Home improvement projects can be a very big job. Larger projects can take a long time to plan out and save money for. But before you even get to the point of adjusting your budget to save more money for your home improvement needs, you’ll have to decide whether or not the project is a good investment for your home. Depending on what your plans are for the immediate future, certain types of improvements may be more worthwhile than others.
Are You Staying or Leaving?
Are you getting ready to sell your home and want to give your home’s value a boost and make it easier to sell? If so, you’re not alone; this is a very common reason why homeowners decide to do renovations and other improvement projects. But if you’re getting ready to sell your home, just remember that not all projects are guaranteed to add a lot of value. Before you get started, take some time to do some research to get an idea of approximate return on investment for a project is. The annual Remodeling Cost vs. Value Report is a great place to start.
When you’re getting ready to sell a home, you might not even have to take on a large-scale renovation to make a big difference. Spending money on projects that will improve your home’s curb appeal or fix existing problems in your home might actually give you the biggest boost. Things like replacing worn-out siding, refinishing hardwood flooring, repairing or replacing a roof, replacing a garage door, and making smaller improvements to a kitchen or bathroom can do a lot to impress a potential buyer.
What Are Your Neighbors’ Homes Like?
If you’re thinking of starting a larger home renovation, you may want to consider what the other homes in your neighborhood are like, particularly if you’re planning to sell soon. If you over-improve your home and end up making it significantly more expensive than other homes in your neighborhood, your home might actually become more difficult to sell. For example, if your home is in a pretty solidly middle class neighborhood, you’ll be attracting middle class buyers who might not be willing to pay more for a kitchen with marble countertops and a professional-grade stove and will be more likely to buy another home in your neighborhood instead.
Will It Make You Happy?
Just because a home renovation project doesn’t have the best return on investment, that doesn’t necessarily mean it’s not worth doing at all. If you have no plans to sell your home anytime soon, it’s very important that you feel comfortable and happy in your home. Many types of home renovation projects don’t have a particularly great return on investment, but the people who do those projects are often extremely happy with the end result. Things like adding an extra bathroom or adding a master suite often don’t have the best return on investment, but they can do a lot to make a home more comfortable and more enjoyable.
Will It Improve Your Energy Efficiency?
It’s hard to go wrong with any home project that will improve your energy efficiency. Regardless if you’re planning to sell or planning to stay put, you can easily benefit from these sorts of improvements. Many home buyers are looking for energy efficient features, so having things like new vinyl replacement windows, extra insulation, and new exterior doors will be very attractive to potential buyers. And if you’re staying in your home for the foreseeable future, you’ll be able to personally enjoy the benefits of the added comfort and lower energy bills.
