People typically renovate their homes for one of two reasons: they think that the renovations will drastically raise the price of the home or they want to make their house feel more like home.
Before you do any major renovations (no matter the reason), it’s important to understand that you probably won’t get back the full amount of what you put into improving the property. Renovating can definitely improve the look of a home, but unless it looked horrible before, you’re going to spend a lot of money and only get a percentage back when you sell your home.
If you do decide that you want to renovate, consider these three things:
- Do you plan on living in your current home for a few years?
- Can you actually afford the full cost of the renovation?
- Are you prepared to live in a messy place while the renovations are completed?
If you answered no to any of those, you might want to think of an alternative.
See if there are any smaller fixes that you can do to improve the look and feel of your home. A change in paint color and fixtures can make a world of difference. Rearranging furniture or adding new pieces to your collection can improve the flow of a home and give it an entirely new look.
That being said, if a big renovation will make you happy and you don’t care if you’ll get a high return on your investment, then go for it! Just be sure to do your research first.