Thursday, February 2, 2023 / by Blair Hayes
Below are some important questions you need to ask yourself before getting started with home renovations. This is because renovations, whether functional or aesthetic, are costly and often time-consuming, and you want to be sure your time and hard-earned money will pay you back.
Here’s a few things you should ask yourself to help you determine which home renovations are the right choice for you, if any at all:
1.) Do I see myself living in this home for the next 5+ years? (Be mindful of the possibility of any life changes, such as starting a family or an unexpected job relocation.)
2.) Is this a want or a need? (Example: Do you want a shiny new kitchen faucet, or is it non-functional and replacement is necessary?)
3.) Would this renovation help or hinder the salability of my home? (Be mindful that homebuyers don't always have the same appreciation for customizations made to your home as you do.)
4.) Is my budget and timeline flexible enough to allow for renovations? (Let's be real, things don’t always go as planned. Sometimes projects run into issues causing them to take longer or be more expensive than planned. Ask yourself if you have the time and money if things go awry.)
5.) Will I get a return on investment? (Note: Some renovations contribute little to nothing to the fair market value to your home. Will you be okay with spending all that money if that's the case?)
6.) Who should I lean on for advice? (Having a knowledgeable real estate agent can help you determine which renovations, if any, are an appropriate choice for your specific needs. They could also possibly offer you some referrals for contractors they've worked with in the past.)
Like I mentioned earlier, it’s important to make sure the money you spend on renovations will pay off, whether that is return on investment once you sell or if you choose to use the home for business purposes, such as renting, or whether it’s the emotional and mental pay-off once you have beautifully updated and customized your most comfortable space.
Written by: Blair Hayes, REALTOR®