Will Remodeling or Decorating my Home be a Wise Investment?
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Paula Interiors
Paula Interiors
Paula Interiors
Should I add a room on to my home, do a single room remodel, or a whole house renovation? If you’re feeling a bit cramped in your house, which was at one time your dream home, you may be asking yourself those questions. Or perhaps, your kitchen or bath is feeling old and tired, in need of that “special something” to bring the space back to life and you’re wondering if a renovation would be a smart thing to do.
So, is remodeling or redecorating your home a wise investment. There should be two parts to that question:
Is it wise financially? If you sell your home, will you get back the money you’ve invested in an addition, renovation or if you redecorate?
Is the happiness or satisfaction factor enough return on your investment?
To answer those questions, here are some points to consider:
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It’s highly unlikely you will ever be able to recoup the entire cost of a major renovation when selling your home. The return on your investment for home renovations when you sell your home, depending upon the year, on average range from a low of approximately 72% to a high of perhaps 92%. So, only in rare circumstances can you expect to recover the cost of the project completely. However, that may be offset by how much you and your family will enjoy the results of that renovation every day, year after year.
The more personalized a renovation project is, the riskier it is for a high return on investment. Conversely, the more personalized it is, the more satisfied the family will be.
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Each remodeling project is different in resale value and return on investment, so consult experts to learn what you might expect of your proposed project. Your interior designer can help you estimate the cost, while a real estate firm or a trusted builder can help you approximate the added resale value of the project.
When it comes to decorating or redecorating your home, these projects will likely not add to the resale value or return on investment. The best news about decorating is that for the most part, should you sell your home, you’ll be able to take almost all your furniture and accessories with you to your new place. Of course, paint, wall coverings, and carpeting will stay. Therefore, if you love the elements you’ve chosen to redecorate with, you’ll be able to live with them for a very long time, and that’s a significant return on your investment.
The bottom line is you can do a renovation with an eye to a financial return on investment, the enjoyment factor, or a combination of both. However, always go into any room addition or major remodel with the knowledge that no matter how wisely you manage your budget or how carefully you select each element of the project, your major return will usually not be financial, but in the added beauty and comfort that will be the result. That alone can make remodeling or redecorating a wise investment you’ll be able to enjoy for years to come.
We would love to help you create a beautiful, functional, and comfortable home. Find out more about our services on our website by contacting us today!
Talk to you soon,
Paula