Here are four of the worst reasons to commit to a home renovation.
Renovating your home can be exciting, but there are things to consider before beginning construction. Here are the four worst reasons to renovate:
1. To keep up with the Joneses. You should renovate your home because you’re going to enjoy it, not to keep pace with your neighbors.
Don’t make a permanent change to solve a temporary problem.
2. You think you’ll get the money back when you sell. There is some truth to this. When you make renovations to your property, you do increase its value. However, the return on investment is typically below 100%, so be cautious if you’re considering financing big-ticket renovations. It’s risky and could come back to bite you.
3. You have a short-term need. Don’t make a permanent change to solve a temporary problem. For example, let’s say you have a toddler who has too many toys, and you want to build them a playroom. Before you know it, the toddler will be in middle school, and you might not need the extra room. It’s an added expense that you didn’t need when you would probably be better off repurposing another room for a playroom for a few years.
4. You can’t declutter. It’s hard to get rid of things. However, adding room to your house just to have more space to your things might not be the wisest idea. It’s probably better to focus on getting rid of the non-essential items you need.
Before you call a contractor, I hope you’ll make these four considerations first. If you have any questions about making renovations, selling your home, or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.