Spring may seem like it will never arrive, but it will, and when it does, thousands of homeowners will begin the annual rush to remodel and renovate their homes. In fact, home improvement firms report that right after the first of the new year, the requests for remodeling estimates picks up substantially.
If you’re one of the tens of thousands of homeowners who plan to remodel or renovate, consider these four tips before plunging into your project.
Avoid Becoming a White Elephant
What you don’t want to do is to put so much into your home that it becomes substantially more expensive than others in the area, making it difficult to sell in the future. So start by getting a minimum of three bids from remodeling professionals to see what your proposed changes will cost.
Get a Fix on Area Values
Your real estate sales associate can show you neighborhood price ranges to help you determine if your improvement makes sense, or if you might want to consider buying another home. They can also discuss your home’s current value and whether your improvements are of the kind that are appropriate for your neighborhood.
Consider the enjoyment value and long-term investment
The cost of the improvement does not necessarily mean you will be able to recoup your full financial investment when you sell the home, although some home improvements bring a greater return on the dollar than others. If you plan to stay put for a long time and would enjoy the house substantially more with the changes, it might be worth it. Consider your long-term plans.
Avoid Budget-Busting Changes
It’s easy to get carried away and spend far more money than anticipated. So, start with a plan, and stick to it.