A quick internet search will show you numerous lists of the top new trends in home remodeling. While there is no question remodeling is a valued endeavor, the unknown is whether these projects will stand up to the scrutiny of time .
If you are considering a remodel, before investing your hard-earned money, you'll want to ask yourself whether the result of the project will add value to your home or lifestyle. If not, you might want to reconsider greenlighting your project until you find one that does.
Ideally, any big home remodel project should be timeless, add value and be durable. Using these three pillars as a foundation for your project is more likely to bring you the results you desire.
Choosing projects that add equity
Most remodeling projects require a substantial amount of capital, and you'll want to get some return on your investment (ROI). As you plan your project, be sure to choose projects that add equity to your home. Some examples may include:
- Installing hardwood floors
- Adding a stone veneer siding
- Invest in a kitchen remodel
- Finishing a basement.
- Replacing the garage door
- Adding an outdoor deck (or improve upon the existing one)
These types of details to integrate into your projects can bring a high ROI. For instance, updating or replacing your garage door recoups about 98% of costs.
Selecting money-saving projects
Selecting projects that will save you money over the long term is also a good investment. For instance, if you focus on projects centered around green living and energy efficiency, you can see savings on monthly utility bills as well. Some examples may include:
- Adding solar panels
- Installing solar-powered water heaters
- Connecting a geothermal heat pump
- Insulating your attic
- Installing programmable thermostats
- Replacing older windows and doors with energy-efficient ones
In addition to saving money each month, these projects contribute to home equity and also can net you some great tax benefits.
Picking styles to withstand the test of time
If you peruse home listings or magazines and look at the different styles, it's easy to differentiate what looks modern and what looks dated. When doing a remodel, you want to ensure whatever style you choose will be appealing years down the road.
- Create a design with staying power. Choose classic colors, style and durable materials.
- Choose low-maintenance finishes. Busy homeowners are typically strapped for time, anything making life easier usually has longer staying power.
- Consider smart technology. All signs indicate the Internet of Things is here to stay, and it's doubtful smart tech will go out of style in our lifetime.
Consider sleek modern looks that might endure the test of time. Choose projects that will hold their appeal years down the road because they'll still be relevant and look fresh. Go for sophisticated, adaptable and functional, but not bland or boring. If you think you're likely to find yourself wanting to remodel in a couple of years once the current fad passes, this won't add value. Go for timeless.
At Dividend Finance, our primary objective is to provide fast easy financing to add value you to your home or boost your home’s value while minimizing your eco footprint and we promise to help you find the right payment options to help you accomplish your green projects. Want to learn more? Talk to your contractor about working with Dividend Finance today!