LEARN MORE ABOUT THE MONEY TO SPEND ON HOME RENOVATIONS

1. LEARN MORE ABOUT THE MONEY TO SPEND ON HOME RENOVATIONS Home renovation projects can take a lot of time and may cost you a lot depending on the design choices you make. Many people make a mistake of not paying attention to setting a budget aside for the project. Before going any further, it is important to check what you really want. It is also essential to determine if renovations are going to increase your home value or not. If you do not set a budget before jumping into a renovation project, you might end up wasting loads of cash in the end. In most cases, you do not have to worry a lot about spending more because ultimately you will be sprucing up your living space and making it more comfortable to live. However, you may have to be more careful about your budget if you have a plan to move out in 5 years or so. That is the reason why it is a good idea to take your time and know exactly what should be renovated and how much money you should spend on the project. When it comes to home renovations, you will be better off having those spaces renovated that are functionally obsolete. In other words, you may not want to waste money on a perfectly functional kitchen that you want to change just because you do not like the previous owner’s style choices. However, you should certainly have it renovated if it is from the 1940s or even the 1960s. How much money you should invest depends on many factors. Here are some figures to help you have a better idea about the money you may have to spend to renovate certain areas in your home.  Kitchen: When renovating your kitchen, it is usually fine to spend around 10% of your house’s value. What it means is that if your house’s value is about $300,000, you should spend anywhere between $30,000 and $45,000. You can go beyond $75,000 if you live in house worth $750,000. Master Bathroom Suite: If you want to renovate your master bathroom suite, you should spend no more than 10% of your house’s value. It means that you should spend around $30,000 for a house worth $300,000. Bathroom: If you believe your bathroom needs some changes, do not spend more than 5% of your house’s total value. For a house worth $500,000, it is not a good idea to spend more than $25,000 to renovate a bathroom.  

2.  Decks, Patio, and Plantings: If you want to add more value to your house by renovating patio, paths, or deck, you should not spend more than 2%-4% of your house’s total value. The fact of the matter is that home renovations can cost a lot depending on what you want changed, but it is a good idea to have some information about how much money to spend to ensure you get a good return on investment when you eventually decide to sell your property. Article Source: http://homeybeauty.com/learn-more-about-the-money-to-spend-on-home-renovations/