If you want a second bathroom or need to waterproof your basement, your first instinct may be to start calling professionals for estimates. However, just because you want something done to your home doesn’t mean that you should do it. Here are a few issues that you may want to consider before starting your home remodeling project.
Do I Need This Update or Upgrade?
Undertaking a basement waterproofing project may be a good idea because it can help protect your entire home against water damage. However, finishing your basement just to get some extra space in your home may not be worth the money. This is especially true if you can’t list the extra square footage when selling the home.
How Much Will I Get Back?
When you update your home, you will only get a percentage of what you spend back. For instance, if you update your kitchen for $10,000, the value of your home may only increase $7,500. Therefore, it is rarely worthwhile to update the home just to increase its value.
Does It Make Sense for the Neighborhood?
You don’t want your home to be listed for too much more than the homes in your neighborhood. This is because the type of person who would be interested in a $100,000 isn’t going to want to buy your property listed for $500,000. At the same time, those who are looking for a $500,000 house won’t want to live in a neighborhood filled with $100,000 homes.
Will I Be Around to Enjoy It?
Making a major upgrade to a home rarely makes sense if you are going to sell the home in the near future. This is because you will pay a lot of money only for the next owner of the home to benefit from that expenditure. When you buy your new home, you may be faced with the same dilemma of whether or not to upgrade that property.
Can I Do it Myself?
You should think about whether or not your can do the job yourself when contemplating a home remodel. This is because you can save a lot of money on materials and on labor costs by avoiding the professional contractor. However, you should only do the job yourself if you can do it right and do the job safely. If you can’t afford to hire a contractor and can’t do it yourself, it may be best to hold off for now.
Remodeling your home can make it more comfortable and increase its value, but you should only undertake a project if it makes sense. If you are going to sell the home soon or can’t afford to do the work, you should enjoy what you have and make minor upgrades whenever possible.