Taking on home improvement projects can be a great way to add value to your home, but they can also be stressful and take time as well as money. Stress is compounded when debt enters the picture. When deciding on the kind of projects you want to take on, it is important to know which ones will be the most likely to cause you financial stress. We have the 5 home-improvement projects most likely to cause financial stress below.
Adding an extension to your home can make it larger, offering you more space and more value if you are planning on selling it in the future, but it can also be very expensive. It usually requires hiring some kind of help, so you have to pay for workers as well as for permits to build onto the property. All of this adds up to a substantial amount of money.
Another popular but very expensive home improvement that people turn to is renovating their kitchens. Because appliances and hardware change constantly in the market, a kitchen can look dated easily. Tile gets dirty and needs to be replaced. This will mean having to replace all of the appliances as well as cabinetry, which can cost a small fortune. If you want to avoid going into debt as you remodel a kitchen, go for adding new back-splashes or changing just the cabinet doors instead of the whole thing.
Renovating your garage will cost more than it seems. There are lots of factors that affect the cost, including whether the garage is connected to the house or not and what you want to renovate it into. You have to consider whether you need to add a bathroom to the space or vents for air conditioning, and all of this adds to the price.
Adding a Deck
Adding a deck to your patio can be a very expensive renovation. It definitely adds value to the property, but it can really make a dent in your wallet. Depending on the size and style of the deck, you can spend several thousand dollars getting it built and installed. You can save a lot of money by doing repairs DIY, provided that you have the right tools for the job.
If you have a basement and want to convert it into usable space, it can take a lot of money to do so. This is especially true if the basement is not in great shape. For people who want to convert it into a gym or even a spare bedroom, be sure to budget accordingly so that you do not run out of money halfway through the construction.
These five home improvement projects will add value to your house but they will also put a strain on your finances. If you want to avoid this kind of stress, go for smaller renovations, which can still have an impact in your home's value but which will be easier for you to pay for.