Home Renovation - Where to Save and Where to Splurge

Home Renovation - Where to Save and Where to Splurge

 

Home renovation is a necessity for many, especially with the changing needs of life. Old houses need to be renovated to allow modern facilities and luxury. However, with renovation comes the context of investment. This is where owners need to be extremely careful. Over investment will lead to a financial loss and must be avoided at all times. It is important to know where to invest and the parts which must be avoided. Renovation should not only aim at a better living, but should also boost the property valuation in a huge way. The effect on the valuation amount should be considered while planning a renovation. Some suggestions regarding the areas to invest and the areas to avoid are being discussed below.

Invest while dealing with fundamental items

While renovating fundamental items like doors, windows and floors, it is best to go for quality. These installations hold the basic structure of house and are hard to replace. It is strongly advised to avoid cheaper alternatives in this regard. These items help to boost the valuation amount in a great way. Doors and windows of proper quality can be tagged as permanent installations. Thus, investment in the basics can be beneficial in the long run. There are certain accessories which can be installed while dealing with the fundamental units.

Ignore expensive items that can easily be replaced

It is better to ignore expensive items that can be replaced easily cheaper alternatives. Items such as bathroom tiles come in huge variety. There are some cheap alternatives available in the market which are identical to the quality ones. Using the cheaper alternatives will save a lot of money. These can easily be replaced. Thus, quality is not the deciding factor in this regard.

Avoid over-customisation

Owners have a tendency to over-customise their houses with colours and decorations. It is best to keep the feel neutral and classy. Over-customisation involves money without adding to the value of the property. As a matter of fact, over-customisation often leads to devaluation of a property. Thus, investing in excessive customisation should be avoided.

Spending on key points of the house is a good idea

While renovating a house, it is important to distribute the budget on the basis of importance. The key areas of the house demand more spending than the rest. The drawing room and the dining room are the areas which should not be ignored. These are the places which will get attention from visitors more. Thus, using quality items to decorate these rooms will yield a better result.

Adding accessories that help to save money in the long run

Adding accessories like the insulators will help the owners to save money in the long run. These are not expensive items to add. These additions also help to boost the valuation amount of the house.

Restoration of old items for reuse

It is better to restore old items than replacing them completely. However, there is a point beyond which, replacement is the only available alternative.

Avoid spending too much on bedroom decoration

The bedrooms are usually not meant for attending visitors. These rooms are limited to family usage. Thus excess expenditure on decorating the bedrooms should be avoided. Costly colours and wall hangings will effectively mean nothing in the context of the bedrooms. It is very important to identify the areas, where money can be saved.

 Happy Investing

Source:Yahoofinance