or Trulia to filter what homes have sold in your area and for what price. If you know a realtor, you may also consider asking them what the current market value is, based upon comparables, and determine the improvements you plan to make to ensure that the changes will actually improve the home\’s value.
I say this due to not wanting to improve the space beyond its value. I know many people who have spent money on owner-specific improvements for their forever home just to sell it a few years later and buy something else. Now, let\’s not undervalue the importance of a dwelling but be realistic about what truly adds value.
Location
In real estate, your location is key to the value of your home. It\’s good to be in the right location and have no desire to relocate.
Look at the spaces that you spend the most time using. You have probably heard that kitchens and bathrooms sell homes, but arguably, having an office space will also be highly desirable in this environment.
Repurposing Spaces
Most offices can be repurposed from an existing study, extra bedroom, or area of your main bedroom. So the cost will be in how you set up that office. Besides your work equipment, you might consider using a big box like Ikea to set up a nice backdrop.
For example, I bought a shelving system from Joss & Main for a couple of hundred bucks, then went to Ikea and spent $100 on shelving decorations. My stand-up desk was purchased there a while back for a few hundred. So overall, my setup cost about $600 plus my library.
What Areas Add Most Value?
However, before taking a trip to Ikea or buying many miscellaneous items on Amazon, first look at what areas of your home add the most value to you. Start by seeing what areas you utilize continuously. If you predominantly spend your time in your home office and the kitchen, then focus your efforts on sprucing up those areas first. You don\’t need to do it all.
Spend Less For More
Then look at what improvements you could make that would make the most significant difference. You may find that simply repainting your office, replacing the light fixture, or installing a specialty door could make all the difference.
As for your kitchen, you may dislike its function, the cabinet color, or the lack of a backsplash. While it may not be the best time for a complete kitchen remodel, there\’s always an opportunity for a weekend project to install a backsplash or refinish your cabinets.
I would always look first at what can be done to bring the most considerable difference with the minimal cost.
You may start with $250.00 and use that to paint your office or install a new light fixture. Then look at what $500.00 would allow you to do, and so on.
My caution to you is to just look at the more minor aspects that could make all the difference. You may look at the big picture of wanting to landscape your backyard, remodel your kitchen, or install a solar package, but break down that ultimate goal into palatable projects that will ensure you don\’t go into debt by making the improvements.
Call To Action
Take a look around and make a list of those projects under $250.00 that would make all the difference, then build up from there based on the amount of money you could set aside for projects.
Have a question? Our team would love to help! Email us!
