Is It Worth Renovating A House?
At first, a home renovation project sounds like a great idea. Then you give it more thought, and you start to wonder if the house renovation will be worth it.
Yes, renovations often result in better designs and sometimes more satisfaction with the place you call home. Many times, a redesign increases the value of the house and makes it more desirable.
But sometimes, the remodelling doesn’t do much, and they cost a lot. It makes you wonder, “is renovation worth the cost?” Maybe you didn’t need to renovate the house in the first place.
Below we’ll help you answer the question of whether or not to renovate your home.
Points to Consider to determine if the House Renovation Will Be Worth It
According to Statista, about 46% of homeowners are considering spending money on home improvement. These numbers don’t mean you should begin a home remodel project without due consideration.
There’s no specific way to determine if a house renovation is worth it or not. Instead, there are peculiarities you need to consider to determine if you should renovate your house.
Before you decide to slap fresh paint on the walls or put in that new wall, consider the following factors to make a guided decision.
Will the renovation provide a good return on investment?
Unless you don’t mind splashing money on things that may not have quantifiable benefits in the long run, you should consider this factor.
House renovations often require significant financial investments. So, you want to consider if the renovation will give you satisfactory returns for your investment.
In most cases, the returns on investment will be in financial terms, but they can also be however you define it. Let’s look at some examples of renovations that pay, especially if you plan on selling the house.
Generally, you want to fix anything that’s broken in your house. Even if you’re not looking to sell the house, you should fix anything broken if you want to enjoy staying in the house.
General repairs are especially crucial when you want to sell the house. It can be a huge turn-off when a prospective buyer takes a property tour and finds faults.
It only takes minor damage to discourage a prospective buyer. The buyers often find the idea of buying a house with broken items scary. General repairs are not a bad idea regardless of if you’re looking to sell the house or not. And yes, such a house renovation will be worth it in the end.
A fresh paint job
Only very few people can claim to dislike a fresh paint job in their apartment. A fresh paint job using neutral colours is always a good idea if you’re selling the house.
White is the obvious choice for everyone, but you also have other options. You can also go for colours like off-white, beige or grey to mix things up.
If you plan on staying in the house for a while, you can decorate the wall and design it to your heart’s content. This redecoration may not provide a financial return on investment, but you’ll get your returns in satisfaction. Not to mention, paint jobs are affordable, unlike most other renovation projects.
Many people don’t regard this as renovation since it doesn’t involve fixing something or replacing it. However, it’s still a home-grooming activity that’ll improve the state of the house. You should not underestimate the effects proper cleaning can have on your house. It’s even better if you’re looking to sell the house.
While you may handle the house cleaning as a DIY project, it’s often better to hire professionals to do it. Let the experts handle the cleaning; you’re paying them for it, you can expect a good cleaning job. Don’t worry about the price, it doesn’t cost a lot, and you won’t have to do much.
Nonetheless, not all examples of renovations pay a significant dividend in the long run. While some may pay dividends, they may not justify the money and resources you spent on them. You may want to avoid such projects unless you don’t mind splashing some money on low-dividend home investments. Below are some of such investments with little return on investment.
Many people will disagree with us regarding this point, and it’s understandable. All homeowners want a kitchen they can make delicious food in and proudly show off.
At some point, you also probably wanted or still want a kitchen with the latest appliances and exquisite cabinetry. All these things are cost-intensive, but they don’t usually justify their price tags.
First of all, times and styles are always changing; it’s only a matter of time before what’s in style now goes out of fashion. Even if you’re looking to sell the house, there’s no guarantee the prospective buyer will appreciate such renovations.
Of course, upgrades on systems like the taps etc., are more likely to bring good returns on investment. But installing new counters and cabinets may not be worth their price.
Unless the house is on the upper end of the luxury scale, you don’t want to spend too much on bathrooms. No doubt, everyone loves a clean and spacious bathroom.
However, people don’t often buy houses just because the bathroom is clean and spacious. If anything, spacious bathrooms are more difficult to maintain.
Then there’s the problem of showers or tubs. Although you can have both in the bath if there is enough space; that’ll also be cost-intensive. Unless you’re willing to splash the money, make sure, the bathroom is clean and in good condition. Keep the bathroom spotlessly clean and with the necessary basic facilities and, you’re good to go!
Over the top landscaping
Unless you enjoy gardening or having and maintaining a lawn, you want to avoid embarking on this type of renovation. Even if you plan on selling the house, not every buyer has the desire or skill to maintain a lawn.
Landscaping is an investment that rarely ever brings any tangible returns except some additional aesthetics. And it’s quite cost-intensive; it can be frustrating.
You want to keep it as simple as possible. If you don’t have the desire or skill to maintain a lawn, don’t get one. Such renovations are not always worth it. But then again, if you want it and can spend some money, you can employ professionals to take care of it for you.
New hardwood floors
Everybody loves the idea of installing new beautiful hardwood floors in their houses. Hardwood floors add to the aesthetics of the house and can improve its appeal.
However, it doesn’t mean you’ll necessarily get an equivalent or better return on your investment on the floors. You may not be able to gain reasonable benefits by installing new hardwood floors in your house.
If the existing hardwood floors in the house are too old or have considerable damage, then such a renovation is worth it. Leaving the house in a poor state will negatively impact the value of the house.
In such cases, investing in new hardwood floors is reasonable and cost-effective. However, changing the hardwood floor only because you want to isn’t very prudent.
A swimming pool
Swimming pools sound like so much fun, the kids will love it, and you can also relax in it. In the real sense, swimming pools are fun when you’re not responsible for them.
Pools are expensive to construct and very difficult to maintain. Not to mention the dangers they pose to little children and pets sometimes.
Sometimes, a pool may harm the value of your house, especially with buyers who know their stuff. These buyers will want to leverage the fact that pools can be a burden to lower the value of your property. Many buyers see a swimming pool and see unending expenses, lawsuits or worse — tragedy. Adding a pool during a house renovation is not always worth it.
It’s mostly a popular misconception that having a pool increases the value of your house. Occasionally, having a pool may increase the appeal of the property and be beneficial. However, it often has the opposite effect.
Related Article: How Long Does a Whole Home Renovation Take?
How to Decide if A Home Renovation is Worth it
Like we said before, there’s no generally accepted answer to whether a house renovation is worth it.
However, some factors serve as pointers to the disadvantages or advantages of house renovation. These are important points you need to consider to determine if the house renovation will be worth it or not.
Identify your goals
The general goal for most house renovations is to make them more appealing or functional. That’s most probably your main goal for the house renovation too.
However, do you know how you’ll go about achieving that goal? Do you know the specific remodelling activities you need to embark on that’ll give the best returns on your investment?
First, determine your main goal; do you want to make the house more appealing to increase its sales value? Or do you want to make the place more livable for yourself and your family?
You may want to do a bit of research to determine the best renovation activity for your goals. This way, you can easily identify which projects will give the best returns on your investment.
Once you have your goals down, it’ll be pretty much obvious if the house renovations will be worth it. Then you can proceed to the planning stage, or you can review your goals.
Decide which renovation activities take priority
Ranking the remodelling elements in order of priority is an integral part of the planning stage. Doing this will help you avoid spending resources on renovation activities that won’t be worth it. Prioritizing projects in order of importance will help you focus on the investments that’ll bring the best returns. Then you can make the house renovation worth it.
The priority ranking stage also helps you to identify renovation activities that won’t be worth it. It enables you to correct any mistake you made while defining your goals. In other words, it helps you to reconfirm if the house renovation will be worth it or not. That way, you can make a guided decision on whether to invest in it or not.
Forecast and calculate the exact amount the project will cost
Many homeowners embark on renovation projects without considering the exact amount of money it’ll cost them. You want to avoid making that mistake, especially if you’re working with a budget. Without accurate cost projections, you may end up going above your budget for the project.
It will only take you a little effort to do some research or seek professional advice regarding the cost of the design you want. Then you can build your budget around it or streamline the project to fit your budget.
It’s easier to talk to house renovation contractors to get professional advice. You shouldn’t only get forecasts for the financial costs; also determine the time and other resources the project will take. Once you identify these points, it’ll be clearer if you should renovate your house.
Can you DIY or hire professionals?
After identifying the scope of your house renovation project and the cost, determine if you can DIY or need to hire professionals.
Some home renovation activities can be simple DIY projects. For example, you can paint your apartment yourself if you have the time and equipment. But installing new doors, floors and so on may be a different ball game.
Doing the project yourself will save you money if you get it right. But letting professionals handle the job will guarantee a better result.
When hiring experts, be sure to do due diligence. Ensure to research the company you want to hire and make sure they’re legit and qualified.
Related Article: Top Home Renovation Ideas 2021
Your house renovation project may or may not be worth it, depending on certain factors. You need to consider the points we stated above carefully.
Then, you can determine the benefits of a house renovation project. If these benefits outweigh the cost, then it’s well worth it.
Most house renovations improve the appeal of the home. And if you do it well, a home renovation will increase the value of your home.
Feel free to contact us for professional advice or help with your house renovations. Here at Basement Finishing Company, we have tons of experience with home renovations in the GTA.
Let’s put that experience to use for your home. Contact us today to discuss a possible home renovation project.