If you’re thinking of remodeling your home, you’re likely also wondering whether you might just be better off buying a new one. After all, a drawn-out and/or comprehensive home remodel can require a temporary living situation elsewhere, plus there’s the cost of the remodel itself and the potential that things don’t go as planned.
But there are also quite a few very good reasons for deciding that a remodel is the better option. For one thing, you won’t have to move out of your current neighborhood, which is a big plus if you already feel that you have a fantastic location. Second, you can customize the remodel precisely to your own tastes.
Remodeling can also be cheaper than moving, and you may also be able to use your home equity to finance the cost of your remodel. If all this has gotten your attention, here are a few ideas of spaces within your home to remodel.
Add Space for Storage
Most people realize that they want more storage space in their homes within only a few years of moving in. If you count yourself among them, adding more space to accommodate your storage needs should be at the top of any remodel list. Closets, pantries, lofts, garages and outside storage are all great options, and it’s usually easier to find space for the newly designed storage spaces within a home’s current design.
Create a Kitchen Island
And while you’re thinking about adding more storage space, don’t forget to add a kitchen island. Kitchen islands will give you a lot more storage space for your cooking and dishware needs, and they’re a great focal point for practical use as well as decoration. Kitchen islands are one of the most in-demand kitchen fixtures amongst home buyers, with most buyers ranking them as “essential.” So in the event that you decide to sell your home in the future, kitchen islands can be a great addition to invest in.
Completely Redo the Master Bathroom
Who doesn’t want a nicer bathroom, in some capacity? Between too-small tubs, singleton sinks, lack of counter space, and oddly placed toilets, bathrooms are an area that many people tend to find fault with within the home. Completely gutting your master bathroom and adding in nicer upgrades can be well worth the money. Try adding a walk-in shower with a separate hot tub, if you have the sace, or installing a toilet that is water-conservation friendly. His-and-hers style sinks are also a safe investment, and chances are that you’ll probably appreciate the extra storage space they bring too.
Build a Deck
Home remodels don’t just involve the indoor space. Upgrading your exterior can be a good idea too. A liveable outdoor space is the top concern for many people when it comes to their backyards.
One fixture needed to begin upgrading your backyard is a space for dining and entertaining. Decks provide room for hosting parties and other gatherings at your home. Patios or screened porches are a great option as well, providing a place for relaxing outdoors.
Install a Fireplace
Not every home is able to do this, but if yours is, installing a fireplace is a great addition to consider. Fireplaces help make a room cozy and are great at helping create a welcoming mood for your home. Fireplace mantles can give a classic feel to a room and can also be used as a decoration in and of themselves. Fireplace installation may work best when you’re adding on an additional living space such as a family room or living room. The average installation is under $2,000 for either a gas or wood-burning fireplace. Gas is more cost effective, but many people prefer wood-burning fireplaces for their traditional aesthetic.
Put in a Pool or Hot Tub
Putting in a pool or tub can be another great fixture for your outdoor space. Pools are automatic entertainment focal points in a backyard, and it’s one investment that can often bring the family together to a central activity. Pools can also aid in establishing a regular exercise routine for swimming laps and water aerobics.
Pool installation can increase your home value and make your house sell faster (depending on what area of the country you’re in). It may not be as expensive as you think either. On average, an in-ground pool costs $35,000 to install, and if you go the hot tub route, you’ll likely spend less money and use less space too.
Finish the Basement (or Attic)
If your house has an unfinished basement or attic space and you’re looking into doing a home renovation, these spaces can be ripe for the remodel. Basements or attics (or both) can be creatively redesigned for additional storage, an extra bedroom, a guest suite, a rec room, or a more private master bedroom space. And of course, any of these additions are likely to substantially increase the square footage of your home.
Keep in mind, though, that basements generally aren’t appraised the same as main-level living space. Experts suggest that keeping the budget within 5-10%.of the current home value is a safe bet to maximize the value ratio.
Add a Guesthouse
A guest space is a worthy investment if you’re considering expanding your indoor space. Guest suites can, obviously, be used to host incoming guests, and depending on how you design the space they can also be used as a source of income. The popularity of sites such as VRBO and Airbnb has made entering the vacation rental market easier than ever, and you don’t have to have a whole home to offer to enter the rental game. Consider the addition of a traditional mother-in-law suite or even remodeling a garage into a tiny house.
When it comes to remodeling your home, there are all sorts of possibilities. Whether it’s adding an additional bedroom, putting in a few closets, or modernizing your bathroom, the sky – and your budget – are the limit.
Read this next: The Most Important Items to Consider When Redoing Your Kitchen