subject: Does Home Remodeling ROI Matter to You [print this page] Does Home Remodeling ROI Matter to You Does Home Remodeling ROI Matter to You
There are a lot of questions homeowners have to ask themselves before they commission a large remodeling project such as a complete kitchen remodel or a room addition. How much money do I have to spend? Are we willing to live with all the disruption or will we have to stay somewhere else while construction goes on? How do I find the right contractor for the job? There is another important consideration though and one that people do not always take into account how long do you intend to live in your home?
How long you actually intend to stay in your current home can help you clarify the actual value of the remodeling projects you undertake. Not the resale value or the ROI because if you never intend to move, if you have found your dream home, then such a thing is rather irrelevant. Here are some basic considerations:
Moving in Five Years
Some homeowners know they will be moving on in about 5 years. Perhaps they are a younger couple who intend to start a family by that time or a family whose older children will be heading off to college. If this is you then you should understand that there are basically three rooms that are going to sell your home the kitchen, the bathroom, and the master bedroom. Therefore any remodeling projects undertaken in these areas should provide that all important good ROI you will be looking for when you are ready to sell.
Moving in Five to Ten Years
If you fall into this category you will still want to take ROI into consideration but you will be staying put long enough to really appreciate any home remodeling tweaks you make. Adding additional square footage whether it is a basement room or a room addition to accommodate the extra "surprise" kid makes sense. These types of projects not only add significantly to your home's value, they make life in your home just a little bit better every day. If you intend to be in your current home for at least a decade you can think about personalizing it a little more as well.
Never Going Anywhere
If you have arrived in the home you intend to stay in (barring hugely unforeseen circumstances) resale value is fairly irrelevant. Remodeling is all about the ultimate enjoyment of your home at this point. This is the time when remodeling can mean changing those one or two things that have always bothered you about your home.
Sick of having to struggle downstairs to the basement with baskets full of laundry? Hire a good general contractor to come in and build one upstairs. The difference it will make to your everyday life will be huge. It may also be worth looking at who you will be in fifteen to twenty years time. Widening a narrow bathroom door or adding a downstairs bedroom now may make your home more accessible in the future, meaning you really will be able to stay there for good.
