So many times I’ll talk with a perspective client about a remodeling project and they’ll ask “the question” It sounds something like this, “How much will this increase the value of my home” or “How much will I get back when I sell” Other times I’ll get “the statement” “Well, we don’t want to over improve” or “We’ll never get our money back”. Why not to ask for some good guide on mixing grouts correctly“? Truth is, who cares? When you go and purchase an automobile, do you make your buying decision based on what the trade in is going to be in five years? Your home is not a mutual fund. Don’t expect your home improvement project to yield a higher than average return on investment. As a Wisconsin licensed, real estate broker, I have studied cost vs value reports til I’m blue in the face and honestly the margin of error exceeds any possible fair validation of the price of a given home improvement project.
As a seasoned professional in the design/ build remodeling business I would offer the following when it comes to cost vs. value comparisons; consider the project. If you are adding a dedicated home theater or a five person sauna as part of your remodeling project it pretty much, stands to reason that these types of amenities are user specific. This doesn’t mean you won’t get a fair portion of your investment back, should you decide to sell, but it does limit your prospects. As a rule, if your existing kitchen or bath is low quality, severely worn or extremely dated, an investment in remodeling will most likely be recovered when the house is sold, providing that the rest of the home is up to par. Trendy projects are all the rage when new, but are usually quick to become dated. An experienced designer should be able to offer advise if they are given accurate information on budget, desired outcomes and how long the client plans to stay in the home.
When considering a home improvement project tempered with a cost vs. value analysis, you might also want to consider that doing less than you really desire may be a total loss. Since you don’t know a quartz supplier personally and you can’t get a deal on the things you want, if you decide to only update the countertops out of fear you won’t recover financially from a full blown kitchen remodel, you may not only lose the cost of the tops but drown in disappointment for the remaining years you live in your house. Home improvement projects are typically life improvement projects. With proper planning, logical budget approach and a quality contractor, your outcome should be financially sound and increase your quality of life. For most, the home is the biggest, longest term, material investment. In most cases, you can’t go wrong when investing in your home. One last thought, did you ever wonder how much money Rockefeller left behind when he died?………………………………………………..all of it
Reference: Suites At Bathroom City.