Should I renovate?

Should I renovate?

If you’re considering a home renovation, taking the time to ask yourself the following questions- You can save yourself a lot of aggravation later on.

Doing a little homework–before you pick up the phone–will not only help you narrow your search for the best firm for your project, but also will help you work better with whomever you select.

1.Why am I even doing this? Think about what you like about the house—what made you decide to buy it in the first place. You have to like the house enough to make a commitment to bring it up to the next level.

2. Am I going to stay here for at least five years? Renovation is an investment that pays back in two ways- emotional and financial, You cash in immediately on the enjoyment of a beautiful, comfortable home that you helped create.That’s the emotional payoff. The real estate portion of your investment (the financial) needs time to accrue value. A home that has been thoughtfully renovated is worth more at sale than an unimproved home in the same neighborhood.

3. How much do property values grow over a five- or ten-year period in your community? How much has your property value increased since you purchased? This can give you a reasonable sense of how much to invest in improvements.

4. How much do I want spend on this? Getting a realistic budget together is important, what are the improvements that will make me happy?

Finally, talk to friends and neighbors for referrals of companies that have done similar projects. This will help you narrow the list of contractors that you should request quotes.

Once you have narrowed to one or two contractors, get references etc., if everything else is equal, trust your instincts to select the proper company. Depending on the size of the project, they will be part of your life for up to six months or longer!

Hope this helps!

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2 Response to Should I renovate?

  1. Jim Fortenberry on September 19, 2013

    Good thing to think of – possible payback on improvements is important.
    Thanks!

    Reply
  2. John miguel on October 10, 2013

    Nice article, we were thinking of renovating last year but decided to hold off to see where the economy was going, along with all the uncertainty that the government has been going through. The morons in Congress!

    Reply

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