Before buying our current home, my husband and I rented a nice one bedroom apartment not far from where we currently live. Though we had major lack of storage (for us, a normal person with regular hobbies probably would have been just fine), we loved that apartment. We were the youngest tenants by probably 50 years (no joke) and our evenings usually consisted of my husband going next door at least once to turn the television on for our 87 year old neighbour whose son insisted she get a fancy flat screen TV so she could actually see the screen with her aging eyes.

While we were living in the apartment every day we would dream about homeownership. Owning something. Being able to paint the walls. Something to call our own and start our lives in. In hindsight I feel like I was being brainwashed by advertising because though I’m glad we have a home for our family, renting really wasn’t that bad.

I already wrote about why you absolutely need tenants insurance and our experience with dealing with a massive flood in our apartment. I cannot even imagine the headache of dealing with a flood in our house.  Our house. Not a rental unit you don’t care as much about. While dealing with the flood was a headache, I knew everything would get fixed, I mean obviously the landlords wouldn’t not fix it, it was their building! Just like I’d be freaking out if property I owned was damaged. The stress of the ”what if’s” can be overwhelming sometimes when you own a home.

My husband and I recently made a detailed, prioritizing list about what we need to get done around the house. Some things are small like replace a door knob but some are bigger like replace  flooring and new front door. Big bucks. Though I love being able to do basically whatever I want to my home and really personalize it, I miss the days of being able to call the landlord and have them deal with a problem, like a broken door. The peace of mind that comes with living in a rental unit (assuming you have responsible landlords) is a great feeling. I’d gladly replace the feeling of financial stresses related homeownership with it any day!

Finally, though our money is now going into an appreciating asset and we’re gaining equity, I can guarantee if we were as financially responsible as we are today when we were renting, we’d have a lot more money in the bank and likely be debt free. I have no way of guaranteeing this but I’d like to think if we had learned the financial lessons we did just 18 months ago while we were renting, we’d have significantly more money. Our rent was about $500 less than our current mortgage (though if we had a kid while renting would have needed to get a larger place) and our utilities were significantly less with both heat and hot water being included in our rent. Even upgrading to a larger two bedroom unit in our old building would give us over $500 more per month than our current bills.

Some days I wish we were still renting for all the reasons listed above but most of the time I love our home. I love our yard and the fun time we have in it. I love my clothesline and use it almost daily in the warmer months. I love that we can do whatever we want to it and that even though we need to pay for a new front door I will buy what I want 🙂

Although selling your home may not be in your immediate future, you should still be keeping up with needed renovations, simply because a surprise opportunity to sell may come up.

In addition to that, the enjoyment related to a newly renovated space is undoubtedly important, as well.  It is essential to plan these renovations with the potential for return on investment.

The following home improvement projects will be worth every dollar, especially when it comes to returning on your investment when it comes time to sell.

Glam Up your Kitchen

According to Comfree, the kitchen is an ideal place to invest if you want to be certain that you will make your money back.  An updated, functional kitchen can substantially increase the value of your home.

Families and homeowners spend a large portion of their time in the kitchen, preparing and enjoying meals with loved ones. Invest in a quality kitchen that both you and the future owners will adore.

The best places to focus your efforts on are countertops and cabinets.  Future buyers will expect a neat kitchen with quality embellishments. It’s also important to keep your appliances up to date, both for the overall look and feel of the kitchen, but it will also cut down on repair costs in the future. If you’re planning an out of state or country move, quality appliances that you need to leave behind could potentially draw in buyers, as well.

Add Elegant Features to your Bathroom

Carl Vogel of This Old House says that if you’re not investing in your kitchen, the bathroom is the next most valuable area of your house to renovate. Bathrooms are a space meant for relaxation and comfort, making them an integral component of a desirable home.

The master bathroom, in particular, is a huge selling point when renovated the right way.

When choosing which projects to take on, consider installing a large soaking tub and attractive tile work. These features create an area where potential buyers can envision themselves unwinding after a long day.

Potential homebuyers may also test the water pressure in a shower, so if you have low water pressure, add a new shower head to compensate. This is a cheap and easy fix that could seal the deal in a future sale. Bathrooms are never a bad place to invest your money when you are renovating your home.

Maximize your Space

If you have an extra space, whether it be an area or a whole room, that does not quite have a specific purpose, give it one.

Decide on the kind of space that would most benefit your current needs, and take that route.The new room will likely be one that would be appreciated by a potential buyer.

If you work from home or need a space dedicated to paperwork, bills, and important documents, a home office is a functional space to create.  If you have young children, an extra playroom may be an invaluable addition.  Give your space purpose to both meet your current needs and expose your home’s functionality to future prospective buyers.

Home renovations should be done to increase the comfort and functionality of your home. However, it does not hurt to keep your future return on investment in mind, in the process.  These popular areas for home improvement are some of the ways that you can invest in your home and expect it to add considerable value.  Keep them in mind as you plan your next exciting home project.

Author Bio: Roger Wright is an award-winning Broker at Coldwell Banker, specializing in investment properties. Reach out to him at (800) 756-3660 for any questions, especially about relocation, development and real estate licenses and transactions.