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How to plan a home renovation that will pay off


Some remodels you do because you want to make your home more saleable. Some you do because your next door neighbors just did the same thing and their living room turned out so cute. Sometimes you renovate to make your home that perfect oasis you always knew it could be. Whatever the reason, nobody going into a renovation project says, “Throw away the budget. We’re doing this my way. Return on investment? What’s that?” (Alright, there may be some people out there who don’t care about the financial aspect, but such people likely wouldn’t be reading this article.)

Think in long terms

Anyone renovating will want to know how their home value will be affected once the changes have been made. You never want to do something that would decrease the value of your home. And if you think you might ever move, you don’t want to throw away money on a major project that will have to be redone because no average buyer would like it.

Critical questions to ask

Thus, Jason Alderman, a design consultant, came up with some suggestions for those who want to remodel their home in a way that will actually pay off. To start with, he said, you need to ask yourself the following critical questions:
Will I get most of my money back when I sell the property?

How will project costs affect my overall financial plan?


How long do I plan on living in the home after the renovation?

What are my neighborhood’s styles and standards? Would my remodel price not be accurately reflected in the value of my home because it’s already top of the market in my area?
The benefits of consulting contractors

Most of these questions you’ll have to answer on your own, but some you can answer by consulting contractors or financial consultants who have experience with real estate and remodeling.  For instance, Alderman said a contractor could tell you whether a $10,000 upgrade to your kitchen would be better than a $50,000 overhaul.  They could also tell you about seasonal prices and discounts, as some renovations or materials are cheaper at certain times of year.

A financial planner would also know about renovation tax credits available in your area. You might qualify if you make an upgrade to your insulation or if you get an Energy Star appliance. There might be tax incentives based on the materials you use, as well.
Projects with top ROI

If you’re looking for the renovations with the best ROI, check out these top 3 options suggested by Remodeling magazine:

    Entry door replacement – 96.6% ROI
    Wooden deck addition – 87.4% ROI
    Attic bedroom addition/renovation – 84.3% ROI

If you don’t know what to renovate, this might be a good place to start.

Interior Decorating and Remodeling News Brought to You by BaseBoardRadiatorCover.com
Source: yourhoustonnews.com/humble/opinion/personal-finance-planning-a-home-remodel-that-actually-pays-off/article_24652056-6b94-5fa6-b052-b3c521d1dcee.html


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