Is Remodeling Your Home Worth It?
Remodeling has never been more popular. In 2016, homeowners set a new record for spending on remodels, improvements, maintenance and repairs, totaling $361 billion. That’s a huge amount of money, and we’re likely to see that trend increase for 2017, and perhaps even this year.
The economy is the strongest it’s been in a while, and the shortage of available homes is prompting many homeowners to stay put. So, why not remodel?
It turns out that there are plenty of reasons you should and should not remodel. For some homeowners, remodeling is an expense that isn’t justified. For others, improvements will help them in both the short run and long run.
So, is remodeling your home worth it? Here are some things to consider to determine that for yourself.
Reasons not to remodel
Before you get excited and commit money to that next remodel, you should also play the devil’s advocate. Understand the cons of remodeling before diving into a project.
There’s no denying that remodels are costly. No matter what you are planning on, the effort will not be cheap – especially if you need to hire someone to do the work for you.
When looking at your budget, expect any remodel to take more time and money than you’re told it will. Also, if you think you can do the addition or fix yourself, think again. If you’re going to spend time and money on a project, you want to make sure it’s done right. More often than not, this means hiring a professional.
The remodel doesn’t increase your home value
Not all remodels will affordably increase the value of your home. Popular ideas – like adding an extra bathroom – will increase the value of your home, but usually by about half of what you spend.
Don’t go adding things to your home just for the sake of it. Do some research, and ask yourself what’s a better option: a new bathroom or a bigger home.
You plan on moving in the near future
If you pick the right remodels, you can quickly increase the value of your home right before selling. Plenty of homeowners do this, and it usually works.
However, this means remodeling for other people. You’re going to be changing something about your home that you might not necessarily enjoy. What happens if your plans change and you end up staying in your current home? This is a risk you have to consider.
Remodels take time and energy
More than anything else, remodels, renovations and improvements are just another thing to worry about. A kitchen renovation not only takes time and money, but you won’t be able to use your kitchen throughout the process.
If you don’t want to commit the time, energy and money it takes to see a project through, then don’t do it.
Remodels that make sense
Now that you’ve considered reasons not to remodel, ask yourself: do you still want to go through with a project? If the answer is yes, then there are plenty of ways to make it affordable and easy.
The first thing to consider is that you should avoid big additions like new bathrooms or bedrooms. Large kitchen remodels should also be avoided. These are incredibly long and costly projects that rarely recoup anywhere near the cost of the project.
If you’re dying for a new bedroom, consider repurposing your attic or basement. Not only is this cost effective, but you’re taking an unused part of your home and making it useful. This is a smart way to increase the value of your house.
Also, keep in mind that there’s no such thing as a perfect home. Styles change, and your home is going to become outdated at some point. If you want to make your house a home, stick to remodels that make sense for you.
To get ideas on smart renovations to increase the value of your home, check here.