When it comes to home renovation projects, your budget can quickly go from manageable to astronomical. But how do you know where you should invest and where to save when doing a home improvement project? While investing in premium upgrades in your life is usually a fleeting experience, investing in certain areas of your home will allow your home to work better for you for longer.
Here are a few places you should invest more in your renovation project and a few where you can save money:
Bathroom Flooring – Your flooring tile does not need to cost an arm and a leg. In a bathroom, flooring tile needs to be slip resistant, but it does not need to necessarily be high end. If you choose to save on your tile, you may have leftover money in your budget to install a great splurge for the bathroom — under floor heating.
Bathroom Fixtures – While you can find decent looking faucets and shower heads for under $50, the savings do not outweigh the loss of function. Will you have good water flow? Will the finish wear off? Is it plastic on the inside? Make sure that you use your budget here to invest in fixtures that will last longer. A poor-quality fixture can be responsible for a leak whose repair costs would negate any upfront savings.
Siding – When it comes to durable siding, engineered wood siding is a smart buy compared to real wood siding because it has the look of real wood but with greater durability and easier maintenance. High performing engineered wood siding costs about half the price of real wood, so you capture savings there as well as a reduction in upkeep costs. If you are considering a value-priced option like vinyl siding, consider that the short-term savings around the time of installation likely won’t match up to the potential savings incurred over the life of the product or when it comes time to resell your home. Invest in a tested professional siding material that is built to last and has a warranty to match.
Backyard Sheds – For the backyard, having a shed may be an investment, but it can drive value in your home overall. A shed built with products from LP Outdoor Building Solutions® can feature innovations like the SmartGuard® process to help resist fungal decay and termites, SilverTech® radiant barrier products that can keep your shed cooler and SmartFinish® for a uniform, professional-grade appearance inside. Making sure that your shed is built with high performance building solutions and solid construction to last longer is worth the upfront investment over the immediate savings from purchasing a cheaper option.
Kitchen Cabinets – Splurge on kitchen cabinetry. Skimping on kitchen cabinetry can result in everyday wear and tear taking a toll much more quickly than you anticipated. Regardless of style and finish, cabinets should be made of hard-wearing material that will hold up to repeated use.
While most of your renovation decisions will come down to personal preference and budget, knowing where to spend and where to save during your home renovation can help you stick to a budget and come out on the other side without regrets.
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If you are considering a home renovation but weighing the cost versus the long-term gains, you are not alone. Some candidates for home remodeling projects get cold feet because they fear that they’ll sell the home before seeing a return on investment. But, consider these facts: