- Cost vs. return on investment. If you are planning to stay in your present home for more than 5 years, then the wear and tear on your project reduces the short and long-term gain. We recommend that the project be focused on your lifestyle needs. If you think a move from your home will happen in the next 5 years, the renovation should include consideration of broad appeal to the next homeowner.
- For example: Paint is an item that will be redone at the time you market your home, but replacing cabinets, fixtures, and windows is costly and can be used to enhance the value of the property.
- Maintaining the character of the original design. What may seem like a good idea at the time, like adding a new room to the home, could also destroy the appeal of the original home.
- For example: In a recent project, the previous homeowner added an addition to be used as a preschool. The space was added to the back of the home, cutting off any exit or view to the backyard. The space was created with the ceiling starting at about 9 feet high by the home; by then creating, at the homeowners´ request, a snow shed for the roof, the ceiling dropped to only 4 feet high at the back wall. The new homeowner had to remove the entire space to create any useful function to the back of the home.
- Consult a Realtor or Appraiser: You may love your ideas, but it is a good idea to talk with a professional to see if you can get the value back. Removing a wall to make more functional space in your home may more than pay for itself later. On the other hand, spending more than the market and neighborhood might not increase value. For example, adding gold plated fixtures or exotic stone floors in an area where no other homes have them, can actually cost you money in the long run.
We feel that you are making an investment in your home and should get the return you are expecting. We have the experience and resources to help create a balance between the amount you invest and the goals of solving your current space issues, and gaining long-term appreciation of your home. The scope of the project should match the current and potential value of the property, and accommodate the lifestyle needs that are to be fulfilled.