Nowadays more than ever in most of our lifetimes, we need to be sure that the money we invest in our homes is well-spent, and that we get the most bang for our buck. Maybe you’ve put off moving because of the economy, or you’ve decided to downscale your remodeling plans. Or maybe you’re just digging in and nesting, and looking for a way to spruce up the old homestead so you can comfortably get a few more years in there – or perhaps because you feel like a facelift for the place is just the right nurturing thing to do for yourself right now.
Even in the best of times, I am often asked what remodelling projects are most likely to deliver the most payback when it comes to resale, and whether or not they will get their money out of a project, but now more than ever, it’s on people’s minds. This is a complex question, because so many factors are involved, and it’s different in different parts of the country. Here’s a handy website on which you can check the odds of a payback and an estimate of remodelling cost vs value for various types of projects – by area of the country.
Keep in mind that unless you’re planning to move in the next year or so, these payback figures will decrease over time, and will probably not yield a whole lot of advantage several years down the road, at least not as much. If you think you’re going to stay put for a few years, then I recommend that you not worry as much about resale values, and focus more on making sure you create a space that really suits your own present needs and preferences. If you are planning to stay there for the rest of your life, resale payback really becomes a completelymoot point, and you should absolutely make sure you do whatever works for you, and don’t worry at all about what someone else might want later.
In both of these latter situations, you may want or need to plan the project out in stages, if money is tight. A good interior designer can be invaluable in helping prioritize and plan for any remodel, but particularly if you’re going to do it in phases.
So, what’s your next project going to be? And how can I assist you in creating the home of your dreams?