If you’ve started planning the ‘remodeling project of your dreams’, and are ready to hand your plans off to a remodeling contractor our Must Read Remodeling Tips are perfect for you! Before you start on your project step back, and do a little more research. You owe it to yourself, and your home, to make sure you’re doing what’s best.
The first tip in the series is ‘Your Future Should be your Guide’. For the rest of the tips in advance, download our FREE resource with the total list of 8 Must Read Design Tips for Remodeling Your Home.
If you’re planning on living in your home for at least 15 or 20 years you can plan a more significant renovation, but if you’re only planning on living in your home for a few more years certain renovations might not be worth your time and money.
Think about the return on investment. Unless you’re planning on living in your current home for the rest of your life, you need to consider if the cost of the project is worth it for the amount of time that you will be living there. If you won’t be in your current home for long you’ll want to make sure that you’re not dumping money into a project that the next home owners won’t appreciate, or pay for.
Most renovations to your home will add some amount to the home’s total value when you try to sell it, but whether that amount is higher or lower than the cost of the renovation depends on what’s done.
Here are a few tips on how to determine the value of your home renovation;
- How old will the renovation be when you try to sell it? – The newer the renovation the more money you’re likely to make off of it.
- What was there before the renovation? – What’s the value of the space that you’re removing? Add the worth of what was there to the total cost of the renovation to determine your true investment.
- Everyone has different tastes – This one is very important. If you’re add a very stylized, or personalized, renovation you’ll likely end up getting less for the project.
Of course, a renovation isn’t all about your ROI. Sometimes is simply about creating a better space for your family to live in. If your family enjoys cooking, a kitchen remodel may not be entirely worth it to the next family moving in to your home. But if you get enjoyment from it on a daily basis, the renovation will be worth it to you.
Even so, be sure to think about how long you’ll be staying in your current home. You don’t want to remodel that kitchen to your exact taste only to move out and have to spend more money on the same renovation only a few years down the road.
Whether you’re planning on living in in your home for only a few more years, or for more than 20, a renovation can be a good idea. You just need to consider both the pros and cons of the renovation and make sure that if you’re only going to be there for a few more years that the renovation’s return on investment is high enough for the renovation to be worth it.
Check back for more of our Must Read Remodeling Tips!