For anyone who has been involved in a renovation, big or small, you will have experienced the feeling of not knowing what is worth salvaging and what is worth keeping. It might be deciding between keeping an older set of kitchen cabinets that could be spruced up with a coat of lacquer versus that new showroom quality kitchen you’ve been dreaming of. It might be a bathroom vanity or countertop that seems to be in decent shape versus that shiny quartz you saw on Pinterest. Or perhaps a less than ideal basement layout which could be revived with drywall touchups and new baseboards versus tearing it all out and starting from scratch. The bottom line is there is no perfect answer and no ideal situation – decisions must be made based on what’s best for you,your family, your lifestyle, and in most cases, your budget.
The Budget
Spend some now or spend more later. That is usually the reality of updating anything within the scope of your renovation. Failing to “spend now” in theright places is what can get you in trouble down the road, and put you in that“spend more” situation. Talk to your contractor, your neighbors, family and friends – find out what is the best course of action based on current design trends, market tendencies, and local architectural controls. Look at the value of your home, get an appraisal based on the updates you want to do and consider how that jives with the updates you can do.
The Bottom Line
Like any business venture, the goal is to get a return larger than your investment. The same is true with renovating. Your return may not be amonetary figure, especially if you are planning on staying in the home for along time. However, the dividends that you will receive may be a better quality of life, convenience in your routine around the home, and an increased sense of satisfaction with the space around you. If the renovation is for a rentalproperty you may attract more reliable renters that are willing to pay more.And if you are planning on selling the home, the investment may speak for itself – as long as the groundwork for a successful project has been done properly. And usually, that starts with, “what can we rip out first?”