Should I Remodel My Home? 4 Questions to Ask

img_1602When you decide whether or not to remodel your home, what are your main considerations? Obviously the answer varies from person to person and from home to home. People have different priorities and goals when it comes to home remodeling. Sometimes a project is necessary in order to sell or refinance the home. Sometimes it’s simply a matter of lifestyle and personal taste.

One thing’s for certain: Remodeling is a huge decision. It involves large sums of money. It usually requires months of meticulous planning, consultations with professional remodeling contractors, and even alternate living arrangements in many cases.

In other words, home remodeling isn’t something most people are interested in taking lightly. The more information and perspective you have, the better off you’ll be. If you’re wondering whether or not to remodel, here are a few important things you should consider.

Can I afford it?

Home remodeling is a huge business nationally, and most people easily spend over $10,000 for a large-sale remodeling project. The first thing to ask is whether remodeling is really a financially viable thing to do at this point. What do you expect your ideas to cost, and how will they be financed? These are obvious questions, yet many homeowners don’t pay as mind attention to them as they should.

Will my home’s market value go up?

This is an important question, and you won’t get a really effective answer by reading generic information on what types of home remodeling projects offer the best ROI. To find the real answer, it’s necessary to go a little deeper, investigating the average home value in your area as compared to your current home value — as well as the value of homes in your area that already have the features you’re hoping to add through remodeling. This is sometimes referred to as “checking comparables.”

Should I move instead?

If your renovation plans are really big, and the project is going to cost a lot of money, it’s worth asking whether selling up and moving to a different home is a more viable play. Options for financing your project, and the lifestyle goals you wish to achieve, are major considerations. Remodeling might indeed be the answer, but once the cost of the project crosses a certain point, it’s worth consulting a few reputable contractors and even real estate people to get their perspective on whether your plans are worth it.

Is it really all about money?

Some homeowners are so intensely focused on the financial side of home remodeling — especially whether their projects will “pay off” in the long run — that they forget about lifestyle. Home remodeling is about quality of life, daily routines, family, neighborhoods, and a sense of pride in your home. Of course it’s great when a professional remodeling project has exceptional returns in terms of market value, but that’s not the only (or even necessarily the most important) thing to consider.

Home remodeling is a big decision

The decision whether or not to remodel your home is a big one and shouldn’t be taken lightly. Homeowners who report high levels of satisfaction with their remodeling projects all have one thing on common: They put extra care into the decision up front, and clarified their needs and goals before going ahead with the remodel. They also look for a highly reputable remodeling company who can make their project a success across all levels — including design, quality, scheduling, budget, and customer service.