Maximizing Your Renovation Budget for Every Room
At Great Midwest Bank, we do our absolute best to make a difference for our customers. Financing your home renovation or construction project is one of those priorities, and we also want to be a resource for helping you make wise budget decisions and getting the best return on your investment.
Prior to embarking on your Renovation Journey or the construction of a new home, we can offer the following helpful tips on the flow and feel of the rooms in your home to maximize your budget.
Main living areas
The living room is often the central part of any home. If the living area isn’t already the central part of your home, there are still renovations that allow it to become so. Opening up the room to other parts of the home by widening the entrance will make the room (and your home) feel larger and more connected to the rest of the house. In turn, guests feel more comfortable and the layout offers an improved flow for daily functions.
Regardless of your living room size, adding an area rug and cozy throw pillows are simple ways to make your living room feel more warm and welcoming. A light, neutral paint color enlarges and brightens the room. To take it a step further, consider hanging a curtain rod above the top of the window, adding curtains that go to the floor, and keeping those curtains open for natural light!
The kitchen has evolved into a main living space and choosing the right renovations will help with functionality and resale. No matter what size your kitchen is, it is important to keep the sink, refrigerator, and stove/oven range in a triangle for maximum efficiency. The rest of the kitchen layout should work around that triangle. For added convenience, consider placing the dishwasher directly to the right of the sink, as most people (i.e. potential buyers) are right-handed.
Small renovations can go a long way in a kitchen. Update cabinet and drawer hardware for a fresh look, add a classic backsplash, and replace light fixtures. To make an even larger impact, you could consider painting cabinetry or removing the face of one or more cabinets altogether for an open, airy, and interesting look.
Try to avoid setting up bedrooms off of main living areas such as the living room or dining room; isolated bedrooms will reduce noise and increase privacy. The master bedroom is a huge selling point in a home. If you are renovating that room, consider adding more square footage to the closet space or update the master bathroom rather than expanding the square footage of the bedroom itself.
For other bedrooms in your home, quick and easy renovation projects could include more storage options, updating light fixtures and curtains, or painting the walls a neutral color so the rooms can easily be transformed for various uses, such as a kid’s bedroom, a guest bedroom, or even an office.
When renovating or building a master bathroom, pay special attention to the size and placement of sinks and storage. There should be enough room allowed for two people to freely move about at the same time. Guest bathrooms should be openly accessible without requiring a walk through laundry and mud rooms.
Update light fixtures and splurge on a large mirror to reflect the lighting and make the room seem larger. Replacing a shower curtain or frosted door with a clear glass door immediately makes the bathroom seem larger because you can view all the square footage as you enter. You can also use paint tricks like white on white (or other neutral tones like beige on beige) to add depth to your bathroom.
When planning where you would like to put the laundry room in your home, there are a few things you should consider: Who does the laundry? How often? Are you hanging laundry (indoors or out)? What family activities affect your laundry? Though first-floor laundry has become popular, do you want your guests to see it? Every family is different, but resale should also be considered when locating the laundry room.
Organization and plenty of shelf and storage space are key no matter the size of the laundry area. Add open-faced shelves to unused corners. Use baskets and storage bins to avoid clutter. Create a folding station that comes down from the wall. Add over-the-door storage racks or a retractable indoor clothesline for more space without taking up precious real estate.
Outdoor living spaces
Make your outdoor living space easily accessible by putting it near a door, and collect bonus points if that door is near the kitchen for maximum efficiency when entertaining guests! Keep the layout open in the middle of your patio or deck to keep a nice flow from the house to the yard and beyond.
Use light furniture so it is easy to move around, put away, etc. The furniture you choose will depend on the size of your outdoor living space, but having some sort of sitting area aside from a dining table makes intimate conversation easy. If you would like a dining table, make sure there’s a spot for an umbrella so you have an easy way to make your guests and yourself comfortable. Don’t forget to leave some space for cushion storage as most reasonably-priced cushions are not waterproof. There are a number of creative storage ideas for outdoor furniture, including tables and ottomans.
These simple considerations can help you maximize your budget. We’re here to help you finance your Renovation Journey and can refer you to local qualified contractors that can provide even more insight to your renovation project.
Call one of our loan officers or visit your nearest Great Midwest Bank branch today and get the renovation conversation started!