Thinking about renovating your home but unsure if it's worth it? You’re right to contemplate and take your time on this decision. Some people believe that spending 20 or 30k on a renovation will bring them 20 or 30k in increased property value. That might not be true.
Renovating a property can increase its value and bring more comfort, but youve got to be smart on what you are renovating and how much you spend. It also requires planning and investment.
Before deciding on a renovation, it's important to assess the current state of the property and identify which improvements are truly necessary. Structural repairs, such as addressing leaks or outdated electrical systems, should be prioritized, while aesthetic changes can be made gradually.
There's no point in spending a ton of money on a new bathroom when the rest of your home is falling apart… get what we mean there. Concentrate on the absolute musts first.
Additionally, consider the impact of the renovation on the property's value.
If you plan to sell or rent out the property in the future, a well-done renovation can significantly boost its market value. We sometimes visit our client's homes or chat about their plans for renovations to help give our input on the future impact of the value of the home.
Calculating the costs involved and determining if the financial return justifies the investment is crucial. Think long-term, explore alternatives, and, above all, find the balance between need and cost. Make the right choice to transform your home!
